MSGS Spinco spin-off delivers 1 share for every 2

The recapitalization was described as exempt under Rule 16b-7, and the distribution as exempt under Rule 16a-9.

Rhea-AI Filing Summary

MSGS Spinco, Inc. (MSGR) has a Form 4 reporting transactions associated with its spin-off from MSG Knickerbockers Corp. Dolan Leinauer Corby is identified as a trustee of a 13(d) Group Member. On October 20, 2026, MSGR’s issued and outstanding common stock was recapitalized into Class A and Class B common stock; on October 26, 2026, MSG Knickerbockers Corp. distributed one share of each class to its stockholders for every two shares of the corresponding MSGK class.

MSG Knickerbockers Corp. and its subsidiaries were reported as acquiring 9,794,568 Class A shares and 2,264,754 Class B shares on October 20, 2026, then disposing of the same respective amounts on October 26, 2026. Class B shares are convertible at the holder’s option into Class A shares on a share-for-share basis. The distribution also produced reported Class A holdings of 82 shares directly, 88 held by household members, and 277 held by Leinauer Family Education Trust; Dolan Leinauer Corby disclaims beneficial ownership of the household and trust shares.

Insider Trade Summary

Other: 24,119,191 shares

Other 8 txns

Insider Dolan Leinauer Corby

Role Insider

Type	Security	Shares	Price	Value
Other	Class B Common Stock F1, F8	2,264,754	--	--
Other	Class A Common Stock F1	9,794,568	--	--
Other	Class A Common Stock F2, F3, F4	82	--	--
Other	Class A Common Stock F2, F3, F5	88	--	--
Other	Class A Common Stock F2, F3, F6, F7	277	--	--
Other	Class B Common Stock F1, F8	2,264,754	--	--
Other	Common Stock, par value $0.01 per share F1	100	--	--
Other	Class A Common Stock F1	9,794,568	--	--

Holdings After Transaction: Class B Common Stock — 0 contracts (Indirect, By MSG Knickerbockers Corp. and its subsidiaries); Common Stock, par value $0.01 per share — 0 shares (Indirect, By MSG Knickerbockers Corp. and its subsidiaries); Class A Common Stock — 0 shares (Indirect, By MSG Knickerbockers Corp. and its subsidiaries); Class A Common Stock — 82 shares (Direct); Class A Common Stock — 88 shares (Indirect, By Household Members); Class A Common Stock — 277 shares (Indirect, By Leinauer Family Education Trust)

Footnotes (8)

1. F1. Relates to the spin-off of MSG Rangers Corp. (formerly MSGS Spinco, Inc., and referred to herein as "MSGR") from MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp., and referred to herein as "MSGK"). To effect the spin-off, on October 20, 2026, the issued and outstanding common stock of MSGR was recapitalized into MSGR's Class A common stock ("Class A Common Stock") and MSGR's Class B common stock ("Class B Common Stock") in a transaction exempt under Rule 16b-7. On October 26, 2026, MSGK distributed one share of Class A Common Stock and Class B Common Stock to its stockholders for every two shares of MSGK Class A common stock and MSGK Class B common stock, respectively (the "Distribution"), in a transaction exempt under Rule 16a-9.
2. F2. Represents Class A Common Stock received in connection with the Distribution in a transaction exempt under Rule 16a-9.
3. F3. Reflects a transfer of shares previously owned directly by MSGK and its subsidiaries exempt under Rule 16a-13.
4. F4. Includes shares held jointly with spouse.
5. F5. Reporting Person disclaims beneficial ownership of all shares of MSGR beneficially owned or deemed to be beneficially owned by her household members, and this filing shall not be deemed an admission that Reporting Person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose, the beneficial owner of such securities.
6. F6. Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that she is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose, the beneficial owner of such securities.
7. F7. Securities held directly by a trust of which Reporting Person serves as trustee and indirectly by Reporting Person.
8. F8. Class B Common Stock is convertible at the option of the holder on a share for share basis into Class A Common Stock.

Key Figures

Class A shares acquired by MSG Knickerbockers Corp. and its subsidiaries: 9,794,568 shares Class B shares acquired by MSG Knickerbockers Corp. and its subsidiaries: 2,264,754 shares Class A shares disposed of by MSG Knickerbockers Corp. and its subsidiaries: 9,794,568 shares +4 more

7 metrics

Class A shares acquired by MSG Knickerbockers Corp. and its subsidiaries 9,794,568 shares October 20, 2026

Class B shares acquired by MSG Knickerbockers Corp. and its subsidiaries 2,264,754 shares October 20, 2026; convertible into Class A Common Stock

Class A shares disposed of by MSG Knickerbockers Corp. and its subsidiaries 9,794,568 shares October 26, 2026

Class B shares disposed of by MSG Knickerbockers Corp. and its subsidiaries 2,264,754 shares October 26, 2026; convertible into Class A Common Stock

Class A shares held directly after the transaction 82 shares October 26, 2026; includes shares held jointly with spouse

Class A shares held by household members 88 shares October 26, 2026; Dolan Leinauer Corby disclaims beneficial ownership

Class A shares held by Leinauer Family Education Trust 277 shares October 26, 2026; Dolan Leinauer Corby disclaims beneficial ownership

Key Terms

spin-off, recapitalized, Rule 16b-7, Rule 16a-9

4 terms

spin-off financial

"the spin-off of MSG Rangers Corp. (formerly MSGS Spinco, Inc.,"

A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.

recapitalized financial

"the issued and outstanding common stock of MSGR was recapitalized into"

Rule 16b-7 regulatory

"in a transaction exempt under Rule 16b-7"

A U.S. Securities and Exchange Commission safe-harbor rule that shields corporate insiders (officers, directors and large shareholders) from automatic short-swing profit claims when they buy or sell their company’s stock under a pre-approved, written plan that follows specific timing and nondiscretionary rules. For investors, the rule matters because it distinguishes routine, formula-driven insider transactions from opportunistic trades that could trigger automatic profit recoveries—think of it as an approved autopilot for insider trading that reduces legal uncertainty when the plan’s conditions are met.

Rule 16a-9 regulatory

"in a transaction exempt under Rule 16a-9"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How were MSGR shares distributed in the spin-off?

On October 26, 2026, MSG Knickerbockers Corp. distributed to its stockholders one share of MSGR Class A Common Stock and one share of MSGR Class B Common Stock for every two shares of the corresponding MSGK class.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 10/28/2026 - 04:36 PM EDT Accepted by SEC EDGAR 10/28/2026 - 04:35 PM EDT Learn about SEC filing dates

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
Estimated average burden
hours per response:			0.5

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^*

Dolan Leinauer Corby

(Last) (First) (Middle)

C/O DOLAN FAMILY OFFICE

340 CROSSWAYS PARK DRIVE

(Street)

WOODBURY NEW YORK 11797

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
MSG Rangers Corp. [ MSGR ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
10/26/2026

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

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

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

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
Common Stock, par value $0.01 per share	10/20/2026		J(1)	V	100(1)	D	(1)	0(1)	I	By MSG Knickerbockers Corp. and its subsidiaries
Class A Common Stock	10/20/2026		J(1)	V	9,794,568(1)	A	(1)	9,794,568(1)	I	By MSG Knickerbockers Corp. and its subsidiaries
Class A Common Stock	10/26/2026		J(1)		9,794,568(1)	D	(1)	0(1)	I	By MSG Knickerbockers Corp. and its subsidiaries
Class A Common Stock	10/26/2026		J(2)	V	82(2)	A	(2)	82(3)(4)	D
Class A Common Stock	10/26/2026		J(2)	V	88(2)	A	(2)	88(3)	I(5)	By Household Members
Class A Common Stock	10/26/2026		J(2)	V	277(2)	A	(2)	277(3)	I(6)(7)	By Leinauer Family Education Trust

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)	10/20/2026		J(1)	V	2,264,754(1)		(8)	(8)	Class A Common Stock	2,264,754	(1)	2,264,754(1)	I	By MSG Knickerbockers Corp. and its subsidiaries
Class B Common Stock	(1)	10/26/2026		J(1)			2,264,754(1)	(8)	(8)	Class A Common Stock	2,264,754	(1)	0(1)	I	By MSG Knickerbockers Corp. and its subsidiaries

Explanation of Responses:

1. Relates to the spin-off of MSG Rangers Corp. (formerly MSGS Spinco, Inc., and referred to herein as "MSGR") from MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp., and referred to herein as "MSGK"). To effect the spin-off, on October 20, 2026, the issued and outstanding common stock of MSGR was recapitalized into MSGR's Class A common stock ("Class A Common Stock") and MSGR's Class B common stock ("Class B Common Stock") in a transaction exempt under Rule 16b-7. On October 26, 2026, MSGK distributed one share of Class A Common Stock and Class B Common Stock to its stockholders for every two shares of MSGK Class A common stock and MSGK Class B common stock, respectively (the "Distribution"), in a transaction exempt under Rule 16a-9.

2. Represents Class A Common Stock received in connection with the Distribution in a transaction exempt under Rule 16a-9.

3. Reflects a transfer of shares previously owned directly by MSGK and its subsidiaries exempt under Rule 16a-13.

4. Includes shares held jointly with spouse.

5. Reporting Person disclaims beneficial ownership of all shares of MSGR beneficially owned or deemed to be beneficially owned by her household members, and this filing shall not be deemed an admission that Reporting Person is, for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose, the beneficial owner of such securities.

6. Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that she is, for the purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose, the beneficial owner of such securities.

7. Securities held directly by a trust of which Reporting Person serves as trustee and indirectly by Reporting Person.

8. Class B Common Stock is convertible at the option of the holder on a share for share basis into Class A Common Stock.

	/s/ Brian G. Sweeney, Attorney-in-Fact for Corby Dolan Leinauer	10/28/2026
	** 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.
* Form 4: SEC 1474 (03-26)