NEW YORK, Feb 19, 2026, 09:14 EST — Premarket
- MSGS nudged a cent higher to $341.77 before the bell
- Shares finished Wednesday up 16.3%, hitting a record $341.76, after word got out about the spinoff plan.
- The company is weighing a tax-free separation, eyeing a move that would split the Knicks and Rangers into their own publicly traded entities.
Madison Square Garden Sports Corp barely budged in premarket action Thursday, ticking up just a cent to $341.77 after notching a record close the previous day. The move comes as the company considers a potential split of its New York Knicks and New York Rangers franchises. (Yahoo Finance)
This is notable: MSG Sports has historically been seen as a collection of tricky-to-value holdings, but the company’s latest signal suggests investors could soon get two more straightforward plays to price. The shares have consistently traded below what analysts see in private-market franchise valuations. (Reuters)
BTIG’s Tyler DiMatteo summed it up in a note picked up by Reuters: “The single largest catalyst investors have been looking for is ways to unlock value from the teams.” (Reuters)
MSG Sports announced its board has given unanimous approval to look into spinning off the Knicks business from the Rangers business—a move that could result in two separate publicly traded companies. (Msgsports)
The Knicks company, as laid out, covers both the NBA squad and its G League partner, the Westchester Knicks. For the Rangers company, that group wraps in the NHL team along with its AHL affiliate, the Hartford Wolf Pack, according to the company. (Msgsports)
MSG Sports says it’s eyeing a tax-free spin-off, meaning shareholders would get new shares without an upfront tax bill, though there’s no timeline yet. League sign-off and other hurdles are still in the way, the company added. (Msgsports)
An SEC filing from Feb. 17 revealed that Chief Financial Officer Victoria Mink is set to exit the company. MSG Sports noted she’ll stay on for a stretch to assist with the possible transaction and help with the transition. According to the filing, her departure isn’t linked to any accounting disagreement. (SEC)
MSG Sports jumped over 16% on Wednesday—its largest single-day percentage gain ever, according to Reuters—pushing shares above the median $337 analyst target tracked by LSEG. (Reuters)
U.S. index futures edged down early Thursday, as Walmart’s forecast dragged on the mood while traders braced for jobless claims data and comments from Fed officials. (Reuters)
Still, there’s a big caveat. The company made it clear—there’s no guarantee a deal actually gets done. The longer this drags out, the more time for tax issues, regulatory snags, or even league matters to crop up. Throw in the management shakeup, and there’s even more in play. (Msgsports)
CEO Jim Dolan described the move as an evaluation, not a commitment: “We are exploring the opportunity to further create value for our shareholders,” he said in the company’s statement. (Msgsports)
Traders will be watching closely to see if Wednesday’s rally sticks when the bell rings at 9:30 a.m. ET. Eyes are also peeled for possible new filings on the separation process, while the U.S. macro calendar adds another layer to the mix. (Reuters)
