Madison Square Garden Entertainment Insider Receives 10,250 Class B Shares

Rhea-AI Filing Summary

Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney reported receiving 10,250 shares of Madison Square Garden Entertainment Corp. Class B Common Stock on 09/08/2025 as partial repayment of a promissory note. The filing states the Class B shares are convertible on a one-for-one basis into Class A Common Stock. For the repayment the shares were valued at $41.54 per share, the mean of the high and low trading price for Class A on that date. Following the transaction the reporting person beneficially owned 571,780 shares of Class A Common Stock on a direct basis. The Form 4 is signed by an attorney-in-fact and indicates the transaction code J with the explanatory note that the shares were received in repayment of a promissory note.

Positive

• Acquisition disclosed: Reporting person received 10,250 Class B shares, increasing transparency.
• Valuation provided: Shares were valued at $41.54 per share for the repayment, showing a referenced market price.
• Convertible shares: Class B shares are convertible one-for-one into Class A, clarifying economic equivalence.
• Significant ownership: Beneficial ownership after the transaction is reported as 571,780 Class A-equivalent shares.

Negative

• None.

Insights

Securities Analyst

TL;DR: Insider received 10,250 convertible Class B shares valued at $41.54 each, increasing direct beneficial ownership to 571,780 shares.

The Form 4 discloses a non-market transfer: 10,250 Class B shares were delivered to the Charles F. Dolan 2009 Family Trust as partial repayment of a promissory note and are convertible one-for-one into Class A shares. The per-share valuation used for the repayment was the mean trading price of Class A on 09/08/2025, $41.54. Post-transaction direct beneficial ownership is reported as 571,780 Class A-equivalent shares. This is a clear capital-structure-moving routine insider transfer rather than an open-market purchase or sale.

Corporate Governance Expert

TL;DR: The transaction documents a debt repayment in equity form and maintains transparency via Section 16 disclosure.

The filing notes receipt of Class B Common Stock in repayment of a promissory note, which can affect voting and conversion dynamics because Class B is convertible into Class A on a share-for-share basis. The report was filed by one reporting person and signed by an attorney-in-fact, meeting disclosure formalities. No amendment or additional terms of the note are provided in the Form 4, so contractual details and any change in control rights are not disclosed here.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CHARLES F. DOLAN 2009 FAMILY TRUST FBO DEBORAH A. DOLAN-SWEENEY

(Last) (First) (Middle)

PO BOX 509

(Street)

OYSTER BAY NY 11771

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Madison Square Garden Entertainment Corp. [ MSGE ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
	Officer (give title below)	X	Other (specify below)
			Member of 13(d) Group

3. Date of Earliest Transaction (Month/Day/Year)
09/08/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Class B Common Stock	(1)	09/08/2025		J(2)		10,250		(1)	(1)	Class A Common Stock	10,250	(2)	571,780	D

Explanation of Responses:

1. Madison Square Garden Entertainment Corp. Class B Common Stock ("Class B Common Stock") is convertible at the option of the holder on a share for share basis into Madison Square Garden Entertainment Corp. Class A Common Stock ("Class A Common Stock").

2. On September 8, 2025, the Reporting Person received the shares of Class B Common Stock in partial repayment of a promissory note. For purposes of the repayment, the shares were valued at $41.54 per share, the mean of the high and low trading price for the Class A Common Stock on September 8, 2025.

	CHARLES F. DOLAN 2009 FAMILY TRUST FBO DEBORAH A. DOLAN-SWEENEY By: /s/ Brian G. Sweeney, Attorney-in-fact	09/10/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did the Form 4 filed for MSGE report on 09/08/2025?

The Form 4 reports that the Charles F. Dolan 2009 Family Trust received 10,250 Class B shares of MSGE on 09/08/2025 as partial repayment of a promissory note.

How were the transferred shares valued in the Form 4?

The shares were valued at $41.54 per share, the mean of the high and low trading price for MSGE Class A on 09/08/2025.

Are the Class B shares convertible and at what ratio?

Yes. The filing states MSGE Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.

What is the reporting person’s beneficial ownership after the transaction?

Following the reported transaction the reporting person beneficially owned 571,780 shares of Class A Common Stock on a direct basis.

What transaction code is used in the Form 4 and what does the filing say about the transfer?

The filing shows transaction code J and explains the shares were received as partial repayment of a promissory note.