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.