Here are 1-3 brief analogies to describe Madison Square Garden Sports (MSGS):

• The Liberty Media of professional sports teams, owning the NBA's New York Knicks and NHL's New York Rangers.

• Like Live Nation for major professional sports teams, owning the NBA's New York Knicks and NHL's New York Rangers.

• Similar to TKO Group Holdings (UFC, WWE) but focused on traditional major league sports teams, like the NBA's New York Knicks and NHL's New York Rangers.

• Professional Sports Team Management: Operating and managing the New York Knicks (NBA) and New York Rangers (NHL), encompassing player acquisition, coaching, and competitive play.
• Live Game Entertainment: Providing the immersive experience of attending professional basketball and hockey games at their iconic venues, primarily Madison Square Garden.
• Media Rights and Content: Licensing broadcast rights for games to regional sports networks and other media partners, generating revenue from content distribution.
• Sponsorship and Advertising: Offering corporate sponsorship packages and advertising opportunities to brands seeking exposure through their teams and associated events.
• Merchandise Sales: Designing, marketing, and selling team-branded apparel, memorabilia, and other consumer products to fans.

Major Customers of Madison Square Garden Sports (MSGS)

Madison Square Garden Sports (MSGS) primarily generates its most significant revenue streams by selling media rights and corporate sponsorships to other companies. While individual ticket sales and merchandise also contribute, the largest and most recurring contracts are typically business-to-business.

Based on this, MSGS's major customers include:

• MSG Networks, Inc. (MSGE): MSG Networks is the exclusive local media rights holder for the New York Knicks (NBA) and New York Rangers (NHL). This long-term agreement represents a very substantial and consistent revenue source for Madison Square Garden Sports.
• JPMorgan Chase & Co. (JPM): JPMorgan Chase has been a prominent corporate partner and sponsor for MSGS's teams and venues for many years, including significant branding presence at Madison Square Garden itself (e.g., Chase Bridge). As a major corporate sponsor, it represents a substantial direct revenue stream through sponsorship and marketing agreements.
• Delta Air Lines (DAL): Delta Air Lines is another major corporate sponsor that partners with Madison Square Garden Sports, providing significant revenue through various sponsorship and marketing initiatives associated with the teams and arena.

• MSG Entertainment (Symbol: MSGE)

James L. Dolan, Executive Chairman and Chief Executive Officer

James L. Dolan is the Executive Chairman and Chief Executive Officer of Madison Square Garden Sports Corp.. He also holds the titles of Executive Chairman and CEO of Madison Square Garden Entertainment Corp. and Sphere Entertainment Co., and Chairman of AMC Networks Inc.. Prior to his current roles, Mr. Dolan served as the CEO of Cablevision from 1995 until its sale to Altice in June 2016. He was also CEO of Rainbow Media Holdings, which is now known as AMC Networks. Mr. Dolan began his career with Cablevision in the 1970s and held various executive positions before overseeing Rainbow Media. He helped found the Lustgarten Foundation for Pancreatic Cancer Research.

Victoria M. Mink, Executive Vice President, Chief Financial Officer and Treasurer

Victoria M. Mink serves as the Executive Vice President, Chief Financial Officer, and Treasurer for Madison Square Garden Sports Corp.. In this role, she supports the long-term direction and overall management of the company's assets, including the New York Knicks and New York Rangers. Before MSG Sports became a standalone company in April 2020, Ms. Mink was the Executive Vice President and Chief Financial Officer at The Madison Square Garden Company (MSG), where she managed all financial and accounting matters and played a key role in the spin-off of MSG's entertainment businesses from its sports business. Prior to joining MSG, she was the Senior Vice President and Chief Accounting Officer for Altice USA, where she was responsible for accounting and financial matters and was involved in Altice USA's acquisition of Cablevision Systems Corporation in 2016. Ms. Mink joined Cablevision in November 1997, holding increasingly responsible accounting and finance positions, and previously worked as an audit manager with KPMG LLP.

Jamaal T. Lesane, Chief Operating Officer

Jamaal T. Lesane is the Chief Operating Officer of Madison Square Garden Sports Corp., a position he has held since July 2024.

David Hopkinson, Executive Vice President MSG Sports, President Team Business Operations

David Hopkinson is the Executive Vice President MSG Sports and President of Team Business Operations, leading the commercial strategy for MSG Sports' assets, including the New York Knicks and New York Rangers. Before joining MSG Sports in 2020, Mr. Hopkinson was the Global Head of Partnerships for Real Madrid Club de Futbol. He previously spent over 20 years with Maple Leaf Sports and Entertainment (MLSE), where he served as Chief Commercial Officer, overseeing all revenue generation for teams such as the Toronto Maple Leafs, Toronto Raptors, and Toronto FC. Mr. Hopkinson began his career in ticket sales with the Toronto Argonauts Football Club and the Toronto Raptors. In September 2025, he was named CEO of England's Newcastle United.

Leon Rose, President, Basketball Operations – New York Knicks

Leon Rose serves as the President of Basketball Operations for the New York Knicks.

1. Uncertainty and Potential Reduction in Media Rights Revenue: Madison Square Garden Sports faces significant risk from the uncertain future of its media rights, particularly with its broadcast partner, MSG Networks. MSG Networks has been engaged in renegotiating local media rights agreements, which could lead to a reduction in the rights fees received by MSGS's professional teams, the Knicks and the Rangers. Additionally, new national media rights agreements for the NBA are expected to reduce the number of exclusive live telecasts available to regional sports networks (RSNs), further impacting a valuable part of MSGS's revenue ecosystem. This dependence on local media rights revenue is a substantial part of the business, and any decrease could materially affect financial results. The financial health of MSG Networks and its potential debt restructuring also pose a direct threat, as a bankruptcy event for MSG Networks, a material media rights counterparty, could trigger an event of default under MSGS's credit facilities.
2. High Financial Reliance on Team Performance and Resulting Revenue Volatility: The financial success of Madison Square Garden Sports is intrinsically linked to the on-court and on-ice performance of its two professional teams, the New York Knicks and the New York Rangers. A period of lackluster performance by either team can directly and adversely affect key revenue streams, including ticket sales, merchandise revenue, and sponsorship deals. The company's earnings are noted to be highly volatile and inconsistent, heavily dependent on sports seasons and event scheduling. Furthermore, maintaining competitive teams involves substantial operating expenses, including high player compensation and potential NBA luxury tax implications, which can significantly impact financial performance. This concentration risk, with revenue highly dependent on the success of just two teams in a single market, makes the business vulnerable to performance fluctuations.
3. Operational and Financial Risks Tied to MSG Entertainment and Arena Operations: Madison Square Garden Sports does not own the Madison Square Garden arena, where the Knicks and Rangers play their home games. Instead, it relies on Arena License Agreements with Madison Square Garden Entertainment (MSG Entertainment), which owns and operates the venue. These agreements currently extend until 2055. A failure to renew these agreements on economically attractive terms, or MSG Entertainment's inability to operate the Garden in compliance with the agreements or governmental regulations, could materially and negatively affect MSGS's business. Operational risks also include potential labor disputes involving MSG Entertainment employees who provide day-of-game services, which could disrupt game day staffing. Incidents at the arena, or the failure to retain necessary permits and licenses (such as liquor licenses or zoning permits), could also interrupt operations and negatively impact revenue.

The accelerating decline of the traditional linear television ecosystem, driven by widespread cord-cutting and cord-nevers, presents a clear emerging threat to Madison Square Garden Sports (MSGS), particularly impacting its MSG Networks regional sports network (RSN) business. As consumers increasingly opt out of traditional cable and satellite packages, the subscriber base for RSNs, which rely on affiliate fees from these distributors, continues to erode. This trend is exacerbated by the growing exploration and implementation of direct-to-consumer (DTC) streaming models by sports leagues, teams, and major technology companies, which could bypass or significantly devalue the traditional RSN distribution model for local sports content.

Madison Square Garden Sports (MSGS) operates primarily through its professional sports franchises, which generate revenue from media rights, sponsorships, and live event-related income such as ticket sales, luxury suites, food and beverage, and merchandise.

The addressable markets for their main products and services are as follows:

• Sports Sponsorships: The North America Sports Sponsorship market was valued at approximately USD 27.13 billion in 2024.
• Sports Media Rights/Broadcasting: The United States sports broadcasting media market was valued at USD 29.84 billion in 2024 and is projected to reach USD 33.95 billion by 2034. Spending on US sports rights reached USD 30.5 billion in 2025.
• Live Event Revenue (Tickets, Food & Beverage, Merchandise): null

Here are 3-5 expected drivers of future revenue growth for Madison Square Garden Sports (MSGS) over the next 2-3 years:

1. Sustained Strong Demand for the New York Knicks and New York Rangers: Madison Square Garden Sports anticipates continued robust demand for its marquee professional sports franchises, the New York Knicks (NBA) and New York Rangers (NHL). This strong fan enthusiasm is expected to drive per-game revenues across various categories, including tickets, food, beverage, merchandise, and in-arena sales. The combined average season ticket renewal rate for both teams is approximately 94% for the 2025-26 seasons, indicating a stable and committed fan base.
2. Growth in Marketing Partnerships and Premium Hospitality: The company is focused on expanding its marketing partnerships, as evidenced by a new multi-year marketing partnership that includes naming the first-ever jersey patch partner for the Rangers. Additionally, the suites business continues to benefit from strong renewals and new sales activity, including several recently renovated Lexus-level suites at Madison Square Garden. Further suite renovations are also expected to drive incremental revenue in fiscal 2026.
3. New NBA National Media Rights Deals: Madison Square Garden Sports expects new NBA national media rights deals to support revenue growth in fiscal 2026. While local media rights agreements have seen some reductions, the impact of new national deals is anticipated to be a positive driver for future revenue.
4. Increased Revenue from In-Arena Categories: Management projects revenue growth across all in-arena categories for fiscal 2026. This includes continued increases in event-related revenues such as tickets, food, beverage, merchandise sales, and sponsorship and signage.
5. New Initiatives and Offerings, Including the Rangers' Centennial Season: The New York Rangers began a year-long campaign to celebrate their 100th anniversary season in fiscal 2026. This celebration includes a number of special offerings and initiatives planned throughout the season, such as a special Centennial jersey launched in September, which could boost merchandise sales and generate additional event-related revenue.

1. Share Repurchases

• Madison Square Garden Sports Corp. authorized a $75 million accelerated share repurchase program in October 2022.
• In fiscal year 2023, the company executed an accelerated share repurchase totaling approximately $75.06 million.
• As of September 30, 2025, Madison Square Garden Sports had approximately $184.6 million remaining under its existing stock repurchase authorization.

2. Share Issuance

• The company reported "Taxes paid in lieu of shares issued for equity-based compensation" of $18.31 million for fiscal year 2022, $17.90 million for fiscal year 2023, and $8.08 million for fiscal year 2024.

5. Capital Expenditures

• Capital expenditures for purchases of property and equipment were $16.4 million in fiscal year 2022, $12.9 million in fiscal year 2023, and $9.8 million in fiscal year 2024.