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Get filing alertsMSG Sports board approves spin-off of Rangers business, distribution set for Oct. 26
Filed September 30, 2026 · Period ending September 28, 2026 · ~2 min read
Key Changes
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Board approved separating the New York Rangers business from the Knicks; MSG Sports will distribute all MSGS Spinco shares to its common stockholders, with no continuing ownership interest.
Item 1.01 verify on EDGAR → -
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Each MSG Sports stockholder will receive one MSG Rangers share for every two MSG Sports shares held as of the Oct. 20 record date; distribution expected Oct. 26, 2026.
Exhibit 99.1 view on EDGAR → -
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Post-spin, MSG Sports will be renamed MSG Knickerbockers Corp. (Knicks, Westchester Knicks); new MSG Rangers Corp. will hold the Rangers, Hartford Wolf Pack, and MSG Training Center.
Exhibit 99.1 view on EDGAR → -
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Five directors resigned effective upon the distribution and will join MSGS Spinco's board; board size reduced from 15 to 12, with Irving Azoff and Isiah L. Thomas III appointed.
Item 5.02 verify on EDGAR → -
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James L. Dolan will serve as Executive Chairman and CEO of both MSG Rangers and MSG Knicks after the separation.
Exhibit 99.1 view on EDGAR →
Summary
Madison Square Garden Sports Corp. has approved a plan to spin off its New York Rangers hockey business into a separate public company, MSGS Spinco, with the distribution expected to occur on October 26, 2026. Stockholders will receive one share of the new Rangers company for every two MSG Sports shares they hold.
After the separation, MSG Sports will be renamed MSG Knickerbockers Corp. and will retain the Knicks and Westchester Knicks, while the new MSG Rangers Corp. will hold the Rangers, Hartford Wolf Pack, and MSG Training Center. James L. Dolan will serve as Executive Chairman and CEO of both companies.
The spin-off is structured to be tax-free to stockholders, with restrictions on both companies for two years to protect that treatment. The Rangers' ownership will be subject to NHL consent requirements for future transfers. The company will provide transition services to MSGS Spinco, and related party transactions exceeding $1 million will require independent board approval. Five directors resigned effective upon the distribution and will join the new company's board, while the remaining board shrinks from 15 to 12 members. For retail holders, this is a significant corporate action that will result in ownership of two separate sports franchises. The distribution is subject to conditions including league approval and a tax opinion, and the company retains discretion to modify or abandon the transaction. Stockholders should note the trading mechanics: MSG Sports stock will trade both regular-way and ex-distribution beginning October 21, with regular-way trading for both companies expected to start October 27.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Registrant will have the sole and absolute discretion to determine whether to proceed with the Distribution, including the form, structure and terms of any transactions to effect the Distribution and the timing of and satisfaction of conditions to the consummation of the Distribution
The Registrant retains full control over whether and how the spin-off proceeds, including its structure, terms, and timing. This means the transaction is not yet guaranteed to close and could be modified or abandoned at the Registrant's discretion.
Added in current filing · verify on EDGAR →
the Registrant and MSGS Spinco may not engage in certain activities that may jeopardize the tax-free treatment of the Distribution to the Registrant and its stockholders
For two years after the distribution, both companies are restricted from taking actions that could jeopardize the tax-free status of the spin-off under Section 355 of the Internal Revenue Code. MSGS Spinco must indemnify the Registrant if its actions cause the distribution to become taxable.
Added in current filing · verify on EDGAR →
the Registrant has agreed to provide certain corporate and other services to MSGS Spinco, including with respect to such areas as information technology, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing functions
The Registrant will provide a broad range of corporate support services to MSGS Spinco after the separation in exchange for fees, covering IT, payroll, tax, legal, HR, and other functions. This helps ensure operational continuity for the spun-off company during the transition period.
Added in current filing · verify on EDGAR →
will enter into a Transfer Consent Agreement with the NHL pursuant to which the parties acknowledge that future transfers of the ownership of the Rangers, the location of the Rangers or certain other transfers of assets or ownership, subject to exceptions, will require the consent of the NHL
The Rangers' ownership will be subject to NHL consent requirements for future transfers of ownership, location, or certain assets. This is a standard league control provision that limits the new company's flexibility over the franchise.
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
MSGS announces board changes tied to a spin-off and a new employment agreement for its Chief Legal Officer.
Added in current filing · verify on EDGAR →
Effective as of the Distribution date, the Board of Directors of the Registrant has decreased the size of the Board of Directors from 15 to 12 directors.
The board is shrinking from 15 to 12 members as part of the spin-off. This reflects the smaller scope of the remaining company after the Distribution.
Added in current filing · verify on EDGAR →
Irving Azoff, age 78, has served as Chairman and Chief Executive Officer of The Azoff Company, a privately held media and entertainment company, since 2013.
Irving Azoff is appointed as a Class A director and Isiah L. Thomas III as a Class B director, filling vacancies created by the resignations and board size reduction. Both bring extensive sports and entertainment industry experience.
Added in current filing · verify on EDGAR →
Pursuant to the Lesane Employment Agreement, Mr. Lesane will receive an annual base salary of not less than $1,000,000 and an annual target bonus opportunity equal to not less than 125% of his annual base salary.
Jamaal T. Lesane, previously Chief Operating Officer, becomes Executive Vice President and Chief Legal Officer under a new agreement. His compensation includes a base salary of at least $1 million, a target bonus of at least 125% of salary, and long-term incentive awards with an expected target value of at least $1.5 million. The agreement also provides for severance benefits in certain termination scenarios.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
Effective immediately following the Distribution, Irving Azoff, Vincent Tese and Anthony J. Vinciquerra will serve as members of the Compensation Committee of the Board of Directors of the Registrant. Mr. Vinciquerra will serve as Chair of the Compensation Committee of the Registrant.
The Compensation Committee will have new members, with Anthony J. Vinciquerra as Chair. The Audit Committee composition remains unchanged.
Event · Item 7.01 — Regulation FD Disclosure
MSGS issued a press release approving a Distribution, furnished under Regulation FD.
Added in current filing · verify on EDGAR →
On September 30, 2026, the Registrant issued a press release in connection with approving the Distribution, a copy of which is included as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The company announced board approval of a Distribution and issued a press release.1.
Event · Item 8.01 — Other Events
MSGS discloses governance, equity award, and tax details for its planned spin-off distribution.
Added in current filing · verify on EDGAR →
James L. Dolan will serve as the Executive Chairman and Chief Executive Officer of the Registrant, MSGS Spinco, MSG Entertainment and Sphere Entertainment.
The filing discloses that James L. Dolan will hold executive roles at multiple entities following the distribution, and that several other officers and board members will also serve across the Registrant and the Other Entities. This creates potential conflicts of interest, which the company addresses through its articles of incorporation and an Overlap Policy.
Added in current filing · verify on EDGAR →
transactions with MSGS Spinco will be subject to approval by an independent committee of the Registrant’s Board of Directors if in excess of the $1,000,000 dollar threshold.
The Registrant will amend its Related Party Transaction Approval Policy to include MSGS Spinco as an affiliate. Transactions with MSGS Spinco exceeding $1,000,000 will require approval by an independent committee of the Board.
Added in current filing · verify on EDGAR →
each Registrant option will become two options: one will be an option to acquire Registrant Class A Common Stock and one an option to acquire MSGS Spinco Class A Common Stock.
Outstanding Registrant options will be split into two options, with the exercise price allocated based on weighted average prices over ten trading days following the distribution. Restricted stock units and performance stock units will also be adjusted, with holders receiving one MSGS Spinco unit for every two Registrant units.
Added in current filing · verify on EDGAR →
Assuming the Distribution occurred on June 30, 2026, the estimated tax on the acceleration of such deferred revenue would be approximately $20.0 million.
The tax recognition of certain deferred revenues from the New York Rangers hockey business will be accelerated to the distribution date. The estimated tax impact is approximately $20.0 million, and MSGS Spinco will not reimburse the Registrant for these taxes.
Event · Exhibit 99.1
Added in current filing · view on EDGAR →
its board of directors has approved the spin-off of its New York Rangers business from its New York Knicks business, with the transaction expected to be completed on October 26, 2026.
The board has formally approved separating the Rangers and Knicks into two distinct public companies. The transaction is expected to close on October 26, 2026, subject to conditions including league approval and a tax opinion.
Added in current filing · view on EDGAR →
Beginning on October 21, 2026, and continuing until the distribution, MSG Sports expects that its common stock will trade in two markets on the NYSE: in the “regular way” market under the current symbol “MSGS” and name “Madison Square Garden Sports Corp.”, and in the “ex-distribution” market under the symbol “MSGK WI” and name “MSG Knickerbockers Corp.”
Between October 21 and the distribution date, MSG Sports stock will trade both regular-way under MSGS and ex-distribution under MSGK WI. The new MSG Rangers Class A stock is expected to trade when-issued under MSGR WI beginning October 21, with regular-way trading for both companies starting October 27 under MSGK and MSGR.
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Figures/quotes linked to EDGAR · Narrative written by AI · Oct 1, 2026 · How we verify