MSG Sports owns and operates the New York Knicks and the New York Rangers. Both franchises play home games at Madison Square Garden. The company also maintains player development pipelines through its affiliates, the Westchester Knicks and the Hartford Wolf Pack. MSG Sports earns revenue from ticket and merchandise sales, corporate suites, sponsorships, and national and local media rights. The business model is highly seasonal, concentrating revenue during the NBA and NHL regular seasons. Playoff runs increase profitability through premium ticket pricing and higher fan spending. MSG Sports manages corporate relationships through a partnership with MSG Entertainment, which operates the arena. The company is currently pursuing a tax-free spin-off of the Rangers from the Knicks to create two separate publicly traded companies by October 2026. Management expects this separation to provide clearer independent valuations and greater financial flexibility. Primary operating costs include player compensation, luxury tax payments, league revenue sharing, and arena expenses. Team success drives commercial growth, as seen with the Knicks winning the 2026 NBA Championship.