Writer’s Strike End a Boon for Sports Networks, Agencies
Madison Square Garden Sports Corporation posted record full-year revenue in the company’s latest earnings report.
The owner of the New York Knicks, New York Rangers, and their minor league affiliates generated $821.4 million in revenue in FY2022, up from $415.7 million in FY2021.
MSG benefited from the Rangers’ participation in the NHL playoffs, which included 10 home playoff games at Madison Square Garden. MSG saw playoff-related revenue increase by $49.6 million in FY2022, while pre- and regular-season ticket revenue grew by $27 million.
- Owned by James Dolan, MSG also includes Counter Logic Gaming.
- MSG reported $175.2 million in revenue in fiscal Q4, compared to $146.9 million in Q4 2021.
- Operating income reached $86.1 million in FY2022, compared to an operating loss of $78.4 million.
Even with record revenue, MSG saw some of its operations take a hit in FY2022. Local media rights fees decreased by $21.7 million over the fiscal year due to the shortened NBA and NHL 2020-21 seasons. Sponsorship and signage revenue fell by $4.6 million during the same span.
Staying Put
In July, Related Companies — a Hudson Yards developer owned by Miami Dolphins owner Stephen Ross — pitched relocating Madison Square Garden, but MSG directors turned it down.
The arena would have been housed above a casino in Hudson Yards through a relocation estimated to cost $8.6 billion, according to documents published in 2021 by Reinvent Albany.
