Every material Form 8-K Madison Square Garden Sports has filed with the SEC since December 05, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
On October 26, 2026, MSG Knickerbockers Corp., formerly Madison Square Garden Sports Corp., distributed all shares of MSG Rangers Corp., which holds the New York Rangers business, to its stockholders. Going forward, the company will no longer include the Rangers' results in its own financial reporting, so shareholders will hold stock in two separate public companies. The filing's pro forma figures show how the company would have looked without the Rangers, but they are illustrative only and are not actual results.
Distribution completed October 26, 2026: one MSG Rangers Class A share for every two Class A shares held at the October 20, 2026 record date, with Class B shares distributed on the same ratio.
Pro forma revenue for the fiscal year ended June 30, 2026 was $816.6 million, compared with $1,153.8 million historically; pro forma diluted EPS was $1.09, compared with $0.32 historically.
James L. Dolan, Executive Chairman and CEO, received a one-time $10,000,000 cash award for the Distribution, paid October 26, 2026.
The company was renamed MSG Knickerbockers Corp. effective 11:59 p.m. on October 26, 2026, and the NHL Transfer Consent Agreement requires NHL consent for future transfers of the Rangers.
MSG Knickerbockers entered into agreements on September 30, 2026 to separate its New York Rangers hockey business into MSG Rangers Corp., which will be distributed to its stockholders. The company keeps sole discretion over whether to proceed, and the distribution is expected on October 26, 2026, after which shareholders will hold shares in both companies.
Record date is October 20, 2026; distribution is expected October 26, 2026.
Holders receive one MSG Rangers share for every two shares of MSG Sports common stock held at the record date.
Regular way trading of MSG Knicks (MSGK) and MSG Rangers (MSGR) is expected to begin October 27, 2026.
Completion depends on effectiveness of the Form 10, certain conditions, final league approval and a tax opinion.
Effective September 21, 2026, Jamaal T. Lesane became Executive Vice President and Chief Legal Officer of Madison Square Garden Sports Corp. and stopped serving as Chief Operating Officer. Bryan Warner, Senior Vice President and Head of Legal, ceased to be an executive officer on the same date but remains employed with the same title under his existing employment agreement. The filing describes changes in the company's senior legal and operating leadership, with no financial figures disclosed.
Jamaal T. Lesane became Executive Vice President and Chief Legal Officer effective September 21, 2026
Lesane ceased to serve as Chief Operating Officer as of the same date
Bryan Warner ceased to be an executive officer effective September 21, 2026 but keeps his Senior Vice President, Head of Legal title
The filing is dated September 22, 2026 and was signed by Mark C. Cresitello, Senior Vice President, Deputy General Counsel and Secretary
MSG Sports reported fiscal fourth-quarter and full-year 2026 results, with revenue up 11% for the year to $1,153.8 million and operating income of $28.9 million, up from $14.8 million. The quarter swung to an operating income of $32.2 million from an operating loss of $22.6 million a year earlier, driven largely by playoff revenue after the New York Knicks won the 2025-26 NBA Championship. The company also said it expects to complete the proposed spin-off of its New York Rangers business by the end of October 2026, subject to conditions including board approval.
Q4 revenue of $278.7 million rose $74.8 million, or 37%, with playoff-related revenues up $66.9 million
Fiscal 2026 operating income of $28.9 million vs. $14.8 million; adjusted operating income of $58.7 million vs. $38.2 million
Fiscal 2026 net income of $7.8 million vs. a net loss of $22.4 million in fiscal 2025
Rangers spin-off expected by end of October 2026, subject to conditions including Company board approval
MSG Sports reported fiscal third-quarter 2026 revenue of $432.2 million, up $8.0 million or 2% from a year earlier, driven mainly by higher league distributions. Operating income fell to $2.0 million, and the net loss widened to $20.0 million, or $0.83 per share, from $14.2 million, or $0.59 per share, a year earlier, so profit weakened even as sales grew.
Revenue of $432.2 million, up $8.0 million or 2%; league distributions rose $27.0 million, partly offset by lower ticket-related revenue down $12.9 million.
Operating income of $2.0 million, down $30.4 million; adjusted operating income of $10.3 million, down $26.6 million, as direct operating expenses rose $38.2 million.
Net loss of $20.0 million, or $0.83 per share, compared with a net loss of $14.2 million, or $0.59 per share, in the prior year quarter.
On February 18, 2026, the board approved exploring a possible spin-off separating the New York Knicks from the New York Rangers.
Madison Square Garden Sports Corp. appointed Paul DiCicco as Executive Vice President, Chief Financial Officer and Treasurer, effective May 11, 2026, or a later agreed date. Victoria Mink, the current CFO, will leave that role on the same date and remain with the company as Executive Vice President, Finance to assist with the transition.
Paul DiCicco, 51, has been CFO of Stephen Gould Corporation since 2023 and previously served as SVP, Corporate Controller at Harris Blitzer Sports and Entertainment.
Employment agreement dated April 28, 2026 sets annual base salary of not less than $650,000 and annual target bonus of not less than 100% of base salary, starting with the fiscal year beginning July 1, 2026.
Expected long-term awards with an aggregate target value of not less than $650,000.
If terminated without cause or for good reason before the Scheduled Expiration Date of May 10, 2029, severance is no less than two times the sum of base salary and target bonus, subject to a separation agreement.
MSG Sports said its Chief Financial Officer, Victoria Mink, agreed on February 17, 2026 to leave the company, and a successor search has started. Its board also unanimously approved a plan to explore a possible spin-off that would separate the New York Knicks from the New York Rangers into two public companies, though the filing says there is no assurance the transaction will be completed.
Victoria Mink, Executive Vice President, CFO and Treasurer, agreed to leave on February 17, 2026, and will stay on for a period to assist with the spin-off and a transition.
Mink will receive severance under her employment agreement; the filing says her departure is not related to any disagreement on accounting or disclosure matters.
The possible spin-off would create two publicly traded companies, with record holders of Class A and Class B common stock receiving a pro-rata distribution of 100% of the new company's common stock.
Completion depends on league approvals, a tax opinion from counsel and final company board approval.
MSG Sports reported fiscal second-quarter results for the quarter ended December 31, 2025, with revenues of $403.4 million, up 13%, and operating income of $22.2 million, up 67% from the prior year period. For the six months, the company recorded an operating loss of $5.2 million, compared with operating income of $5.0 million a year earlier, and used $52.5 million in operating cash flow.
Q2 revenues $403.4 million, up $45.7 million (13%); growth tied to additional home games, higher NBA national media rights fees and suite revenue
Q2 operating income $22.2 million vs. $13.3 million; net income $8.2 million, or $0.34 per diluted share, vs. $0.05
Six-month operating loss of $5.2 million vs. operating income of $5.0 million in the prior year period
Net cash used in operating activities was $52.5 million for the six months ended December 31, 2025, vs. $35.6 million provided a year earlier
Alexander Shvartsman resigned as Senior Vice President, Controller and Principal Accounting Officer, effective November 24, 2025, to take the same role at Madison Square Garden Entertainment Corp. The company's board appointed Christopher Ripp, 38, a Company employee since 2020 and Vice President, Accounting since July 2022, to succeed him on the same date. The filing says Shvartsman's departure did not involve any disagreement with auditors or management on accounting or disclosure matters.
Shvartsman resigned on November 19, 2025, effective November 24, 2025, and the filing says there was no disagreement with auditors or management.
Ripp, 38, becomes Senior Vice President, Controller and Principal Accounting Officer effective November 24, 2025.
Ripp's employment agreement sets a base salary of not less than $350,000 and a target bonus of not less than 40% of salary.
Ripp's agreement provides severance of at least his base salary plus target bonus if he is terminated without cause or resigns for good reason before the third anniversary of his start date.
Subsidiaries New York Knicks and New York Rangers amended and restated their senior secured revolving credit agreements on November 6, 2025. Both facilities now mature November 6, 2030, and the Knicks used the new facility to refinance $267 million of borrowings under its 2021 agreement. The filing describes the terms, including floating-rate pricing, a minimum debt service ratio of 1.5:1.00, and customary covenants and default provisions.
Knicks revolving credit facility increased to up to $425 million, maturing November 6, 2030
The $267 million outstanding under the 2021 Knicks facility was refinanced in full
Rangers revolving credit facility of up to $250 million, maturing November 6, 2030, with no borrowings outstanding as of November 6, 2025
Both agreements require a minimum debt service ratio of at least 1.5:1.00
Madison Square Garden Sports Corp. reported fiscal first-quarter 2026 results for the period ended September 30, 2025, with revenue down $13.9 million, or 26%, from the prior year period. The operating loss widened to $27.4 million from $8.3 million, and the net loss was $8.8 million, or $0.37 per share, compared with $0.31 per share a year earlier.
Revenue of $39.5 million, down $13.9 million (26%), mainly from lower league distributions of $11.4 million and local media rights fees down $2.3 million
Operating loss of $27.4 million versus $8.3 million a year earlier; adjusted operating loss of $20.8 million versus $2.3 million
Net loss of $8.8 million, or $0.37 per share, versus a net loss of $7.5 million, or $0.31 per share, a year earlier
Combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-26 seasons
Madison Square Garden Sports Corp. (MSGS) reported fiscal 2025 revenues of $1.04 billion, up 1%, but operating income fell to $14.8 million and the company recorded a net loss of $22.4 million for the year. In the fourth quarter, revenue fell 10% to $204.0 million and the company posted an operating loss, mainly due to higher direct operating expenses, which matters to shareholders because profit fell sharply even as annual sales edged up.
Fiscal 2025 revenues were $1,039.2 million, up $12.1 million, or 1%, from the prior year
Fiscal 2025 operating income was $14.8 million, down $131.2 million; net loss was $22.4 million, or $0.93 per diluted share
Fourth-quarter revenues were $204.0 million, down $23.3 million, or 10%; operating loss was $22.6 million versus operating income of $52.3 million a year earlier
Fourth-quarter direct operating expenses rose $47.1 million, or 44%, including $42.8 million of higher net provisions for certain team personnel transactions
For the fiscal third quarter ended March 31, 2025, MSG Sports reported revenues of $424.2 million, down 1%, and operating income of $32.3 million, down 59%. It posted a net loss of $14.2 million, or $0.59 per diluted share, compared with net income of $37.9 million, or $1.57 per diluted share, a year earlier, mainly because direct operating expenses rose $43.3 million. The company also disclosed proposed amendments to Knicks and Rangers local media rights agreements with MSG Networks that would cut annual rights fees, with definitive documentation expected by June 27, 2025.
Revenues were $424.2 million, down $5.8 million or 1% from $430.0 million a year earlier.
Operating income was $32.3 million versus $79.7 million; adjusted operating income was $36.9 million versus $88.7 million.
Net loss was $14.2 million, or $0.59 per share, versus net income of $37.9 million, or $1.57 per diluted share.
Proposed MSG Networks amendments would reduce annual rights fees by 28% for the Knicks and 18% for the Rangers, with definitive documents expected by June 27, 2025.
MSG Sports reported fiscal second-quarter results for the three months ended December 31, 2024, in a press release furnished with an 8-K on February 4, 2025. Revenue rose 9% on three more home regular-season games and higher per-game revenue, but operating income fell 54% as direct operating expenses rose faster than revenue, cutting diluted earnings per share to $0.05 from $0.59.
Revenue was $357.8 million, up $30.9 million (9%) from the prior year quarter.
Operating income was $13.3 million, down $15.5 million (54%); adjusted operating income was $20.2 million, down 45%.
Direct operating expenses rose $43.5 million (19%) to $275.8 million, driven mainly by higher team personnel compensation and league revenue sharing and luxury tax.
Diluted earnings per share were $0.05 versus $0.59 a year earlier; net income was $1.1 million versus $14.2 million.
Madison Square Garden Sports Corp. signed an employment agreement with Chief Financial Officer Victoria M. Mink, effective January 1, 2025. The filing sets her annual base salary at not less than $1,000,000 and expects long-term incentive grants with an aggregate target value of not less than $1,500,000, and it extends the scheduled expiration to January 1, 2028.
Agreement dated January 6, 2025, effective January 1, 2025
Annual base salary of not less than $1,000,000
Expected annual long-term incentive grants with aggregate target value of not less than $1,500,000, set by the Compensation Committee
Director Richard D. Parsons resigned from the board effective immediately on December 3, 2024, citing health reasons, and the board reduced its size by one seat without nominating a replacement. At the December 4, 2024 annual meeting, stockholders elected 16 directors and approved all other proposals, including the auditor ratification, two stock plans, and the advisory vote on executive pay.
Richard D. Parsons resigned from the board effective immediately, with notice given December 3, 2024; the board was reduced by one director and no replacement will be nominated.
Class A holders elected Joseph M. Cohen, Nelson Peltz, Ivan Seidenberg and Anthony J. Vinciquerra; Peltz received 9,559,620 votes for and 6,772,505 withheld, the lowest support among the four.
Class B holders elected 12 directors, including James L. Dolan and Charles F. Dolan, with 45,295,170 votes each and no votes withheld.
Stockholders ratified the independent auditor for fiscal 2025 and approved the 2015 Employee Stock Plan, the 2015 Stock Plan for Non-Employee Directors, and the advisory vote on named executive officer compensation.
Briefs filed under another ticker of the same company: MSGK.
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