Madison Square Garden Sports Corp. (MSGS) announced on September 30, 2026, that its board of directors has approved the spin-off of its New York Rangers business from its New York Knicks business. The transaction is expected to be completed on October 26, 2026.
Under the proposed distribution, MSGS stockholders of record as of the close of business on October 20, 2026, will receive one share of the newly formed MSGS Spinco, Inc. Class A or Class B common stock for every two shares of MSGS Class A or Class B common stock they hold. The company will be renamed MSG Knickerbockers Corp. following the spin-off and will retain the New York Knicks and Westchester Knicks. The newly created entity, MSG Rangers Corp., will include the New York Rangers, the Hartford Wolf Pack, and the MSG Training Center.
Following the distribution, the trading symbol for MSGS Class A common stock on the New York Stock Exchange will change from “MSGS” to “MSGK.” The Class A common stock of MSG Rangers Corp. is expected to begin trading on a “when-issued” basis under the symbol “MSGR WI” starting October 21, 2026, with “regular way” trading commencing on October 27, 2026.
The spin-off is intended to qualify as a tax-free distribution for U.S. federal income tax purposes. The completion of the transaction is subject to the effectiveness of the company’s registration statement on Form 10, final approval from the National Hockey League, and receipt of a tax opinion from counsel. J.P. Morgan is serving as the financial advisor, and Sullivan & Cromwell LLP is serving as the legal advisor.
