Changes could be in store for the Madison Square Garden Sports Corp., which on Wednesday announced it is considering splitting the Knicks and Rangers into separate entities.

The board of directors gave its unanimous approval for MSG to explore turning the Knicks and Rangers into two distinct publicly traded companies, the corporation said Wednesday.

“We are exploring the opportunity to further create value for our shareholders by separating our two professional sports franchises into distinct companies,” said James Dolan, MSG’s executive chairman and CEO.

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

The announcement cautioned that such a transition may never come to fruition.

But it did specify that the Knicks company would include the team’s G League affiliate (the Westchester Knicks), while the Rangers company would include the minor-league Hartford Wolf Pack of the AHL.

Dolan, 70, has said multiple times in recent years that he has no plans of selling the Knicks or Rangers.

During an appearance on Jalen Brunson and Josh Hart’s “Roomates Show” podcast last year Dolan said he hopes to eventually pass control on to his kids, noting, “That’s what I did with my dad.”

Last year, Forbes valued the Knicks at $9.75 billion, or as the third-most valuable NBA team, behind the Golden State Warriors ($11 billion) and Los Angeles Lakers ($10 billion).

Forbes valued the Rangers at $4 billion, or as the second-most valuable NHL team, behind only the Toronto Maple Leafs ($4.4 billion).

After the Lakers sold for $10 billion last year, the Boyar Value Group, which is an MSG Sports shareholder, urged Dolan in an open letter to split the Knicks and Rangers up.

“The market is dramatically mispricing these assets,” Jonathan Boyar, the group’s president, said in June. “It’s time to reverse the ‘Dolan Discount’ and let the market properly value two of the most iconic franchises in all of sports.”

Splitting up the Knicks and Rangers would require approval from the NBA and NHL.