MSG Sports owns and operates two major professional sports franchises: the New York Knicks (NBA) and the New York Rangers (NHL), both of which play home games at Madison Square Garden. MSG Sports generates revenue across four main areas: event-related revenue (tickets, food and beverage, merchandise), premium hospitality and sponsorships (suites, clubs, and multi-year corporate partnerships), media rights fees (both national league distributions and local rights agreements with MSG Networks), and revenue sharing through an Arena License Agreement with MSG Entertainment. The business is highly seasonal, with revenue concentrated in the second and third fiscal quarters when the NBA and NHL regular seasons run. Playoff games generate meaningfully higher per-game revenue than regular season games. On the cost side, the Knicks and Rangers regularly pay NBA and NHL luxury taxes on above-threshold payrolls, and revenue sharing expenses move in tandem with top-line results. The local media rights agreements with MSG Networks were recently amended, cutting annual fees by 28% for the Knicks and 18% for the Rangers, reflecting pressure on the regional sports network business. Starting in the 2025-26 season, the NBA's new national media deals with Disney, NBCUniversal, and Amazon represent a step-up in annual value. MSG Sports also owns two development league affiliates — the Westchester Knicks and Hartford Wolf Pack — which serve as player development pipelines. Management has expressed a view that the stock undervalues the franchises and has left open the possibility of selling minority stakes in one or both teams.