Transaction
The parent company of both NBA and NHL franchises is moving forward with a separation that could reshape ownership of New York's two major teams.
Madison Square Garden Sports filed a Form 10 Registration Statement with the SEC on Monday for a proposed spin-off of the New York Rangers from the New York Knicks. Both franchises currently operate under the MSGS parent company. The board approved exploration of the split in February to unlock shareholder value.
The filing marks a formal step toward separating the two franchises into distinct publicly traded entities, though the process remains subject to regulatory approval and other conditions. No timeline for completion has been announced.
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Source: Yahoo Sports Verified news feed