Saturday September 30, 2023

MSG Sports Corp. Loses $36M Despite Knicks, Rangers Boost

  • MSG Sports saw revenues rise 28% in its fiscal first quarter.
  • Knicks and Rangers season-tickets saw renewal rates over 90%.
Danny Wild-USA TODAY Sports
Front Office Sports Today

Donovan McNabb and the State of Football

From Taylor Swift to the Prime Effect, there's a lot going on in the world of football.
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September 29, 2023 | Podcast
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The owner of the New York Knicks and Rangers saw positive returns from the beginning of their seasons, even as the Knicks’ long-term struggles on the court may be hurting their value.

Madison Square Garden Sports Corp. saw its revenue rise 28% year-over-year to $24.1 million in their fiscal first quarter ending Sept. 30. 

  • The company still took a $35.9 million operating loss, a tick larger than the $34.9 million loss in the same period last year.
  • The Knicks and Rangers saw combined season-ticket renewals top 90% for the 2022-23 season.
  • The company said that suite license sales “remain robust” and that the majority of suites are under multiyear agreements.

MSG Sports is issuing a one-time dividend of around $175 million to its shareholders and has authorized a $75 million share buyback.

Knicks Bumped from Top Spot

The Golden State Warriors broke the Knicks’ seven-year streak as the most valuable NBA team, per Forbes’ annual rankings. The reigning NBA champions reached a value of $7 billion, becoming the first team other than the Knicks and Lakers to claim the top rank in two decades.

The Knicks were second at $6.1 billion, followed by the Lakers at $5.9 billion. 

The Knicks have made the playoffs only once since the 2013-14 season, losing in the first round in 2020-21. The Warriors have been NBA champions four times in that stretch and reached the Finals in two additional seasons.

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Front Office Sports Today

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