• Think of it as an ESPN that *owns* the actual major sports teams people watch, like the New York Knicks and Rangers, rather than just broadcasting them.
• A holding company for iconic sports assets, much like a Berkshire Hathaway for franchises such as the New York Knicks and Rangers.
• A live entertainment company similar to Live Nation Entertainment, but focused entirely on owning and operating major professional sports teams.

• Professional Sports Teams (NBA & NHL): Owning and operating the New York Knicks (NBA) and New York Rangers (NHL), generating revenue through games, media rights, and sponsorships.
• Development League Sports Teams: Owning and operating the Hartford Wolf Pack (AHL) and Westchester Knicks (NBA G League), which serve as feeder teams and expand the sports portfolio.
• Esports Franchises: Owning and operating Knicks Gaming (NBA 2K League) and holding a controlling interest in Counter Logic Gaming (CLG), competing in professional video gaming leagues.

MSG Knickerbockers (symbol: MSGK) sells primarily to individuals, who are fans of its professional sports and esports teams. The major categories of customers it serves include:

1. Sports Fans and Spectators: This category includes individuals who purchase tickets to attend games for teams like the New York Knickerbockers (NBA) and the New York Rangers (NHL), as well as their development league affiliates. These customers also buy team merchandise, concessions, and engage with team content, forming the core audience for MSGK's traditional sports assets.
2. Premium and Season Ticket Holders: These are individuals, often affluent or representing small businesses, who commit to purchasing season tickets, club seats, or luxury suite access for the NBA and NHL teams. They seek enhanced viewing experiences, exclusive amenities, and sustained engagement with their favorite teams throughout the season.
3. Esports Enthusiasts and Gamers: This category comprises individuals who follow and support MSGK's esports franchises, Knicks Gaming (NBA 2K League) and Counter Logic Gaming (CLG). These customers engage by watching competitive gameplay streams, attending esports events, purchasing related digital content or merchandise, and participating in the broader gaming community.

• Madison Square Garden Entertainment Corp. (MSGE)
• Nike, Inc. (NKE)
• Adidas AG (ADDYY)
• Live Nation Entertainment, Inc. (LYV)

James L. Dolan Executive Chairman and Chief Executive Officer

James L. Dolan serves as the Executive Chairman and Chief Executive Officer of Madison Square Garden Sports Corp. (MSG Sports), where he is responsible for setting the company's overall vision and guiding the development of business strategies. Mr. Dolan also acts as a governor to the National Basketball Association and the National Hockey League on behalf of the New York Knicks and New York Rangers, respectively. Prior to his current role, he was the CEO of Rainbow Media Holdings, which is now known as AMC Global Media, and began his career with Cablevision in the 1970s, holding various executive positions before overseeing Rainbow Media.

Paul DiCicco Executive Vice President, Chief Financial Officer and Treasurer

Paul DiCicco is the Executive Vice President, Chief Financial Officer, and Treasurer of Madison Square Garden Sports Corp.

Jamaal Lesane Executive Vice President and Chief Legal Officer

As Executive Vice President and Chief Legal Officer of Madison Square Garden Sports Corp. (MSG Sports), Jamaal Lesane is integral to strengthening the company's asset portfolio and supporting its long-term growth by managing the Legal department across all corporate, commercial, transactional, litigation, regulatory, and day-to-day legal matters. He also serves as a liaison with the NBA and NHL. Mr. Lesane has been with the MSG Family of Companies since 2008, holding various leadership roles including Chief Operating Officer and Executive Vice President and General Counsel. Before MSG Sports became a standalone entity in April 2020, he was Senior Vice President, Legal and Business Affairs for The Madison Square Garden Company, where he served as team counsel for the Knicks, Rangers, and Westchester Knicks. Earlier in his career, Mr. Lesane was an Associate Counsel at Home Box Office, Inc. (HBO) and a corporate lawyer at Covington and Burling LLP.

Leon Rose President, New York Knicks

Leon Rose serves as the President of the New York Knicks.

Chris Drury President and General Manager, New York Rangers

Chris Drury is the President and General Manager of the New York Rangers.

The key risks for MSG Knickerbockers (symbol: MSGK) primarily stem from the inherent nature of operating professional sports franchises and their associated revenue streams.

1. Dependence on Team Performance and Fan Engagement: The financial success of MSG Knickerbockers is highly contingent on the on-court performance of the New York Knicks. A winning team directly translates to increased fan engagement, higher ticket sales, greater merchandise revenue, and more lucrative sponsorship deals. Conversely, sustained poor performance can lead to a decline in attendance, viewership, and overall revenue, making financial planning challenging for the organization. MSG Sports management emphasizes the importance of maintaining strong team performance to drive revenue.

2. Reliance on Media Rights and Evolving Media Landscape: A substantial portion of the company's revenue is derived from local media rights agreements. The current local telecast agreements with MSG Networks are set to expire after the 2028-29 seasons. The financial health and future negotiations with media partners, particularly given that MSG Networks has experienced financial difficulties and reduced media rights fees, pose a significant risk to MSGK's future revenue streams. Changes in media rights agreements or league rules (NBA, NHL) could materially impact the company's business.

3. Economic Factors and Intense Market Competition: As a professional sports and entertainment company, MSGK is susceptible to broader economic conditions. Economic downturns, inflation, or financial instability can reduce consumer discretionary spending on tickets, merchandise, and subscriptions. Furthermore, the company operates in the highly competitive New York City metropolitan area, vying for consumer attention and spending against numerous other sports and entertainment options, which can negatively affect attendance, viewership, and overall revenue.

The shift in sports media rights towards direct-to-consumer platforms and major technology companies represents a clear emerging threat. As leagues explore or expand their own streaming services, and as companies like Apple and Amazon aggressively bid for exclusive broadcast rights, the traditional model of revenue generation from linear television deals for professional sports teams like the New York Knicks and New York Rangers is subject to disruption. This trend could alter the negotiation landscape, potentially impacting the value and distribution of media rights revenue to team owners.

The addressable markets for MSG Knickerbockers' (MSGK) main products and services can be identified by examining the market sizes of the National Basketball Association (NBA), the National Hockey League (NHL), and the global esports industry.

National Basketball Association (NBA)

The National Basketball Association (NBA) market, which includes the New York Knickerbockers, is substantial. The NBA's 30 teams collectively generated US$11.3 billion in total revenue during the 2023–2024 season in North America. Additionally, the NBA was expected to generate approximately $13 billion in revenue in 2023-24. North America is a dominant region within the NBA market.

National Hockey League (NHL)

For the National Hockey League (NHL), which includes the New York Rangers, the league's revenues hit between $7.5 billion and $8 billion annually across North America. Another estimate for NHL revenues in the 2024-2025 season indicated approximately US$6.5 billion.

Esports

MSG Knickerbockers also has a significant presence in esports with Knicks Gaming and Counter Logic Gaming (CLG). The global esports market was valued at approximately USD 2 billion in 2023. This global market is projected to reach USD 5.5 billion by 2029. North America is a significant region in the esports market, accounting for over 35% to 37.2% of the global revenue share in 2023.

For MSG Knickerbockers (symbol: MSGK), expected drivers of future revenue growth over the next 2-3 years include:

1. Increased National Media Rights Fees from the NBA: MSG Knickerbockers is poised to benefit from new national media rights agreements for the National Basketball Association (NBA), which commenced with the 2025-26 NBA regular season. These agreements have already resulted in higher league distributions and are anticipated to continue driving revenue growth.
2. Strong Performance and Playoff Success of the New York Knicks: Exceptional team performance, such as the New York Knicks winning the 2025-26 NBA Championship, significantly boosts playoff-related revenues. This includes higher average per-game Knicks playoff revenue and increased Knicks merchandise sales. Sustained strong performance and deeper playoff runs are expected to continue to be a significant revenue driver.
3. Growth in In-Arena Revenues for Knicks Games: The company has seen increases in average per-game revenues across various in-arena categories, including tickets, suites, sponsorship, and food, beverage, and merchandise sales, as reported for fiscal year 2026. Continued growth in these areas for New York Knicks games is expected to contribute to future revenue expansion.

Share Repurchases

• In October 2022, Madison Square Garden Sports Corp. (the former name of MSG Knickerbockers Corp.) authorized a $75 million accelerated share repurchase (ASR) program.
• This ASR was part of an existing share repurchase authorization that had approximately $260 million remaining before the program's execution.
• The company's Executive Chairman stated that the share repurchase program reflected confidence in the value of its professional sports franchises.

Share Issuance

• As of June 30, 2026, Madison Square Garden Sports Corp. (MSGK) had 24.1 million shares outstanding.
• The number of shares outstanding increased by 0.68% in the year leading up to October 27, 2026.
• On October 26, 2026, as part of the spin-off of MSG Rangers Corp., MSG Knickerbockers Corp. distributed one share of MSG Rangers Corp. Class A and Class B Common Stock for every two shares of corresponding MSGK classes held by stockholders.

Outbound Investments

• On October 26, 2026, Madison Square Garden Sports Corp. completed the spin-off of its New York Rangers business, forming a new public company, MSG Rangers Corp. (MSGR). This resulted in Madison Square Garden Sports Corp. changing its name to MSG Knickerbockers Corp. (MSGK) and focusing solely on its Knicks-related assets.

Capital Expenditures

• For the twelve months ending June 30, 2026, Madison Square Garden Sports Corp. (MSGK) reported capital spending of $1.4 million.
• Capital expenditures represented 0.12% of the company's current assets for the fiscal year 2026.