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MSG Sports/Rangers Spin-Off - Unlocking the Hidden Rangers Value

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Event-Driven

Madison Square Garden Sports Corp. / Event-Driven

Madison Square Garden Sports Corp. (MSGS US)

<ul>
<li>MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .</li>
<li>When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.</li>
<li>We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.</li>
</ul>


MSGS has set October 26, 2026 as the completion date for the Rangers spin. Holders of record on October 20 receive one SpinCo share for every two MSGS shares .
When-Issued trading will commence from October 21, while Regular-way trading will begin from October 27.
We expect the separation to improve price discovery and narrow the valuation discount, with October 21 when-issued trading providing the first market based assessment of each franchise.


Madison Square Garden Sports (NYSE: MSGS) To Complete Rangers Spin-Off on October 26