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

• It's like TKO Group Holdings (which owns UFC and WWE), but instead of owning entire sports leagues, MSGS owns specific, iconic professional sports teams like the New York Knicks (NBA) and New York Rangers (NHL).
• Think of it as a specialized Liberty Media, focused on owning a portfolio of highly valuable professional sports franchises (Knicks, Rangers) rather than a broader array of entertainment businesses.

• Professional Basketball Team Ownership & Operation: The company owns and operates the New York Knicks of the NBA and the Westchester Knicks of the NBA G League, providing professional basketball entertainment.
• Professional Ice Hockey Team Ownership & Operation: The company owns and operates the New York Rangers of the NHL and the Hartford Wolf Pack of the AHL, providing professional ice hockey entertainment.
• Esports Organization Ownership & Operation: The company owns and operates Knicks Gaming and a controlling interest in Counter Logic Gaming (CLG), providing esports entertainment.

Madison Square Garden Sports (MSGS) primarily serves a combination of individual fans and various corporate entities. Given that the core product (sports and esports entertainment) is ultimately consumed by individuals, we will describe up to three categories of customers it serves.

1. Individual Sports and Esports Fans: This is the largest and most direct customer base for MSGS. It includes individuals who purchase tickets to attend live professional sports games (New York Knicks, New York Rangers, Hartford Wolf Pack, Westchester Knicks) and esports events. This category also encompasses fans who buy team merchandise (jerseys, apparel, memorabilia) and consume concessions at venues. Furthermore, it extends to individuals who engage with and support the company's esports franchises, Knicks Gaming and Counter Logic Gaming, potentially through viewership, merchandise, or subscriptions.

2. Media and Broadcasting Companies: These are corporate customers that acquire media rights from MSGS to broadcast games and related content for its NBA and NHL teams (and potentially development league games or esports events) across various platforms, including television, radio, and digital streaming. These agreements are a significant source of revenue, allowing broadcasters to monetize viewership through advertising and subscription fees.

3. Corporate Sponsors and Advertisers: This category includes a wide range of businesses that partner with MSGS's teams and properties for branding, marketing, and promotional purposes. These companies pay for advertising space within arenas, team sponsorships, naming rights, and other integrated marketing opportunities to reach the large and engaged audience of sports and esports fans. These partnerships contribute significantly to the teams' revenue streams.

• Madison Square Garden Entertainment (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 serves as Executive Chairman and Chief Executive Officer of Madison Square Garden Entertainment Corp. and Sphere Entertainment Co.. Mr. Dolan was the CEO of Cablevision Systems Corporation from 1995 until its sale to Altice in June 2016. He also served as CEO of Rainbow Media Holdings, a programming subsidiary of Cablevision that spun off in 2011 to become AMC Networks. Mr. Dolan founded the original company in 2010 when Cablevision spun off its Madison Square Garden properties.

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

Victoria Mink serves as the Executive Vice President, Chief Financial Officer and Treasurer of Madison Square Garden Sports Corp. In this role, she provides strategic financial insight and oversees all financial and accounting matters. Prior to MSG Sports becoming a standalone company in April 2020, Ms. Mink was Executive Vice President and Chief Financial Officer at The Madison Square Garden Company, where she helped lead the spin-off of MSG's entertainment businesses from its sports business. She was appointed Chief Financial Officer in 2018. It was announced in February 2026 that Ms. Mink will be leaving the company, but will continue temporarily in her role to assist with a possible spin-off transaction and facilitate a smooth transition.

Jamaal Lesane, Chief Operating Officer

Jamaal Lesane has served as the Chief Operating Officer of MSG Sports since July 2024. In this capacity, he collaborates with executive leadership to enhance the company's portfolio and support its long-term strategy and growth, overseeing business operations for teams including the New York Knicks and New York Rangers. Mr. Lesane joined the MSG Family of Companies in 2008 and has held various positions of increasing responsibility, including Executive Vice President and General Counsel for MSG Sports since March 2022. Before joining MSG in 2008, he was an Associate Counsel at HBO from 2006 to 2007 and an associate at Covington & Burling LLP from 2001 to 2006.

Chris Drury, President and General Manager, New York Rangers

Chris Drury is the President and General Manager of the New York Rangers. A former professional hockey player, Drury has transitioned into an executive role within the Rangers organization.

Leon Rose, President, New York Knicks

Leon Rose is the President of the New York Knicks. Before joining the Knicks, Rose was a prominent National Basketball Association (NBA) player agent, representing numerous high-profile athletes.

Key Risks to Madison Square Garden Sports (MSGS)

1. Dependence on Team Performance and Fan Engagement: The financial success of Madison Square Garden Sports is highly dependent on the on-court and on-ice performance of its flagship teams, the New York Knicks (NBA) and New York Rangers (NHL). Poor team performance can lead to decreased fan interest, lower attendance, reduced merchandise sales, and potentially impact the value of local broadcasting and sponsorship agreements, directly affecting revenue streams.
2. Impact of Collective Bargaining Agreements and Potential Labor Disputes: The operations and financial results of MSGS are significantly influenced by the collective bargaining agreements (CBAs) between the National Basketball Association (NBA) and the National Hockey League (NHL) and their respective players' associations. Future labor disputes, such as strikes or lockouts, could result in the cancellation or postponement of games, leading to a substantial loss of revenue from ticket sales, media rights, and sponsorships.
3. Evolving Media Landscape and Volatility of Broadcasting Rights Revenue: A significant portion of revenue for professional sports organizations, including MSGS, is derived from media rights. The rapidly evolving media landscape, including shifts in consumer viewing habits towards streaming services and cord-cutting, introduces uncertainty regarding future broadcasting agreements. Changes in the value or structure of these agreements could negatively impact the company's long-term revenue growth and profitability.

Here are the addressable market sizes for Madison Square Garden Sports' main products and services:

• New York Knickerbockers (NBA): The National Basketball Association (NBA) generated a total league revenue of approximately US$ 11.3 billion in 2024. Projections indicate that revenues for the NBA are expected to exceed US$ 12 billion in 2025, with some estimates reaching US$ 12.5 billion for the 2024-2025 season. The NBA market size is forecast to grow from USD 12.94 billion in 2025 to USD 20.04 billion by 2031, with North America being the largest market, contributing 74.78% of the 2025 value. This market size is for North America and globally.
• New York Rangers (NHL): The National Hockey League (NHL) had annual revenues of approximately US$ 6.5 billion in the most recent season (reported in October 2025). Other reports indicate that the NHL's annual revenue rose to an estimated US$ 6.2 billion for the 2023/2024 season, and US$ 6.8 billion for the 2022-2023 seasons. This market size is for North America and globally.
• Knicks Gaming and Counter Logic Gaming (Esports): The global esports market size was valued at approximately USD 1.3 billion in 2023, USD 1.75 billion in 2024, and USD 2.3 billion in 2023. Projections show the global esports market could reach USD 10.3 billion by 2034 or even USD 16.7 billion by 2033. North America held a dominant share in the esports market, with revenues of USD 0.83 billion in 2023 and USD 754.8 million in 2024. The North American esports market is projected to reach US$ 2,552.7 million by 2030, growing at a CAGR of 22.3% from 2025 to 2030. This market size is for North America and globally.
• Hartford Wolf Pack (AHL) and Westchester Knicks (NBA G League): null
• Professional Sports Team Performance Centers: null

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

1. Increased National Media Rights Fees: The company anticipates higher national media rights fees, particularly due to the NBA's new national media rights deals which commenced with the 2025-26 NBA regular season. This is expected to contribute positively to revenue for the New York Knicks.
2. Strong Demand and Pricing in Ticketing, Suites, and Merchandise: Madison Square Garden Sports has observed sustained consumer and corporate demand for the New York Knicks and New York Rangers, leading to increases in key in-game revenue categories like ticketing, premium hospitality (suites), and merchandise sales. High season ticket renewal rates for both teams, aided by optimizing pricing, along with record-setting merchandise sales and robust suite renewals, indicate continued growth potential.
3. Growth in Sponsorship and Marketing Partnerships: The company is focused on leveraging its iconic brands to secure and expand lucrative sponsorship and marketing partnerships. Recent developments, such as the Rangers' first-ever jersey patch partnership, highlight opportunities to monetize new inventory like digital arena advertising and further grow sponsorship revenue.
4. Team Performance and Playoff Appearances: The on-court and on-ice success of the Knicks and Rangers directly influences ticket sales, ancillary revenues, and sponsorship appeal. Consistent strong team performance and deeper playoff runs by either franchise can significantly boost revenue through increased games, higher attendance, and enhanced fan engagement.
5. Diversification of Revenue Streams: MSG Sports is exploring opportunities to diversify its revenue streams beyond traditional avenues. This includes deepening partnerships with sports betting entities, developing a potential direct-to-consumer (DTC) media product, and capitalizing on the growing international popularity of the NBA and NHL to expand into global markets. The company also aims to leverage digital engagement to capture new revenue streams and deepen fan connections.

Share Repurchases

• Madison Square Garden Sports Corp. had approximately $184.6 million remaining under its stock repurchase authorization as of June 30, 2024.
• During the fiscal year ended June 30, 2024, the company did not repurchase any shares under its share repurchase program.
• In October 2022, the Board of Directors authorized a $75 million accelerated share repurchase program. This was part of an existing share repurchase authorization that had approximately $260 million remaining prior to the execution of the ASR program.

Share Issuance

• Share-based compensation expense, which typically involves the issuance of new shares, was $21.29 million for the fiscal year ended June 30, 2024, $25.20 million for fiscal year 2023, and $24.25 million for fiscal year 2022.
• In February 2026, trusts related to the Dolan family received Class B Common Stock as partial repayment of promissory notes. For example, one trust received 11,000 shares and another received 18,703 shares, with each Class B share valued at $326.83.
• The number of shares outstanding has remained relatively stable at approximately 0.024 billion from 2021 to 2025, with minor percentage declines in some years (e.g., 0.41% in 2024, 0.86% in 2023) and a slight increase in others (e.g., 0.23% in Q4 2025 year-over-year).

Capital Expenditures

• Capital expenditures for the last 12 months were approximately -$3.96 million.
• Annual capital expenditures were approximately -$3.62 million for fiscal year 2025, -$1.45 million for fiscal year 2024, -$1.18 million for fiscal year 2023, -$0.93 million for fiscal year 2022, and -$0.47 million for fiscal year 2021.