Madison Square Garden weighs separating New York Knicks, Rangers into

Madison Square Garden weighs separating New York Knicks, Rangers into

James Dolan’s Madison Square Garden Sports announced Wednesday that it’s contemplating splitting the New York Knicks and Rangers into two individually traded public firms.

Its board of administrators has authorized a plan to look into spinning off its hockey and basketball groups into separate companies – sparking rumors over whether or not the company is planning to unload certainly one of the two groups or take the new firms non-public.

“We are exploring the opportunity to further create value for our shareholders by separating our two professional sports franchises into distinct companies,” Dolan, government chairman and CEO at Madison Square Garden, said in a Wednesday assertion.

Madison Square Garden Sports is contemplating splitting the New York Knicks and Rangers into two individually traded public firms. IMAGN IMAGES through Reuters Connect

“We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors.”

A source conversant in the matter said the potential spin-off plan is just not tied to any hopes to take the firms non-public or unload a team.

If the cut up takes place, the Knicks and their NBA G League club, the Westchester Knicks, would make up one company, while the other would include the Rangers and their minor league team, the Hartford Wolf Pack.

MSG Sports said phrases might change and there’s no assure the proposed cut up will happen. It has not set a deadline to decide on a spin-off.

The Rangers company would also embrace its minor league team, the Hartford Wolf Pack. Getty Images

In 2020, Dolan cut up up the Madison Square Garden Company. Brad Penner-Imagn Images

A cut up would require approval from the company’s board, as nicely the NBA and NHL.

Dolan has said he isn’t seeking to promote both of the groups, though he has signaled he’s open to promoting minority stakes.

The proposed separation wouldn’t be the first time he has divvied up his franchises. 

In 2020, he cut up up the Madison Square Garden Company, separating his sports activities groups from his leisure property like the Las Vegas Sphere.

Dolan additional cut up up his holdings in 2023, separating Sphere Entertainment from MSG Entertainment.

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