Madison Square Garden Sports Corp. has won unanimous board support to explore a potential spin-off that would separate the Knicks and Rangers into two distinct publicly traded companies, possibly via a tax-free distribution to shareholders.

If the plan proceeds, the Knicks would include the Westchester Knicks (NBA G League) and the Rangers would include the Hartford Wolf Pack (AHL) as affiliated minor teams.

The Dolan family has held minority stakes since 1994 and gained majority control soon after; while there is openness to selling minority stakes, no imminent deals are planned.

Investors greeted the news with roughly a 15% stock price uptick, though true value may come from private-market dynamics where one-of-a-kind asset deals attract attention.

Momentum indicators show MSGS trading with strong price momentum yet weak valuation signals, highlighting a split as a potential path to clearer standalone value.

Market context notes the stock is near a 52-week high, with caveats and a disclaimer about investment decisions.

Analyst coverage currently shows a single buy with no sells; price targets include roughly $337 from Citi and $305 from JP Morgan, with a median target around $305 among surveyed views.

Analysts present a mixed view: some see upside potential from a split, with higher targets cited by Citi and others, and JP Morgan labeling overweight with a $305 target.

The plan remains exploratory with no timetable or guarantees, and stakeholders are watching for developments.

Industry experts suggest sports teams can be treated as stores of value rather than traditional cash-flow bets, explaining divergences between private valuations and public-market metrics.

The move is part of ongoing efforts to unlock value, with options discussed including minority sales, outright sales, or spin-offs to narrow valuation gaps.

MSG Sports holds meaningful weights in several ETFs, implying potential ETF-flow-driven buying or selling pressure.