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Wednesday, July 9, 2025

MSG Sports Quarterly Revenue Up Despite Full-Year Losses

Wendell Cruz-USA TODAY Sports/Design: Alex Brooks

Madison Square Garden Sports Corp. reported fourth-quarter and fiscal 2021 earnings on Thursday.

Full-year revenue fell to $415.7 million compared to $603.3 million the year prior. Operating losses were $78.4 million compared to $93.9 million in fiscal 2020. 

Home of the New York Knicks and Rangers, the company attributes the loss in revenue to the shortened 2020-2021 seasons and mandated capacity restrictions.

Quarterly numbers, however, bounced back. Fourth-quarter revenue reached $146.9 million, a significant increase from the negative $7 million reported during the same period last year.

  • League distributions jumped $82.8 million.
  • Media rights fees from MSG Networks rose $29.3 million.
  • Sponsorship and signage revenue was up $16.7 million.
  • Regular-season ticket-related revenue increased by $10.4 million.
  • Making the playoffs brought in $15.2 million.

Morgan Stanley is a strong believer in the MSG Sports stock. The firm’s equity analysts say it’s trading at a “38% discount to the private market value of its marquee franchises.” They’ve insinuated that investors are essentially getting the Rangers for free.

President and CEO Andrew Lustgarten is optimistic about the future too, highlighting “sell-out games and robust local ratings” for the Knicks and Rangers, and the move back to a full 82-game NBA season.

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