Madison Square Garden Sports Corp. has filed documents with U.S. regulators to formally separate the operations of its New York Rangers and New York Knicks franchises.
The filing, submitted to the Securities and Exchange Commission, outlines plans to create distinct corporate structures for the NHL team and the NBA team, both of which are currently held under the same parent entity. The company did not disclose financial terms or a timeline for the separation in the initial filing.
The move follows years of restructuring at Madison Square Garden Sports, which has sought to streamline operations and improve financial transparency amid shifting market conditions. The company has faced challenges including declining attendance at events and increased competition in the sports and entertainment sector.
Analysts suggest the split could allow investors to better assess the performance and valuation of each franchise independently. The Rangers and Knicks have historically been among the most valuable teams in their respective leagues, though recent seasons have seen mixed results on and off the ice.
Madison Square Garden Sports did not immediately respond to requests for comment. The company’s shares were down marginally in pre-market trading following the announcement.
