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

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 will spin off the Rangers as MSG Rangers Corp. (MSGR), distributing one share per two MSGS shares tax-free. Completion targeted by end of October 2026.</li>
<li>MSGS's $10.5B EV roughly equals the Knicks' private value alone, implying the market ascribes near-zero value to the Rangers franchise.</li>
<li>We believe the separation of the Rangers from MSG Sports is structurally value accretive, mainly because it exposes a mispricing.</li>
</ul>


MSGS will spin off the Rangers as MSG Rangers Corp. (MSGR), distributing one share per two MSGS shares tax-free. Completion targeted by end of October 2026.
MSGS's $10.5B EV roughly equals the Knicks' private value alone, implying the market ascribes near-zero value to the Rangers franchise.
We believe the separation of the Rangers from MSG Sports is structurally value accretive, mainly because it exposes a mispricing.


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