Key Highlights

  • First-quarter fiscal 2027 Revenue was $45.489 million, against $39.454 million a year earlier.
  • Diluted loss was $1.29 per share, against a loss of $0.37 per share a year earlier.
  • Net loss was $31.137 million, against $8.798 million in the prior-year quarter.
  • Operating loss was $25.457 million, against $27.425 million a year earlier.
  • Cash and cash equivalents were $40.046 million on Sept. 30, against $164.511 million on June 30.

MSG Knickerbockers (NYSE:MSGK), formerly Madison Square Garden Sports and the owner of the New York Knicks, reported results for the quarter ended Sept. 30, 2026, in its fiscal 2027 first-quarter filing. Revenues were $45.489 million, compared with $39.454 million in the same quarter a year earlier. Market estimates had pointed to revenue of $39.31 million and a loss of $0.87 per share.

Net loss was $31.137 million, against $8.798 million a year earlier. Diluted loss per share attributable to the company's stockholders was $1.29, compared with $0.37.

Revenue Mix and Operating Costs

Media rights revenue was $5.413 million, up from $5.100 million. Sponsorship, signage and suite licenses revenue was $5.126 million, against $4.655 million. Revenues from related parties were $6.902 million, compared with $6.760 million.

Direct operating expenses were $8.824 million, against $8.279 million, and selling, general and administrative expenses were $60.762 million, against $57.789 million. Operating loss was $25.457 million, compared with $27.425 million a year earlier.

Below-the-Line Items and Income Taxes

Interest expense was $4.699 million, against $5.591 million, while interest income was $0.473 million, against $0.578 million. Loss before income taxes was $33.346 million, compared with $17.353 million a year earlier. The company recorded an income tax benefit of $2.209 million, against a benefit of $8.555 million.

Rangers Distribution Completed on Oct. 26

On Oct. 26, 2026, the company distributed 100% of the outstanding common stock of MSG Rangers, formerly MSGS Spinco, to its stockholders. MSG Rangers owns the New York Rangers. In connection with the distribution, the company assigned a portion of its warrants exercisable for approximately 6.5% of the Equity interests in MSG Networks.

The filing states that Knicks LLC has a senior secured revolving Credit Facility of up to $425 million and was in compliance with its Debt service ratio covenant as of Sept. 30, 2026. As of that date, 19.59 million Class A shares were outstanding.

Cash Balance and the Post-Spin Structure Are the Next Reference Points

Cash and cash equivalents were $40.046 million on Sept. 30, compared with $164.511 million on June 30, 2026. Future filings will be the first to reflect the company following the Rangers distribution.