MSGS — what changed in the latest 10-K

Text added vs the prior filing · source: 10-K · 2026-08-13

• On February 18, 2026, the Company’s board of directors (the “Board of Directors”) authorized management to explore a potential spin-off that would separate the Company’s New York Rangers (“Rangers”) business from its New York Knickerbockers (“Knicks”) business, creating two distinct publicly traded …

• The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the Knicks of the National Basketball Association (“NBA”) and the Rangers of the National Hockey League (“NHL”). Both the Knicks and the Rangers play their home games in Madiso…

• ◦Our assets are highly sought after by companies that value the popularity of our sports franchises, the demographic makeup of our fans, and our unique position in the New York market. The attractiveness of our assets is further strengthened by the Sponsorship Sales and Service Representation Agreem…

• marketing platforms by combining our professional sports brands with MSG Entertainment’s live entertainment assets and Sphere Entertainment’s media assets. This integrated approach to marketing partnerships — which delivers unrivaled sports, entertainment and media exposure in the New York market — …

• As an original franchise of the NBA, the Knicks have a rich history that includes some of the greatest athletes to ever play the game and a large and passionate global fan base. The Knicks have made nine trips to the NBA Finals and won three NBA Championships, including the 2026 NBA Championship.

Text removed vs the prior filing · source: 10-K · 2025-08-12

• The Company owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers (“Knicks”) of the National Basketball Association (“NBA”) and the New York Rangers (“Rangers”) of the National Hockey League (“NHL”). Both the Knick…

• ◦Our assets are highly sought after by companies that value the popularity of our sports franchises, the demographic makeup of our fans, and our unique position in the New York market. The attractiveness of our assets is further strengthened by the Sponsorship Sales and Service Representation Agreem…

• ◦Our Arena License Agreements with MSG Entertainment enable MSG Entertainment to offer corporate hospitality solutions that bring together our live sporting events with MSG Entertainment’s live entertainment offerings and provide for the sharing of revenues from such offerings. For example, The Gard…

• As an original franchise of the NBA, the Knicks have a rich history that includes eight trips to the NBA Finals and two NBA Championships, some of the greatest athletes to ever play the game and a large and passionate global fan base. As the Knicks head into the 2025-26 season, the team is coming of…

• The Rangers hockey club is one of the NHL’s “Original Six” franchises. Heading into its centennial year, the Rangers are a storied franchise and one of the league’s marquee teams, with four Stanley Cup Championships and one of the most passionate, loyal and enthusiastic fan bases. The Rangers reache…

Text added vs the prior filing · source: 10-K · 2026-08-13

• The following is a summary of the principal risks that could adversely affect our business, operations and financial results. For a more complete discussion of the material risks facing our business, please see below.

• •Competition with other sports franchises, leisure-time activities, and other entertainment options may adversely affect our business and results of operations.

• •Our business may be adversely affected if the popularity and competitive success of the Knicks and Rangers decline.

• •Our decisions concerning player and coach selection or salaries may have a negative impact on our business and results of operations.

• •The actions of the NBA and NHL may have a material negative effect on our business and results of operations.

Text removed vs the prior filing · source: 10-K · 2025-08-12

• to impact the availability of games covered by our local media rights and negatively affect the rights fees we receive from MSG Networks, which could negatively affect our business and results of operations. For example, under the new NBA media rights agreements, when the NBA allocates additional Kn…

• •The possibility of further NBA and/or NHL expansion could create increased competition for the Knicks and the Rangers, respectively. The most recent NHL expansion occurred in 2021 with the addition of the Seattle Kraken (following the addition of the Vegas Golden Knights in 2017) and the most recen…

• To the degree that our financial results are dependent on our sports teams’ popularity and/or on-court and on-ice success, the likelihood of achieving such popularity or competitive success may be substantially impacted by serious and/or untimely injuries to, or illness of, our players. Even if we t…

• These salaries represent significant financial commitments for our sports teams. We maintain insurance policies to mitigate some of the risk of paying certain player salaries in the event of a player’s death or disability. In the event of injuries sustained resulting in lost services (as defined in …

• Financial difficulties by MSG Networks also may have negative implications under our credit facilities. For example, if MSG Networks were to experience a bankruptcy or insolvency event (as set forth in each of the Knicks Credit Agreement and Rangers Credit Agreement), we would be prevented, absent a…

Text added vs the prior filing · source: 10-K · 2026-08-13

• •geopolitical risks, including the risks of foreign wars and conflicts, including the conflict with Iran and related unrest in the Middle East, on international, domestic and local economies;

• •whether or not we complete the Rangers Distribution and, if so, its impacts on our business, financial condition and results of operations;

• •the tax-free treatment of the Rangers Distribution and the performance by the Company and Spinco of their obligations under transition services and other agreements expected to be entered into in connection with the Rangers Distribution; and

• We earn revenue through the sale of suite and premium club licenses at The Garden, which are generally sold by MSG Entertainment to corporate customers via multi-year licenses. Under standard licenses, the licensee pays an annual license fee, which varies depending on the location and type of the su…

• tickets for our home games and other events at The Garden that are presented by MSG Entertainment for which tickets are sold to the general public, subject to certain exceptions. In addition, suite holders separately pay for food and beverage service in their suites at The Garden. Food and non-alcoh…

Text removed vs the prior filing · source: 10-K · 2025-08-12

• We earn revenue through the sale of suite and premium club licenses at The Garden, which are generally sold by MSG Entertainment to corporate customers via multi-year licenses. Under standard licenses, the licensees pay an annual license fee, which varies depending on the location and type of the su…

• Because suite and club licenses cover both our games and events that MSG Entertainment presents at The Garden, suite and club rental revenue is shared between us and MSG Entertainment under the Arena License Agreements (as defined below).

• Pursuant to the Arena Licenses Agreements, the Knicks and the Rangers are entitled to 35% and 32.5%, respectively, of the revenues received by MSG Entertainment in connection with suite and club licenses.

• Our net provisions for revenue sharing, net of escrow, for the year ended June 30, 2025 was approximately $37,904. The actual amounts for the 2024-25 season may vary significantly from the recorded provision based on actual operating results for the league and all NBA teams for the season and other …

• NHL CBA. The current NHL CBA expires on September 15, 2026 (with the possibility of a one-year extension in certain circumstances). On July 8, 2025, the NHL and the National Hockey League Players’ Association (“NHLPA”) announced that a new four-year CBA had been ratified by the NHL Board of Governor…