Madison Square Garden Sports Corp (NYSE: MSGS) is a professional sports company that owns and operates the New York Knickerbockers of the NBA and the New York Rangers of the NHL. Revenue comes from ticket sales, suite rentals, sponsorship and signage, food and beverage and merchandise sales at games, local media rights fees, and league distributions. The company reported total revenues of $1.039B in fiscal year 2025 (ended June 30, 2025), up 1% from $1.027B in fiscal year 2024. Operating income fell sharply to $14.8M in fiscal year 2025 from $146.0M in fiscal year 2024, driven by a $138.6M increase in direct operating expenses. The company posted a net loss of $22.4M in fiscal year 2025 versus net income of $58.8M in fiscal year 2024. MSGS does not own Madison Square Garden arena and operates under a venue arrangement with MSG Entertainment. James L. Dolan serves as Executive Chairman and CEO. The company is headquartered in New York, New York, and converted its state of incorporation from Delaware to Nevada on June 10, 2025.

Revenue model

MSGS generates revenue through ticket sales (pre-season and regular season), suite rentals, sponsorship and signage deals, food and beverage and merchandise sales at games, local media rights fees, and NBA and NHL league distributions. In fiscal year 2025, ticket-related revenues increased $14.9M, sponsorship and signage revenues increased $11.4M, suite revenues increased $10.9M, and league distributions increased $8.0M, while local media rights fees declined $17.9M and playoff-related revenues declined $13.2M.

Products and services

The company owns two professional sports franchises: the New York Knickerbockers (NBA) and the New York Rangers (NHL). Game-day revenue streams include ticket sales, premium suite hospitality, food and beverage, and merchandise. Non-game-day revenue includes corporate sponsorship, arena signage, and broadcast and media rights licensing.

Customers and end markets

End customers are sports fans in the New York metropolitan area attending NBA and NHL games, as well as corporate sponsors and advertisers targeting that audience. Demand is driven by team on-court and on-ice performance, general economic conditions, and discretionary consumer and business spending on live sports and entertainment.

Value-chain role

MSGS is a sports team operator and content rights holder. It fields the teams, sells game-day experiences and hospitality, licenses media rights, and sells corporate sponsorships. It does not own its home arena, Madison Square Garden, and relies on a venue arrangement with MSG Entertainment.

Geographic exposure

Operations are concentrated in New York, New York. The company is headquartered at Two Penn Plaza, New York, New York 10121.

Competitors

Brooklyn Nets (NBA), New York Islanders (NHL), New Jersey Devils (NHL), Other NBA teams, Other NHL teams, Other live entertainment and sporting events competing for New York area sports fans and sponsorship dollars

Source: SEC 10-K, filed 2025-08-12

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