MSG Sports Separates the Knicks and Rangers

MSG Sports has completed the separation of the New York Knicks and the New York Rangers. As of this week, the two teams belong to separately traded public companies. James Dolan will continue as CEO and executive chairman of both companies.

The Knicks and the G League's Westchester Knicks have been placed under MSG Knickerbockers Corp. The Rangers, the Hartford Wolf Pack and the MSG training facility have moved to MSG Rangers Corp. A Knicks share is reported to be worth about $300, and a Rangers share about $200.

According to the companies, the purpose of the move is to make the value of each asset more transparent and to increase financial flexibility. Sportico estimates the Knicks are worth $12.8 billion and the Rangers $4.15 billion. Before the split, MSG Sports had a market value of about $9.25 billion.

Dolan reiterated that he has no intention of selling control of either franchise. Some analysts, however, believe the separation could make it easier to sell minority stakes later or to take the company private.