Knicks were valued at US$9.75bn as second-most valuable NBA team
Spin-off would require league approvals

Madison Square Garden Sports (MSG Sports) could split the National Basketball Association’s (NBA) New York Knicks and the National Hockey League’s (NHL) New York Rangers into separately publicly traded businesses.

The proposals would see the Knicks and their G-League affiliate Westchester Knicks housed in one company, with the Rangers and their minor league partner Hartford Wolf Pack in another. 

Both the NBA and NHL would have to approve the spin-offs. 

MSG Sports says the separation would ‘enable shareholders to more clearly evaluate each company’s assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility’.

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

“Both the Knicks and Rangers are premier teams in their respective leagues, with storied histories and large and passionate fan bases. We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors.”

Both teams are considered among the most valuable in their respective leagues. The Knicks were valued by Forbes at US$9.75 billion, ranking them as the third-most valuable NBA franchise, while Forbes’ valuation of the Rangers at US$4 billion pits them as the second-most valuable NHL team.

Dolan, the majority shareholder of MSG Sports, previously spun off both teams from the MSG venue and its entertainment division in 2020. In 2023, he then separated the Sphere and MSG Networks in a new company, with the MSG arena and his live entertainment business housed in a different publicly traded entity.

MSG Sports disclosed its financial results for the second quarter of the 2026 financial year earlier this month, with revenues up 13 per cent year-on-year (YoY) to US$403.4 million. It also declared an adjusted operating income of US$29.7 million. During its subsequent investors call, the company said it would be open to selling a minority stake.

MSG Sports’ shares rose more than 16 per cent in response to the announcement of a potential spin off.

Enjoying this content? We think you’ll be interested in our upcoming event, SportsPro New York.

Taking place at Marriott Marquis, Times Square on 12-13 March 2026, join the leaders shaping the business of sport, as we explore the forces transforming media, technology, and investment across North America.