The Boyar Value Group Urges James Dolan to End the ‘Dolan Discount’ at MSG Sports by Splitting the Knicks and Rangers into two Separately Publicly Traded Companies.

NEW YORK--(BUSINESS WIRE)-- The Boyar Value Group, a registered investment advisor and independent equity research firm established in 1975, has published an open letter to James Dolan, Executive Chairman of Madison Square Garden Sports Corp. (NYSE: MSGS), urging him to explore separating the New York Knicks and New York Rangers into independently traded public companies.

The letter argues that MSG Sports trades at a significant discount to the combined value of its two teams. According to Forbes, the Knicks are worth $7.5 billion and the Rangers $3.5 billion—yet MSG Sports trades at an enterprise value of just $5 billion. MSG Sports is “massively undervalued,” says Jonathan Boyar, President of The Boyar Value Group. A split could unlock billions in shareholder value.

The Dolan Discount Is Alive & Well

“Based on recent transactions—like the Lakers’ announced $10 billion sale—those Forbes numbers may even be conservative,” said Jonathan Boyar. “The market is dramatically mispricing these assets. It’s time to reverse the ‘Dolan Discount’ and let the market properly value two of the most iconic franchises in all of sports.”

“A split would not only eliminate the holding company discount, but it would also give investors a clean way to own either—or both—franchises,” added Mark Boyar, founder of The Boyar Value Group.

Recent valuation data supports our argument. “The Forbes valuations for the Knicks and Rangers have compounded at 18.2% and 17.8% annually over the past 15 years,” said Jonathan Boyar. “Meanwhile, the Boston Celtics recently sold for a blended valuation of $7.3 billion—a 22% premium to their Forbes estimate.”

Yet MSG Sports stock hasn’t kept up. “Over the past five years, MSGS shares have returned just 21%, compared to a 141% gain for the S&P 500,” said Boyar. “The market’s failure to recognize this disconnect is precisely why action is needed.”

All Options Should Be on the Table

Boyar emphasized that while a spinout is the cleanest and most immediate solution, other options could also unlock value.

“All value-enhancing options should be on the table. That includes a potential sale of the entire company or bringing in a strategic investor—such as a sovereign wealth fund or private equity firm—with proceeds used to repurchase shares that are, in our view, trading at a steep discount,” he said. “Shareholders deserve better.”

While a full or partial sale could generate substantial shareholder value, a spinout of the Knicks and Rangers remains a high-impact, low-risk way to unlock value and close the persistent valuation gap.

The letter also highlights the Dolan family’s long history of value-unlocking spinouts and notes that creating separate public entities could enhance tax efficiency in the event of future team sales.

Click here to read the full open letter

About The Boyar Value Group

Boyar Asset Management

Founded in 1983, manages money for both institutions and high-net-worth individuals utilizing a value-oriented approach to stock market investing.

Boyar Research

Established in 1975 publishes independent equity research focused on uncovering intrinsically undervalued public companies.

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Media Contact:

Amalia Danci

The Boyar Value Group

amalia@boyarvaluegroup.com

(212) 995-8300

www.boyarvaluegroup.com

Source: The Boyar Value Group