The Knicks and Rangers will each see big reductions in their local media-rights fees this season, after MSG Networks refinanced a debt deal to avoid bankruptcy.
MSG Networks comprises regional sports networks that are part of the publicly traded Sphere Entertainment Co., which is controlled by James Dolan, who owns the NBA and NHL teams. The RSNs had $804 million in debt that was originally due to creditors last October.
In a move that allows MSG Networks to not file for Chapter 11 bankruptcy protection, the Knicks will take a 28% reduction in their rights fees for the 2024–2025 season, and the Rangers an 18% drop, according to a filing with the U.S. Securities and Exchange Commission. The teams will also no longer receive an annual-rights fee escalator throughout the current contract, which runs until 2029.
MSG Networks had been set to pay $187 million to broadcast Knicks and Rangers games in 2025.
Performance Check
The Knicks earned the No. 3 playoff seed in the Eastern Conference with the NBA’s fourth-highest active payroll this season of $188.8 million. New York beat the Pistons on Thursday night to go up 2–1 in the first-round series. Next season, the Knicks are also projected to have the league’s fourth-highest active payroll at $199.7 million, although offseason moves could change that.
The Rangers missed the playoffs this year, finishing 11th place in the Eastern Conference. The NHL salary cap was $88 million, and the team’s total cap allocations were $84.9 million, according to Spotrac.
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