Knicks and Rangers split into separate publicly traded companies

Summarised from 2 outlets · Updated 27 Oct, 23:08 · Archive

The New York Knicks and Rangers began trading separately on the stock exchange on Tuesday after splitting from their joint parent company.

Madison Square Garden Sports Corp completed a split of its two sports franchises on Tuesday, with the New York Knicks and New York Rangers becoming separate publicly traded companies. The Knicks' parent company trades on the New York Stock Exchange under the ticker MSGK, while the Rangers trade under MSGR. Both started trading this week.

James Dolan, who retains control of both franchises, received a $10m cash bonus approved by the company's compensation committee for his role in completing the spinoff. According to securities filings, the award recognised his 'significant efforts and leadership' in executing the separation.

The split was designed to close a valuation gap. Investment bank BTIG reported that the combined company had at times traded at roughly a 50% discount to what analysts estimated the two franchises were worth on the private market. The Knicks generated $816.6m in implied revenue with $77.7m in adjusted operating income, whilst the Rangers posted $337.3m in revenue but an $18.9m adjusted operating loss during the fiscal year ended 30 June.

Knicks and Rangers split into separate publicly traded companies — Image: New York Post

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How it is being reported

New York Knicks, Rangers officially split into separate publicly traded companiesNew York Knicks fans can now buy a piece of their beloved team without owning a slice of the Rangers -- and Blueshirts fans can do the same.New York Post · 27 Oct, 22:49
Knicks trade publicly as MSG chief Dolan nets $10m pay-outThe New York Knicks became the first NBA team in nearly two decades to be traded publicly on Tuesday after a spin-out by owners Madison Square Garden Sports Corp. The Big Apple firm created two companies for its two sports franchises – the New York Knicks and the New York Rangers ice hockey team – [...]City AM · 27 Oct, 14:35

In this story: New York Knicks · New York Rangers · Madison Square Garden Sports Corp · James Dolan · New York

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