What changed in this filing

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Item 1. Business

2025-08-12 compared with 2024-08-13 · 47 added, 72 removed, 175 unchanged (40% of the section changed)

Madison Square Garden Sports Corp., is a Delaware 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.

We conduct substantially all of our business activities discussed in this Annual Report on Form 10-K through MSG Sports, LLC and its direct and indirect subsidiaries.

The Company was incorporated on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc.

The Company was originally incorporated in Delaware on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc.

(“MSG Networks”).

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All agreements between the Company and MSG Entertainment described herein were between the Company and Sphere Entertainment prior to the MSGE Distribution (except agreements entered into after the MSGE Distribution Date).

On June 10, 2025, the Company completed its conversion from a corporation organized under the laws of the State of Delaware to a corporation organized under the laws of the State of Nevada.

Unless the context otherwise requires, all references to MSG Entertainment, Sphere Entertainment and MSG Networks refer to such entity, together with its direct and indirect subsidiaries.

The Company reports on a fiscal year basis ending on June 30th.

In this Annual Report on Form 10-K, the years ended on June 30, 2024 and 2023 are referred to as “fiscal year 2024” and “fiscal year 2023,” respectively.

In this Annual Report on Form 10-K, the years ended on June 30, 2025, 2024 and 2023 are referred to as “fiscal year 2025”, “fiscal year 2024”, and “fiscal year 2023”, 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”).

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

• Long-term local media rights agreements with MSG Networks;

• Local media rights agreements with MSG Networks;

• National media rights agreements through the NBA and NHL;

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• Maximize the value of our exclusive live sports content.

With today’s rapidly evolving media landscape, live sports telecasts have become increasingly valuable to distributors and advertisers.

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.

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 product, MSG+.

In addition, the Company also 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.

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 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) expires following the 2025-26 season.

The NBA’s current agreements with The Walt Disney Company and WarnerMedia, LLC expire after the 2024-25 regular 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 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).

• 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 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, BetMGM, Caesars Sportsbook, Delta Air Lines, HUB International, Dunkin Donuts, Benjamin Moore, Lexus, PepsiCo, Spectrum, Ticketmaster, MSC Cruises and Verizon, among others.

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.

◦ 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 a new 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 venue and 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 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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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 2024-25 season, the team is coming off of a first round playoff series win and trip to the Eastern Conference Semifinals and has a number of draft picks over the next several years, which may be used to add new players or as trade assets.

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

New York Rangers

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

Heading into its 98 th season, 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.

For the 2023-24 season, the Rangers captured the Presidents’ Trophy for the league’s best regular season record, while winning a franchise record 55 games in the regular season, and earned a trip to the Eastern Conference Finals.

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.

Westchester Knicks

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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.

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;

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.

the number of games in a playing season;

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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 agreement has a remaining term of approximately 11 years.

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

Our Community

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

Over 480,000 tri-state area youth participated in these programs in fiscal year 2024.

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

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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GDF further supports its mission by providing a core group of non-profit partners with critical funding to support their long-term success.

Supplier Diversity

We are committed to fostering an inclusive environment across all areas of our business.

In partnership with MSG Entertainment and Sphere Entertainment, our Business and Supplier Diversity Program seeks to strengthen relationships with diverse suppliers of goods and services and provide opportunities to do business with each of the three companies.

See “Human Capital Resources — Diversity and Inclusion.”

Our business is subject to legislation governing the sale and resale of tickets and consumer protection statutes generally.

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Our key human capital management objectives are to invest in and support our employees in order to attract, develop and retain a high performing and diverse workforce.

Diversity and Inclusion (“D&I”)

We aim to create an employee experience that fosters the Company’s culture of respect and inclusion.

By welcoming the diverse perspectives and experiences of our employees, we all share in the creation of a more vibrant, unified, and engaging place to work.

Together with MSG Entertainment and Sphere Entertainment, we have furthered these objectives under our expanded People Development, Diversity and Inclusion function, including:

Embedding Diversity and Inclusion through Talent Actions

• Created a common definition of “potential” and an objective potential assessment to de-bias talent review conversations so employees have an opportunity to learn, grow and thrive.

Through our performance management process, we encourage regular conversations between managers and employees regarding goals, career growth and productivity.

• Integrated D&I best practices into our performance management and learning and development strategies with the goal of driving more equitable outcomes.

• Developed an emerging talent list to expand our talent pool to better identify and provide specific development opportunities for high performing employees, including diverse talent.

Building an Inclusive and Accessible Community

• Expanded our efforts with the MSG D&I enterprise calendar to acknowledge and celebrate culturally relevant days and months of recognition, anchored by our six employee resource groups (“ERGs”):

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

Membership in our ERGs is open to all employees, and we increased combined ERG involvement from approximately 1,100 members in fiscal year 2023 to approximately 1,700 members in fiscal year 2024 (an increase of 54.8%), which includes employees from the Company, MSG Entertainment and Sphere Entertainment.

• Continued to embed our “Conscious Inclusion Awareness Experience” into an on-boarding experience.

This is a required educational module, delivered in two parts, focused on unconscious bias and conscious inclusion within our learning management system.

• Broadened our D&I educational strategy by launching “D&I Learning Moments” to highlight e-learning courses in our learning management system connected to D&I themes, including microaggressions and stereotypes.

Additionally, our D&I team offers live trainings that are open to the entire company on topics such as Inclusive Leadership, LGBTQ+ Allyship and Generational Differences.

Trainings were completed by approximately 500 employees across the Company, MSG Entertainment and Sphere Entertainment from January 2024 to June 2024.

• Continued our LGBTQ+ inclusivity strategy by hosting live allyship and inclusivity trainings and launching toolkit resources for employees to learn and develop.

Together with the PRIDE ERG, we marched in the NYC Pride Parades in 2022, 2023 and 2024.

• Expanded our community conversations series with a theme this year of “Finding Your Voice.” Panels were held during Hispanic Heritage Month, Veterans Day, Black History Month, Women’s Empowerment Month, Asian American and Pacific Islander Heritage Month and Pride Month with elected officials and employees across the Company, MSG Entertainment and Sphere Entertainment.

Bridging the Divide through Expansion to Diverse Stakeholders

• Focused on increasing opportunities to connect with diverse vendors and suppliers by leveraging ERGs and our community.

This effort creates revenue generating opportunities for diverse suppliers to promote their businesses and products.

In fiscal year 2024, we, MSG Entertainment and Sphere Entertainment expanded our multi-city holiday market event featuring thirty underrepresented businesses in New York City and Burbank.

• Invested in an external facing supplier diversity portal on our website, which launched in fiscal year 2023.

The portal is intended to expand opportunities for the Company, MSG Entertainment and Sphere Entertainment to do business with diverse suppliers, including minority-, women-, LGBTQ+- and veteran-owned businesses.

• Strengthened our commitment to higher education institutions to increase campus recruitment pipelines.

In partnership with the Knicks and our social impact team, we hosted the 3rd Annual Historically Black Colleges and Universities Night highlighting the important contributions of these institutions and awarded a $60,000 scholarship to a New York City high school student.

• Partnered with MSG Entertainment to host various theme nights during Knicks and Rangers games throughout the season and invited our ERGs to participate.

As of June 30, 2024, we had approximately 533 full-time union and non-union employees and 450 part-time union and non-union employees.

We aim to attract top talent through our brands, as well as through the many benefits we offer.

We aim to retain our talent by emphasizing our competitive rewards;

offering opportunities that support employees both personally and professionally;

and our commitment to fostering career development in a positive corporate culture.

Our performance management practice includes ongoing feedback and conversations between managers and team members, and talent reviews designed to identify potential future leaders and inform succession plans.

We value continuous learning and development opportunities for our employees, which include:

a career development tool;

leadership development programs;

a learning platform;

and tuition assistance.

As of June 30, 2025, we had 514 full-time union and non-union employees and 493 part-time union and non-union employees.

We are committed to fostering a strong, inclusive workplace community where all employees feel supported, valued and empowered to grow.

Our approach includes:

A culture of accountability:

Our performance management practices promote transparency, accountability, and alignment with our business goals.

Through ongoing, actionable feedback and development-focused conversations, we support individual growth and recognize contributions at every level.

Continuous learning is also promoted and supported through an online learning platform and tuition assistance.

Supporting total well-being:

Our benefit offerings are designed to meet the range of needs of our diverse workforce and include:

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legal support;

pet insurance;

wellness programs and financial planning seminars.

These resources are intended to support the physical, emotional and financial well-being of our employees.

Meaningful employee engagement programs:

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.

In addition, approximately 11.4% of our employees were represented by unions as of June 30, 2025, most of whom are our players.

There are no union employees subject to CBAs that expired as of June 30, 2024 and 37 union employees subject to CBAs that will expire by June 30, 2025.

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.

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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The current NBA CBA expires after the 2029-30 season, but each of the NBA and the NBPA has the right to terminate the CBA effective following the 2028-29 season.

On September 15, 2012, the prior 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 after the 2025-26 season (with the possibility of a one-year extension in certain circumstances) .

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 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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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