Madison Square Garden Sports Corp.

Madison Square Garden Sports Corp.

Overview

• Madison Square Garden Sports Corp. (principal offices: Two Pennsylvania Plaza, New York, NY 10121) operates through MSG Sports, LLC and its subsidiaries.
• The company has a complex history of corporate restructurings:
  • Originally incorporated in Delaware in 2015 as an indirect subsidiary of MSG Networks.
  • Underwent distributions and reorganizations involving Sphere Entertainment and MSG Entertainment/MSG Networks between 2015 and 2023.
  • Converted from Delaware to Nevada law on June 10, 2025.
• The company is preparing a potential tax-free spin-off, the Rangers Distribution, to separate its New York Rangers business from its New York Knickerbockers business. If completed, Spinco shares would be distributed pro rata (one Spinco share for every two MSG Sports shares in each respective class). Completion depends on board and league approvals, a tax opinion, required SEC filings, and Form 10 effectiveness.

Assets and portfolio

• Core franchises: the New York Knicks (NBA) and the New York Rangers (NHL), both play home games at Madison Square Garden (The Garden).
• Development and feeder teams:
  • Westchester Knicks (NBA G League) — Knicks development affiliate.
  • Hartford Wolf Pack (AHL) — Rangers development affiliate.
• Training facilities: Madison Square Garden Training Center in Greenburgh, NY (~114,000 sq ft) with multiple courts, an NHL rink, private spaces, training rooms, and dedicated equipment.

Key business activities and revenue drivers

Media rights and distribution

• National media rights:
  • NBA national and international rights with Disney, NBCUniversal, and Amazon (contracts run through 2035–2036).
  • NHL national rights with Disney and WarnerMedia (contracts run through 2027–2028).
  • A new 12-year Canadian rights deal with Rogers is in place for 2026–2037.
• Local media rights:
  • Knicks and Rangers local telecast rights with MSG Networks through the 2028–2029 season.
  • Local content distributed on MSG Networks, MSG Sportsnet, and the MSG+ streaming option (via Gotham Sports and later DAZN in the 2026–2027 seasons).
• Local and national programming is distributed through MSG Networks and related platforms.

Arena and hospitality model

• Arena License Agreements with MSG Entertainment grant access to corporate hospitality tied to The Garden, including suites, clubs, sponsorships, signage, food & beverage, and merchandise.
• Hospitality assets at The Garden include:
  • 23 Event Level spaces (22 suites + event level club)
  • 58 Lexus Level suites
  • 18 Infosys Level suites
  • The Madison Club and HUB Loft
• The Arena License Agreements run for 35 years and expire in June 2055.
• The agreements establish revenue sharing and collaboration between MSG Sports and MSG Entertainment to integrate live sports with live entertainment and Sphere Entertainment’s media assets to support sponsorships, signage, and premium seating sales.

Sponsorships and marketing

• MSG Sports and its partners (MSG Entertainment and Sphere Entertainment) market partnerships, sponsorships, and premium hospitality by combining sports assets with broader entertainment offerings.
• The strategy uses the New York market’s scale and the franchises’ global profiles to attract national and local partners.

Fan experience and ticketing

• Direct relationships with fan bases through season memberships (full and partial), group sales, and single-game tickets.
• Pricing is generally set preseason, with dynamic pricing used for individual games to reflect demand.

Team strategy and development

• The organization aims to develop and maintain championship-caliber Knicks and Rangers teams, supported by development affiliates and the training center.
• This approach supports on-court/on-ice performance, postseason opportunities, attendance, and associated sponsorship and hospitality revenues.

Strategic advantages

• Iconic franchises with global recognition and a strong presence in the New York metropolitan market.
• Large, passionate, and diverse fan bases.
• Long-term media rights with major partners and a clear schedule for renewal or renegotiation.
• An integrated marketing platform that combines sports, live entertainment, and media assets through MSG Entertainment and Sphere Entertainment.
• A comprehensive arena-based hospitality ecosystem with extensive suite and club inventory at The Garden.
• Experienced leadership and ownership operating in a high-profile market.

Key terms and notes

• Rangers Distribution: Proposed spin-off to distribute Spinco shares to MSG Sports stockholders on a one-for-two basis (pro rata for both Class A and Class B shares), subject to approvals and regulatory filings.
• Arena License Agreements: 35-year agreements expiring June 2055 that enable shared revenues from suites, sponsorships, food & beverage, and merchandise.
• Team and league context: The Knicks and Rangers operate as league franchises and are subject to league constitutions, collective bargaining agreements, scheduling, and other league governance matters.

Summary

MSG Sports owns and operates two premier professional sports franchises (the Knicks and Rangers), their development teams, Madison Square Garden, and a dedicated training center. The company integrates media rights, arena-based hospitality, sponsorships, and ticketing with broader entertainment and media assets through partnerships with MSG Entertainment and Sphere Entertainment. The business model centers on national and local media rights, premium arena hospitality and sponsorship sales, direct fan engagement, and a development framework to support competitive teams and postseason opportunities. Fiscal years referenced in filings end on June 30, with years cited for fiscal 2026, 2025, and 2024.