NYSE: MSGS
MSG Knickerbockers Corp.CIK 0001636519 · SIC 7990 · Miscellaneous Amusement & Recreation
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MSG Sports spins off Rangers, becomes MSG Knickerbockers; net loss widens to $31.1M on investment swings
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MSG Sports board approves spin-off of Rangers business, distribution set for Oct. 26
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Madison Square Garden Sports returned to profitability in fiscal 2026, with net income of $7.8M compared with a net loss of $22.4M a year earlier.
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Latest financial statements
From 10-Q filed Nov 6, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 |
|---|---|---|
| Revenues (a) | 45,489 | 39,454 |
| Operating expenses: | ||
| Direct operating expenses (b) | 8,824 | 8,279 |
| Selling, general and administrative expenses (c) | 60,762 | 57,789 |
| Depreciation and amortization | 781 | 811 |
| Restructuring charges | 579 | — |
| Operating loss | (25,457) | (27,425) |
| Other income (expense): | ||
| Interest income | 473 | 578 |
| Interest expense | (4,699) | (5,591) |
| Miscellaneous (expense) income, net | (3,663) | 15,085 |
| (7,889) | 10,072 | |
| Loss before income taxes | (33,346) | (17,353) |
| Income tax benefit | 2,209 | 8,555 |
| Net loss | (31,137) | (8,798) |
| Basic loss per common share attributable to MSG Knickerbockers Corp.’s stockholders | (1.29) | (0.37) |
| Diluted loss per common share attributable to MSG Knickerbockers Corp.’s stockholders | (1.29) | (0.37) |
| Weighted-average number of common shares outstanding: | ||
| Basic | 24,179 | 24,116 |
| Diluted | 24,179 | 24,116 |
Consolidated Balance Sheets
(in thousands, except per share data)
| Description | September 30, 2026 (Unaudited) | June 30, 2026 |
|---|---|---|
| ASSETS | ||
| Current Assets: | ||
| Cash and cash equivalents | 40,046 | 164,511 |
| Accounts receivable, net of allowance for doubtful accounts of $0 as of September 30, 2026 and June 30, 2026 | 59,597 | 52,184 |
| Net related party receivables | 65,333 | 36,103 |
| Prepaid expenses | 96,905 | 43,104 |
| Other current assets | 23,968 | 27,388 |
| Total current assets | 285,849 | 323,290 |
| Property and equipment, net of accumulated depreciation and amortization of $56,653 and $55,873 as of September 30, 2026 and June 30, 2026, respectively | 27,129 | 27,163 |
| Right-of-use lease assets | 738,526 | 740,576 |
| Indefinite-lived intangible assets | 103,644 | 103,644 |
| Goodwill | 226,523 | 226,523 |
| Investments | 63,763 | 65,618 |
| Deferred tax assets, net | 31,034 | 28,773 |
| Other assets | 50,073 | 22,065 |
| Total assets | 1,526,541 | 1,537,652 |
| See accompanying notes to consolidated financial statements. | ||
| LIABILITIES AND EQUITY | ||
| Current Liabilities: | ||
| Accounts payable | 5,929 | 18,411 |
| Net related party payables | 5,411 | 4,964 |
| Debt | 16,500 | 16,500 |
| Accrued liabilities: | ||
| Employee-related costs | 58,994 | 159,940 |
| League-related accruals | 130,860 | 209,926 |
| Other accrued liabilities | 9,972 | 9,444 |
| Operating lease liabilities, current | 58,682 | 57,834 |
| Deferred revenue | 366,415 | 165,416 |
| Total current liabilities | 652,763 | 642,435 |
| Long-term debt | 282,000 | 242,000 |
| Operating lease liabilities, noncurrent | 831,373 | 843,975 |
| Other employee-related costs | 67,324 | 71,984 |
| Deferred revenue, noncurrent | 526 | 554 |
| Total liabilities | 1,833,986 | 1,800,948 |
| Commitments and contingencies (see Note 12) | ||
| MSG Knickerbockers Corp. Stockholders’ Equity: | ||
| Class A Common Stock, par value $0.01, 120,000 shares authorized; 19,590 and 19,547 shares outstanding as of September 30, 2026 and June 30, 2026, respectively | 204 | 204 |
| Class B Common Stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of September 30, 2026 and June 30, 2026 | 45 | 45 |
| Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of September 30, 2026 and June 30, 2026 | — | — |
| Additional paid-in capital | — | 17,090 |
| Treasury stock, at cost, 865 and 908 shares as of September 30, 2026 and June 30, 2026, respectively | (142,652) | (149,858) |
| Accumulated deficit | (164,127) | (129,861) |
| Accumulated other comprehensive loss | (915) | (916) |
| Total equity | (307,445) | (263,296) |
| Total liabilities and equity | 1,526,541 | 1,537,652 |
Consolidated Statements of Cash Flows (Unaudited)
(in thousands)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (31,137) | (8,798) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation and amortization | 781 | 811 |
| Deferred income taxes | (2,261) | (8,448) |
| Share-based compensation expense | 3,953 | 4,844 |
| Unrealized loss (gain) on equity investments with readily determinable fair value and warrants | 3,315 | (15,500) |
| Other non-cash adjustments | 1,721 | 1,612 |
| Change in assets and liabilities: | ||
| Accounts receivable | (8,314) | (16,763) |
| Net related party receivables | (29,230) | (23,102) |
| Prepaid expenses and other assets | (78,671) | (75,787) |
| Investments | (1,292) | (2,181) |
| Accounts payable | (12,482) | (4,190) |
| Net related party payables | 384 | (497) |
| Accrued and other liabilities | (184,302) | (95,300) |
| Deferred revenue | 200,971 | 166,381 |
| Operating lease right-of-use assets and lease liabilities | (9,704) | (8,036) |
| Net cash used in operating activities | (146,268) | (84,954) |
| Cash flows from investing activities: | ||
| Capital expenditures | (666) | (371) |
| Purchases of investments | (565) | (1,477) |
| Net cash used in investing activities | (1,231) | (1,848) |
| Cash flows from financing activities: | ||
| Dividends paid | — | (340) |
| Taxes paid in lieu of shares issued for equity-based compensation | (16,966) | (8,770) |
| Proceeds from revolving credit facilities | 40,000 | — |
| Net cash provided by (used in) financing activities | 23,034 | (9,110) |
| Net decrease in cash, cash equivalents and restricted cash | (124,465) | (95,912) |
| Cash, cash equivalents and restricted cash at beginning of period | 164,511 | 153,188 |
| Cash, cash equivalents and restricted cash at end of period | 40,046 | 57,276 |
| Non-cash investing and financing activities: | ||
| Capital expenditures incurred but not yet paid | 81 | 233 |
Amounts as printed on the EDGAR/iXBRL face — (in thousands, except per share data); (in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗