What changed in this filing

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Item 1. Business

2026-08-13 compared with 2025-08-12 · 52 added, 51 removed, 171 unchanged (38% of the section changed)

Madison Square Garden Sports Corp., is a Nevada corporation with our principal executive offices at Two Pennsylvania Plaza, New York, NY 10121.

Madison Square Garden Sports Corp.

is a Nevada corporation with our principal executive offices at Two Pennsylvania Plaza, New York, NY 10121.

Unless the context otherwise requires, all references to “we,” “us,” “our,” “MSG Sports” or the “Company” refer collectively to Madison Square Garden Sports Corp., a holding company, and its direct and indirect subsidiaries.

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In this Annual Report on Form 10-K, the years ended on June 30, 2026, 2025 and 2024 are referred to as “fiscal year 2026”, “fiscal year 2025”, and “fiscal year 2024”, respectively.

The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers (“Knicks”) of the National Basketball Association (“NBA”) and the New York Rangers (“Rangers”) of the National Hockey League (“NHL”).

Potential Spin-off Transaction

On February 18, 2026, the Company’s board of directors (the “Board of Directors”) authorized management to explore a potential spin-off that would separate the Company’s New York Rangers (“Rangers”) business from its New York Knickerbockers (“Knicks”) business, creating two distinct publicly traded companies.

On April 28, 2026, the Company incorporated MSGS Spinco, Inc., a Nevada corporation and direct, wholly owned subsidiary of the Company (“Spinco”), to hold the Rangers business.

If the Company proceeds with the spin-off transaction, the spin-off is expected to be structured as a tax-free distribution to all Company stockholders and upon completion of the contemplated separation, it is expected that each record holder of Company Class A common stock would receive one share of Spinco Class A common stock for every two shares of Company Class A common stock held, and each record holder of Company Class B common stock would receive one share of Spinco Class B common stock for every two shares of Company Class B Common Stock held, representing a pro-rata distribution of 100% of the common stock of Spinco.

The Company refers to the potential spin-off as the “Rangers Distribution”.

There can be no assurance that the Rangers Distribution will be completed in the manner described above, or at all.

Completion of the Rangers Distribution would be subject to various conditions, including final approval by the Board of Directors, league approval, receipt of a tax opinion and the filing with the Securities and Exchange Commission (“SEC”) and effectiveness of the Form 10 registration statement.

The Company will maintain the current operating structure and will continue to report the financial results of its Rangers business in continuing operations until the Rangers Distribution is completed.

The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the Knicks of the National Basketball Association (“NBA”) and the Rangers of the National Hockey League (“NHL”).

Both the Knicks and the Rangers play their home games in Madison Square Garden Arena (“The Garden”), also known as The World’s Most Famous Arena.

The Company’s other professional franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League (“AHL”) and the Westchester Knicks of the NBA G League (“NBAGL”).

Our professional sports franchises are collectively referred to herein as our “sports teams.” In addition, the Company previously owned a controlling interest in Counter Logic Gaming (“CLG”), a North American esports organization.

In April 2023, the Company sold its controlling interest in CLG to Hard Carry Gaming Inc.

(“NRG”), a professional gaming and entertainment company, in exchange for a noncontrolling equity interest in the combined NRG/CLG company.

The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

The Company also includes two development league teams — the Hartford Wolf Pack of the American Hockey League (“AHL”) and the Westchester Knicks of the NBA G League (“NBAGL”).

Our professional sports franchises are collectively referred to herein as our “sports teams.” The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

Our Strengths

• Iconic sports franchises with renowned brands;

• Iconic sports franchises with renowned global brands;

• Enduring and meaningful presence in the New York metropolitan area, the nation’s largest media market;

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• Multi-year sponsorship and suite agreements through a strategic partnership with MSG Entertainment;

• Local media rights agreements with MSG Networks;

• National media rights agreements through the NBA and NHL;

• Local telecast rights agreements with MSG Networks;

• Long-term arena license agreements with MSG Entertainment under which the Knicks and the Rangers play their home games at The Garden;

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Competitive teams help support and drive revenue streams across the Company during the regular season and, when our teams qualify for the postseason, the Company benefits from incremental home playoff games.

The ownership and operation of NBA and NHL development teams — the Westchester Knicks and the Hartford Wolf Pack — as well as the operation of our state-of-the-art professional sports teams performance center, are part of our strategy to develop championship-caliber teams.

The ownership and operation of NBA and NHL development teams — the Westchester Knicks and the Hartford Wolf Pack — as well as the operation of our professional sports teams performance center, are part of our strategy to develop championship-caliber teams.

• Employ a ticketing policy that gives the Company a direct relationship with our fan bases .

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We generally review and set the price of our tickets before the start of each team’s season;

however, we dynamically price our single-game tickets to better align with fan demand.

however, we dynamically price our single-game tickets throughout the season to align with fan demand.

• Maximize the value of our exclusive live sports content.

The Company receives a pro-rata share of fees related to the NBA’s and NHL’s national and international media rights agreements, which provides a significant recurring revenue stream for the Company.

In July 2024, the NBA entered into new 11-year media rights agreements with The Walt Disney Company, NBCUniversal and Amazon, which will take effect starting with 2025-26 season and will expire following the 2035-36 season.

The Company receives a pro-rata share of fees related to the NBA’s and NHL’s national and international media rights agreements, which provide a significant recurring revenue stream for the Company.

The NBA’s agreements with The Walt Disney Company, NBCUniversal and Amazon, which took effect starting with the 2025-26 season, will expire following the 2035-36 season.

The NHL’s U.S.

national media rights agreements with The Walt Disney Company and WarnerMedia, LLC will expire following the 2027-28 season.

The NHL’s agreement with Rogers Communications (Canada) was set to expire following the 2025-26 season, but in April 2025, the NHL and Rogers Communications entered into a new 12-year media rights agreement beginning with the 2026-27 season.

In April 2025, the NHL and Rogers Communications (Canada) entered into a new 12-year media rights agreement, which will take effect beginning with the 2026-27 season and will expire following the 2037-2038 season.

In addition, the Company receives fees related to local media rights.

In October 2015, the Knicks and the Rangers entered into 20-year local media rights agreements with MSG Networks, creating a significant recurring revenue stream for the Company.

In June 2025, those respective agreements were amended in connection with the restructuring of the debt of subsidiaries of MSG Networks (see Note 3 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for more information) and are now set to expire at the end of the 2028-29 seasons.

These agreements provide MSG Networks with exclusive local linear and digital rights to home and away games of the Knicks and the Rangers, as well as other team-related programming.

MSG Networks makes this content available to our fans on its regional sports networks, MSG Network and MSG Sportsnet, and through its direct to consumer and authenticated streaming offering, MSG+ (which is now included in the Gotham Sports streaming product).

The Knicks’ and the Rangers’ local telecast rights agreements with MSG Networks, which expire at the end of the 2028-29 seasons, provide MSG Networks with exclusive local linear and digital rights to home and away games of the Knicks and the Rangers, as well as other team-related programming.

MSG Networks makes this content available to our fans on its regional sports networks, MSG Network and MSG Sportsnet, and through its direct to consumer and authenticated streaming offering, MSG+ (which is included in the Gotham Sports streaming product, and is anticipated to be available through the DAZN streaming product during the 2026-2027 NBA and NHL seasons).

• Utilize our unique assets and an integrated approach to drive sponsorship and suite sales.

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◦ Our assets are highly sought after by companies that value the popularity of our sports franchises, the demographic makeup of our fans, and our unique position in the New York market.

The attractiveness of our assets is further strengthened by the Sponsorship Sales and Service Representation Agreements and Arena License Agreements (as defined below) with MSG Entertainment, which create compelling, broad-based marketing platforms by combining our professional sports brands and MSG Entertainment ’s live entertainment assets and Sphere Entertainment’s media assets.

This integrated approach to marketing partnerships — which delivers unrivaled sports, entertainment and media exposure in the New York market — has already attracted world-class partners such as JPMorgan Chase, Anheuser-Busch, Experience Abu Dhabi, Caesars Sportsbook, Delta Air Lines, Lenovo and its subsidiary Motorola, Dunkin Donuts, Benjamin Moore, Lexus, PepsiCo, Spectrum, Ticketmaster, MSC Cruises and Verizon, among others.

marketing platforms by combining our professional sports brands with MSG Entertainment ’s live entertainment assets and Sphere Entertainment’s media assets.

This integrated approach to marketing partnerships — which delivers unrivaled sports, entertainment and media exposure in the New York market — has attracted world-class partners across a wide range of industries.

◦ Our Arena License Agreements with MSG Entertainment enable MSG Entertainment to offer corporate hospitality solutions that bring together our live sporting events with MSG Entertainment’s live entertainment offerings and provide for the sharing of revenues from such offerings.

For example, The Garden offers a variety of suite and club products, including 23 Event Level spaces consisting of 22 suites and an event level

club, 58 Lexus Level suites, 18 Infosys Level suites, the Madison Club and the HUB Loft.

For example, The Garden offers a variety of suite and club products, including 23 Event Level spaces consisting of 22 suites and an event level club, 58 Lexus Level suites, 18 Infosys Level suites, the Madison Club and the HUB Loft.

These suites and clubs — which provide exclusive private spaces, first-class amenities and some of the best seats in The Garden — are primarily licensed to corporate customers, with the majority being multi-year agreements, most of which have annual escalators.

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The strong loyalty of our fans has been driven in part by our commitment to the fan experience, which we will continue to build on through our relationship with MSG Entertainment, owner and operator of The Garden.

Working with MSG Entertainment, we offer first-class operations, innovative event presentation, premium food and beverage offerings, and unique and exclusive merchandise, as well as team apps designed to create a seamless experience for our fans.

Working with MSG Entertainment, we offer first-class operations, innovative event presentation, premium food and beverage offerings, and unique and exclusive merchandise, as well as team mobile apps designed to create a seamless experience for our fans.

Our goal is to deliver the best in-venue experience in the industry — whether our guests are first-time visitors, repeat customers, season ticket holders, suite holders or club members.

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New York Knicks

As an original franchise of the NBA, the Knicks have a rich history that includes eight trips to the NBA Finals and two NBA Championships, some of the greatest athletes to ever play the game and a large and passionate global fan base.

As the Knicks head into the 2025-26 season, the team is coming off a trip to the Eastern Conference Finals.

As an original franchise of the NBA, the Knicks have a rich history that includes some of the greatest athletes to ever play the game and a large and passionate global fan base.

The Knicks have made nine trips to the NBA Finals and won three NBA Championships, including the 2026 NBA Championship.

New York Rangers

The Rangers hockey club is one of the NHL’s “Original Six” franchises.

Heading into its centennial year, the Rangers are a storied franchise and one of the league’s marquee teams, with four Stanley Cup Championships and one of the most passionate, loyal and enthusiastic fan bases.

The Rangers reached the Eastern Conference Finals two of the past four seasons and captured the Presidents’ Trophy for the league’s best regular season record in the 2023-24 season.

The Rangers hockey club is one of the NHL’s “Original Six” franchises and celebrated its centennial during the 2025-26 season.

As a storied franchise and one of the league’s marquee teams, the Rangers have won four Stanley Cup Championships and have a loyal and enthusiastic fan base.

Westchester Knicks

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The Arena License Agreements provide revenue opportunities through the sharing of certain suites and clubs, sponsorship and signage, food and beverage, merchandise and sales arrangements with MSG Entertainment.

The Arena License Agreements have a term of 35 years.

The Arena License Agreements have a term of 35 years and expire in June 2055.

See Note 8 to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for more information.

Our Professional Sports Teams Performance Center

The Company owns the state-of-the-art Madison Square Garden Training Center in Greenburgh, NY.

The Company owns the Madison Square Garden Training Center in Greenburgh, NY.

The approximately 114,000 square-foot facility features two basketball courts and one NHL regulation-sized hockey rink, and is equipped with well-appointed private areas and office space and exercise and training rooms with dedicated equipment for each team as well as the latest technology and other first-class amenities.

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The respective league constitutions of our sports teams, under which each league is operated, together with the collective bargaining agreements (each, a “CBA”) that each of the NBA and NHL has signed with its players’ association, contain numerous provisions that, as a practical matter, could impact the manner in which we operate our business.

believed to be in the best interests of the league, whether or not such actions would benefit our sports teams and whether or not we consent or object to those actions.

In addition, under the respective league constitutions of our sports teams, the commissioner of each league, either acting alone or with the consent of a majority (or, in some cases, a supermajority) of the other sports teams in the league, may be empowered in certain circumstances to take certain actions believed to be in the best interests of the league, whether or not such actions would benefit our sports teams and whether or not we consent or object to those actions.

While the precise rights and obligations of member teams vary from league to league, the leagues have varying degrees of control exercisable under certain circumstances over the length and format of the playing season, including, for example, preseason and playoff schedules;

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The Knicks and the Rangers are party to media rights agreements with MSG Networks covering the local telecast and radio rights for the Knicks and the Rangers.

Each local telecast agreement has a remaining term of approximately four years.

Each local telecast agreement has a remaining term of approximately three years.

Our Community

The Company has a long history of leveraging the power of its brands to benefit communities across the tri-state area.

The Company’s 2024 Corporate Social Responsibility Report can be found on our website under “Our Community”.

The Company’s most recent Corporate Social Responsibility Report, which is released in collaboration with MSG Entertainment and Sphere Entertainment, can be found on our website under “Our Community”.

As part of our company-wide philanthropic efforts, the Knicks and the Rangers both run large community-based youth sports programs — Jr.

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Rangers — focused on eliminating barriers and creating more inclusive opportunities for all kids to enjoy basketball and hockey.

Over 485,000 young people participated in these programs in fiscal year 2025.

Knicks programs include youth basketball clinics, summer camps, basketball leagues, equipment donations, and partnerships with over 80 youth basketball organizations across the tri-state area.

In fiscal year 2025, over 200,000 youth participated in Knicks youth programs.

Rangers activities include youth hockey clinics, summer camps, a girls’ hockey league, equipment donations and other ‘learn to play’ initiatives in the community.

In fiscal year 2025, Jr.

Rangers programming extended across more than 1,350 individual sessions and 50 locations.

The Company is also dedicated to affecting positive change through other social impact and cause-related initiatives including philanthropic, food and other in-kind donations.

For example, we partnered with MSG Entertainment to host various theme nights during Knicks and Rangers games throughout the season and invited our employee resource groups (“ERGs”), which are open to all employees, to participate:

Asian American and Pacific Islanders (AAPI), Black, LatinX, PRIDE, Veterans, and Women.

The Company also strengthened its commitment to higher education institutions to increase campus recruitment pipelines.

In partnership with the Knicks and our social impact team, we hosted the 4 th Annual Historically Black Colleges and Universities (“HBCU”) Night highlighting the important contributions of these institutions and awarded a $60,000 scholarship to a New York City high school student attending an HBCU in the fall.

Garden of Dreams Foundation

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In addition, The Garden, like all public spaces, is subject to building and health codes and fire regulations imposed by the state and local governments.

The Garden is subject to zoning and outdoor advertising regulations and requires a number of licenses in order to operate, including occupancy permits, exhibit licenses, food and beverage permits, liquor licenses and other authorizations and a zoning special permit granted by the New York City Planning Commission.

The Garden is subject to zoning and outdoor advertising regulations and requires a number of licenses

in order to operate, including occupancy permits, exhibit licenses, food and beverage permits, liquor licenses and other authorizations and a zoning special permit granted by the New York City Planning Commission.

See “Item 1A.

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See “Item 1A.

Risk Factors — Operational Risks — We Are Subject to Data Privacy, Data Protection and Data Security Regulations and Laws and Could Face Substantial Penalties if We Fail to Comply With Such Regulations and Laws” and “— We Are Subject to Governmental Regulation, Which Can Change, and Any Failure to Comply With These Regulations May Have a Material Negative Effect on Our Business and Results of Operations .”

Risk Factors — Operational Risks — We Are Subject to Data Privacy, Data Protection and Data Security Regulations and Laws and Could Face Substantial Penalties if We Fail to Comply With Such Regulations and Laws” and “— We Are Subject to Governmental Regulation, Including Tax Laws and Regulations, Which Can Change, and Any Failure to Comply With These Regulations May Have a Material Negative Effect on Our Business and Results of Operations .”

Our business operates in a market in which numerous sports and entertainment opportunities are available.

In addition to the NBA, NHL, AHL and NBAGL teams that we own and operate, the New York City metropolitan area is home to two Major League Baseball teams (the New York Yankees (the “Yankees”) and the New York Mets (the “Mets”)), two National Football League teams (the New York Giants (the “Giants”) and the New York Jets (the “Jets”)), two additional NHL teams (the New York Islanders (the “Islanders”) and the New Jersey Devils (the “Devils”)), a second NBA team (the Brooklyn Nets (the “Nets”)), two Major League Soccer franchises (the New York Red Bulls and the New York City Football Club), a Women’s National Basketball Association team (the New York Liberty), and a National Women’s Soccer League team (the NJ/NY Gotham FC).

In addition to the NBA, NHL, AHL and NBAGL teams that we own and operate, the New York City metropolitan area is home to two Major League Baseball teams (the New York Yankees (the “Yankees”) and the New York Mets (the “Mets”)), two National Football League teams (the New York Giants (the “Giants”) and the New York Jets (the “Jets”)), two additional NHL teams (the New York Islanders (the “Islanders”) and the New Jersey Devils (the “Devils”)), a second NBA team (the Brooklyn Nets (the “Nets”)), two Major League Soccer franchises (the New York Red Bulls and the New York City Football Club), a Women’s National Basketball Association team (the New York Liberty), a National Women’s Soccer League team (the NJ/NY Gotham FC) and a Professional Women's Hockey League team (the New York Sirens).

In addition, there are a number of other men’s and women’s amateur and professional teams that compete in other sports, including at the collegiate and minor league levels.

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When our sports teams qualify for the playoffs, we also benefit from the attendance and in-game spending at the playoff games.

The year-to-year impact of team performance is somewhat moderated by the fact that a significant portion of our revenue derives from media

rights fees, suite rental fees and sponsorship and signage revenue, all of which are generally contracted on a multi-year basis.

The year-to-year impact of team performance is somewhat moderated by the fact that a significant portion of our revenue derives from media rights fees, suite rental fees and sponsorship and signage revenue, all of which are generally contracted on a multi-year basis.

Nevertheless, the long-term performance of our business is tied to the success and popularity of our sports teams.

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See “Item 1A.

Risk Factors — Sports Business Risks — Our Business Faces Intense and Wide-Ranging Competition, Which May Have a Material Negative Effect on Our Business and Results of Operations ” and “— Our Business Is Substantially Dependent on the Continued Popularity and/or Competitive Success of the Knicks and the Rangers, Which Cannot Be Assured .”

Risk Factors — Sports Business Risks — Our Business Faces Intense and Wide-Ranging Competition, Which

May Have a Material Negative Effect on Our Business and Results of Operations ” and “— Our Business Is Substantially Dependent on the Continued Popularity and/or Competitive Success of the Knicks and the Rangers, Including the Significant Additional Revenue Generated by Advancing in the Playoffs, Which Cannot Be Assured .”

Human Capital Resources

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We invest in meaningful programming that builds connections, recognition, and a sense of belonging across our workforce.

From culture-focused campaigns and milestone celebrations to our Employee Resource Groups and employee recognition, these efforts reinforce our shared purpose of making the unforgettable happen.

From culture-focused campaigns and milestone celebrations to employee recognition, these efforts reinforce our shared purpose of making the unforgettable happen.

In addition, approximately 11.7% of our employees were represented by unions as of June 30, 2026, most of whom are our players.

There are 38 union employees subject to CBAs that expired as of June 30, 2025 and no union employees subject to CBAs that will expire by June 30, 2026.

There were no union employees subject to CBAs that expired as of June 30, 2026 and no union employees subject to CBAs that will expire by June 30, 2027.

Labor relations in general and in the sports industry in particular can be volatile, though our current relationships with our unions taken as a whole are positive.

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On September 15, 2012, the then-existing CBA between the NHL and NHLPA expired and there was a work stoppage for approximately four months until a new CBA was entered into in January 2013.

The current NHL CBA expires on September 15, 2026 (with the possibility of a one-year extension in certain circumstances).

On July 8, 2025, the NHL and the NHLPA announced that a new four-year CBA had been ratified by the NHL Board of Governors and the NHL players.

The new NHL CBA expires after the 2029-30 season.

The current NHL CBA expires after the 2029-30 season.

The NBA and NHL playoff games for the 2019-20 seasons experienced postponements due to player, team and/or league protests and decisions.

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Through the investor relations section of our website, we make available, free of charge, the Company’s annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as any amendments to those reports and other statements filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934.

These materials become available as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the Securities and Exchange Commission (“SEC”).

These materials become available as soon as reasonably practicable after we electronically file such materials with, or furnish them to, the SEC.

Copies of these filings are also available on the SEC’s website (www.sec.gov).

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business