MSG Rangers spin-off sends shares to two Dolan trusts

The two reporting trusts received Class B shares convertible at the holder’s option into Class A shares on a one-for-one basis.

Rhea-AI Filing Summary

MSGR, identified in the transaction as MSG Rangers Corp. (formerly MSGS Spinco, Inc.), reported share transfers tied to its spin-off from MSG Knickerbockers Corp. On October 20, 2026, MSGR’s issued and outstanding common stock was recapitalized into Class A and Class B common stock. MSG Knickerbockers Corp. and its subsidiaries indirectly acquired 9,794,568 Class A shares and 2,264,754 Class B shares that day, then disposed of those amounts on October 26, 2026. MSG Knickerbockers Corp. distributed one share of each MSGR class for every two shares of the corresponding MSG Knickerbockers Corp. class. The CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan and the CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber, both members of a Section 13(d) group, received 11,953 and 9,351 Class B shares, respectively. Class B shares are convertible at the holder’s option into Class A shares one-for-one.

Insider Trade Summary

Other: 24,140,048 shares

Other 7 txns

Insider CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF KATHLEEN M. DOLAN, CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF MARIANNE E. DOLAN WEBER

Role Insider | Insider

Type	Security	Shares	Price	Value
Other	Class B Common Stock F1, F2	2,264,754	--	--
Other	Class B Common Stock F3, F2, F4, F5	11,953	--	--
Other	Class B Common Stock F3, F2, F4, F6	9,351	--	--
Other	Class A Common Stock F1	9,794,568	--	--
Other	Class B Common Stock F1, F2	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); Class B Common Stock — 21,304 contracts (Direct); 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)

Footnotes (6)

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. Class B Common Stock is convertible at the option of the holder on a share for share basis into Class A Common Stock.
3. F3. Represents Class B Common Stock received in connection with the Distribution in a transaction exempt under Rule 16a-9.
4. F4. Reflects a transfer of shares previously owned directly by MSGK and its subsidiaries exempt under Rule 16a-13.
5. F5. These securities are owned solely by the CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan, which is a member of a "group" with the other Reporting Person for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The other Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that the other Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.
6. F6. These securities are owned solely by the CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber, which is a member of a "group" with the other Reporting Person for purposes of Section 13(d) of the Exchange Act. The other Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that the other Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.

Key Figures

Class A shares acquired: 9,794,568 shares Class B shares acquired: 2,264,754 shares Class B shares received: 11,953 shares +2 more

5 metrics

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

Class B shares acquired 2,264,754 shares Indirect acquisition by MSG Knickerbockers Corp. and its subsidiaries on October 20, 2026

Class B shares received 11,953 shares CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan, October 26, 2026

Class B shares received 9,351 shares CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber, October 26, 2026

Distribution ratio 1 share of each MSGR class per 2 shares of the corresponding MSG Knickerbockers Corp. class October 26, 2026 distribution

Key Terms

recapitalized, Class B Common Stock, Rule 16b-7, Rule 16a-9, +1 more

5 terms

recapitalized technical

"common stock was recapitalized into MSGR’s Class A and Class B common stock"

Class B Common Stock technical

"convertible at the option of the holder on a share for share basis"

A class B common stock is one of multiple types of a company’s ordinary shares that carries specific rights—often different voting power or dividend priority—compared with other classes. For investors it matters because those differences affect how much influence you have over company decisions, the income you might receive, and how freely the shares trade; think of it like owning a car with different keys: some keys let you start the engine and open the trunk, others only unlock the door.

Rule 16b-7 regulatory

"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

"transaction exempt under Rule 16a-9"

Section 13(d) group regulatory

"member of a group with the other Reporting Person for purposes of Section 13(d)"

FAQ

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

How many MSGR Class B shares did each reporting trust receive?

CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan received 11,953 Class B shares, and CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber received 9,351 Class B shares in the October 26, 2026 distribution.

What was the MSGR spin-off distribution ratio?

MSG Knickerbockers Corp. distributed one share of each MSGR class for every two shares of the corresponding MSG Knickerbockers Corp. class.

Can MSGR Class B shares be converted into Class A shares?

Yes. Class B Common Stock is convertible, at the holder’s option, on a share-for-share basis into Class A Common Stock.

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

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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^*

CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF KATHLEEN M. DOLAN

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

YORKTOWN HEIGHTS NEW YORK 10598

(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)
			Member of 13(d) Group

2a. Foreign Trading Symbol

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

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

	Form filed by One Reporting Person
X	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

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)		(2)	(2)	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)	(2)	(2)	Class A Common Stock	2,264,754	(1)	0(1)	I	By MSG Knickerbockers Corp. and its subsidiaries
Class B Common Stock	(3)	10/26/2026		J(3)	V	11,953(3)		(2)	(2)	Class A Common Stock	11,953(3)	(3)	11,953(4)	D(5)
Class B Common Stock	(3)	10/26/2026		J(3)	V	9,351(3)		(2)	(2)	Class A Common Stock	9,351(3)	(3)	9,351(4)	D(6)

1. Name and Address of Reporting Person^*

CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF KATHLEEN M. DOLAN

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

YORKTOWN HEIGHTS NEW YORK 10598

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

1. Name and Address of Reporting Person^*

CFD 2010 GRANDCHILDREN TRUST FBO DESCENDANTS OF MARIANNE E. DOLAN WEBER

(Last) (First) (Middle)

C/O RICHARD BACCARI

MLC VENTURES LLC, PO BOX 1014

(Street)

YORKTOWN HEIGHTS NEW YORK 10598

(City) (State) (Zip)

UNITED STATES

(Country)

Relationship of Reporting Person(s) to Issuer

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

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

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

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

5. These securities are owned solely by the CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan, which is a member of a "group" with the other Reporting Person for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). The other Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that the other Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.

6. These securities are owned solely by the CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber, which is a member of a "group" with the other Reporting Person for purposes of Section 13(d) of the Exchange Act. The other Reporting Person disclaims beneficial ownership of these securities and this report shall not be deemed to be an admission that the other Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose.

	CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan By: /s/ Richard Baccari, Attorney-in-Fact	10/28/2026
	CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber By: /s/ Richard Baccari, Attorney-in-Fact	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)