Madison Square Garden Sports (MSG Sports), the professional sports company that owns several franchises, has approved a plan to explore a possible spin-off that would separate its New York Knicks (NBA) business from its New York Rangers (NHL) business, creating two publicly traded companies.

The move was unanimously approved by the MSG Sports board of directors yesterday.

The company said the possible 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.”

The proposed spin-off would see the creation of the New York Knicks company and include the NBA franchise and the Westchester Knicks, the team’s NBA G League affiliate.

The New York Rangers company will include the Rangers and the Hartford Wolf Pack, a minor-league hockey team in the AHL, and the top affiliate team for the Rangers.

Jim Dolan, MSG Sports executive chairman and chief executive, said: “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 company has not set a timetable for completion of this process and would be subject to various conditions, including required league approvals.