Episode summary
MSG Sports Considering Spinning Off New York Knicks, Rangers
Bloomberg Surveillance
· · 7 min · Guests: Randall Williams
Summary
Madison Square Garden Sports is exploring a spinoff that would separate the New York Knicks from the New York Rangers, with Randall Williams saying the goal is to get a proper valuation on each team. He said MSG itself is worth about $7 billion, while the two franchises together could fetch roughly $13 billion to $14 billion, far above the company’s current market value. The discussion framed the move as part of a broader re-rating of sports teams as scarce, trophy assets, especially in New York, where ownership opportunities are limited and ticket demand is extreme.
Williams argued that private equity and institutional money increasingly treat pro sports as an asset class, not just a status purchase. He pointed to rising franchise values, the NBA’s openness to private capital, and the possibility that championship success could lift valuations even further. He also said the financing math gets harder as prices rise, citing league rules and the small pool of buyers able to write multi-billion-dollar checks.
The conversation broadened into the NFL’s media power and the shrinking economics of sports journalism, with Williams criticizing the Washington Post for cutting its sports desk and contrasting that with outlets that still invest in coverage.
Key takeaways
- Williams said MSG wants a "proper valuation" because the Knicks and Rangers together could be worth $13 billion to $14 billion, versus MSG’s roughly $7 billion market value.
- He argued that private equity now views sports franchises as an asset class, with valuations rising fast enough to attract institutional capital.
- He said New York market scarcity makes the Knicks and Rangers unusually valuable, and he expects buyer interest to remain strong if they are spun off.
- He noted that financing these deals is becoming harder because league rules and equity requirements limit how many buyers can write a multibillion-dollar check.
- Williams criticized the Washington Post’s sports-desk cuts, calling the loss of legacy sports coverage a major mistake.
Notable quotes
“they want to get a proper evaluation on these things”
“MSD as a company is valued at $7 billion Sportico Forbes, CNBC all estimate the Knicks and the Rangers combined are much larger than that”
“I think that there is a championship surge as part of a you'll probably see it with the Seahawks”
“They now view it as a as an asset class, not just like a trophy property”
“it used to be a sport for if you're a millionaire, you own a sports team”
How the episode opens
Well, they said in the statement that they want to get a proper evaluation on these things. MSD as a company is valued at $7 billion Sportico Forbes, CNBC all estimate the Knicks and the Rangers combined are much larger than that. You're talking about the Knicks being a ten, potentially the Rangers probably at 3 to 4.
And so that combined is anywhere between 13 to $14 billion. I think when you're thinking about these assets, they are very huge and they want to get a proper valuation on them. Is it they're generally speaking now and you think about that.
What are they thinking about the Atlanta Braves, which is also probably the course that they do in fact, trade at a discount to private market value. And I guess the Dolans are thinking not this much of a discount. Yeah, I think so.
I mean, look, the Knicks are the I believe, the third most valuable team, depending on who you ask. I'm sure early in the NBA, I think if both the Warriors and the Lakers were up for sale again, they might trade for higher, but there would be a strong, strong market in the Rangers as well because they do play a lot. Yeah.
So it looks as like the Toronto Maple Leafs. They're like the third most valuable franchise, which is crazy when you think about the fact that both the Knicks and the Rangers haven't won a championship in years and the Knicks and we talk about 1973. I was a toddler.
So what would they be worth, you know, if they actually went out and won a championship? I think that there is a championship surge as part of a you'll probably see it with the Seahawks, which are expected to trade later this year.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- msg sports spinoff
- sports team valuations
- knicks performance
- rangers valuation
- nba national media rights
Companies and tickers mentioned
- MSGE
- Madison Square Garden Sports
- New York Knicks
- New York Rangers
- Sportico
- Silver Lake Management
- Manchester City
- BSE Global
- Brooklyn Nets
- New York Liberty
- New York Giants
- Westchester Knicks
- Hartford Wolf Pack
Watch the episode
Watch “MSG Sports Considering Spinning Off New York Knicks, Rangers” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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