Bold take: Madison Square Garden Sports is weighing a move that could shake up how its two premier franchises are owned and valued. In a plan approved by the company’s board, MSG Sports will explore splitting the Knicks and their G League affiliate, the Westchester Knicks, into one publicly traded company, and the Rangers and their minor league partner, the Hartford Wolf Pack, into a separate public company. This would create two standalone entities instead of one combined sports business.
There is no timeline for a potential split, and success is not guaranteed. Any such move would require approvals from the NBA and NHL, plus other regulatory and practical considerations. MSG stressed that this is an exploratory step aimed at unlocking value for shareholders by giving each franchise its own distinct strategic focus and investor profile.
Quote from MSG Sports CEO James Dolan: “We are exploring the opportunity to further create value for our shareholders by separating our two professional sports franchises into distinct companies. 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.”
The Dolan family has long been associated with both teams: they became minority owners in 1994 and soon gained majority control. Dolan has repeatedly indicated no interest in selling the teams, though there has been talk of minority stake sales. On an earnings call earlier this month, MSG executives opened the possibility, but an insider has said there is nothing currently on the horizon.
If pursued, the split would mark another chapter in Dolan’s broader optimization strategy. He previously reorganized assets in 2020—separating the Madison Square Garden arena and entertainment properties from the sports business—and again in 2023, moving Sphere and MSG Networks under Sphere Entertainment Co., while the arena and live entertainment assets remained in a different public vehicle.
Market observer Brandon Ross of Lightshed Partners suggested the move could foreshadow MSG eventually taking the two teams private, though that remains speculative. The discussion comes amid a broader pattern of corporate structuring aimed at unlocking value and clarifying strategic drivers for each asset.
Context: This report is part of a ongoing business-insight coverage of sports finance and ownership structures, including how teams are valued, how public-vs-private structures affect governance, and how investor appetites shape executive decisions.
Do you think splitting the franchises into separate companies would help or hinder each team’s opportunities and fan engagement? Share your stance and reasons in the comments.
