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Madison Square Garden Co. MSG -2.00% plans to explore separating its sports business, which includes the New York Knicks and New York Rangers, from its concert-hosting and entertainment-venue operations.

The company said Wednesday it has hired advisers to help it study a potential spinoff of the sports business, but noted no timetable has been set for its board to make a decision.

The sports company would include the Knicks of the National Basketball Association and its development team, the Westchester Knicks; the National Hockey League’s New York Rangers and its development team, the Hartford Wolf Pack; and the New York Liberty of the WNBA. The spinoff would also include an esports basketball franchise and a majority stake in esports organization Counter Logic Gaming.

If the spinoff moves forward James L. Dolan would serve as executive chairman and chief executive at both firms, the company said.

via Stephen Nakrosis, Wall Street Journal