The New York Knicks (NBA) and New York Rangers (NHL) franchises have released their opening first quarter financial results since being split into two publicly traded companies by ownership group Madison Square Garden Sports (MSG Sports).
MSG’s process to spin off its Knicks business from its Rangers business was completed on October 26. This led to the creation of standalone companies MSG Knickerbockers and MSG Rangers.
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For the fiscal 2027 first quarter, MSG Knickerbockers generated revenues of $45.5 million, an increase of $6 million, or 15%, compared to the prior year period.
In addition, the entity reported an operating loss of $25.5 million, an improvement of $2 million, or 7%, and adjusted operating loss of $20 million, an improvement of $800,000, or 4%.
As a result of the timing of the spin-off, the company’s fiscal 2027 first quarter consolidated results include the financial results of the Rangers business.
James Dolan, MSG Knickerbockers executive chairman and CEO, said: “With the completion of the spin-off of our Rangers business and a new Knicks season underway, our business is well-positioned to build on our positive operating momentum.
“We remain confident in the value of owning this storied franchise and our ability to generate long-term shareholder value.”
Meanwhile, MSG Rangers’ fiscal 2027 first quarter saw the business post revenues of $14.1 million, up $400,000, or 3%, from the prior year period.
In addition, the company reported an operating loss of $23.6 million, an increase of $10.7 million, and adjusted operating loss of $21.3 million, a rise of $10.9 million.
Dolan, who also serves as executive chairman and CEO of MSG Rangers, said: “Following our spin-off, MSG Rangers begins its new chapter as a standalone company with enhanced strategic flexibility.
“The Rangers are a marquee franchise with a large and passionate fan base, and we remain well-positioned to create long-term value for shareholders.”
The MSG Rangers business also includes the Hartford Wolf Pack, a minor-league hockey team in the AHL and the top affiliate team for the Rangers, as well as the MSG Training Center that both the Rangers and Knicks use.
This will be separate from MSG Sports, which has been renamed MSG Knickerbockers, and includes the Westchester Knicks NBA G League affiliate alongside the current NBA champions.
Earlier this year, when the move was first announced, MSG Sports said the transaction “would enable shareholders to more clearly evaluate each company’s assets and growth prospects, while providing both companies with enhanced strategic and financial flexibility.”
