Madison Square Grdn Sprt Corp SEC Filings

Madison Square Garden Sports (MSGS) updated subsidiary credit facilities for the Knicks and Rangers, extending maturities and setting new terms. Knicks LLC entered a senior secured revolving credit facility of up to $425,000,000, maturing November 6, 2030. It refinanced $267,000,000 outstanding from the prior facility; the outstanding balance remained $267,000,000 as of November 6, 2025. Interest is a floating rate: either a base rate plus 0.25%–0.375% or term SOFR plus 0.10% credit spread adjustment and a margin of 1.25%–1.375%, tied to the NBA league facility rating.

Rangers LLC entered a senior secured revolving credit facility of up to $250,000,000, also maturing November 6, 2030. Interest is a base rate plus 0.375%–0.625% or term SOFR plus 0.10% and a margin of 1.375%–1.625%, tied to the NHL league facility rating. There were no borrowings outstanding under the Rangers facility as of November 6, 2025. Both agreements require a minimum debt service ratio of at least 1.5:1.00 and include customary covenants and events of default.

Madison Square Garden Sports Corp. (MSGS) furnished an update on its business by announcing financial results for its first quarter ended September 30, 2025. The company issued a press release, attached as Exhibit 99.1, detailing the quarter’s results.

The information in this report under Item 2.02, including Exhibit 99.1, is furnished and not deemed “filed” under Section 18 of the Exchange Act, and is not incorporated by reference into other filings. MSGS’s Class A common stock trades on the NYSE under the symbol MSGS.

Madison Square Garden Sports (MSGS) reported a seasonal first‑quarter net loss as team calendars ramp up. Revenue was $39.5 million versus $53.3 million a year ago, and operating loss widened to $27.4 million from $8.3 million. Net loss was $8.8 million, or $0.37 per share.

Results reflect lower media and league distributions in the off‑season and higher corporate costs, partly offset by non‑cash investment gains. Miscellaneous income was $15.1 million, driven by unrealized gains in Xtract One securities and warrants. Cash and cash equivalents were $48.6 million. Long‑term debt was $267.0 million under the Knicks revolving credit facility, with $24.0 million outstanding under the Rangers’ NHL advance recorded as current debt.

Deferred revenue rose as season activity approached; current deferred revenue was $330.6 million as of September 30, 2025, up from $164.2 million at June 30, 2025. The company recorded an income tax benefit reflecting a 49% effective tax rate. Media rights agreements were amended in June 2025 and include penny warrants exercisable for 19.9% of MSG Networks.

Madison Square Garden Sports Corp. (MSGS) filed its definitive proxy for the 2025 annual meeting. The virtual meeting is set for December 8, 2025 at 10:00 a.m. ET, with advance registration required by December 3, 2025. Stockholders will vote on three items: electing directors, ratifying Deloitte & Touche LLP as independent auditor, and an advisory vote on executive compensation. The Board recommends FOR all proposals.

The slate includes 15 nominees—four elected by Class A holders and 11 by Class B holders—for one‑year terms. As of October 16, 2025, there were 19,529,890 Class A shares (one vote per share) and 4,529,517 Class B shares (ten votes per share) outstanding. The Dolan Family Group, through ownership of all Class B shares, can elect all Class B directors and approve Proposals 2 and 3. If all nominees are elected, Class A representation would be about 27% of the Board, and independent directors about 47%.

The proxy outlines governance practices and an executive pay program using AOI and revenue as key metrics, with long‑term incentives split between performance stock units and restricted stock units. Non‑employee director compensation includes a $75,000 cash retainer, a $160,000 annual equity retainer, and committee fees.

Victoria Mink, EVP, CFO & Treasurer of Madison Square Garden Sports Corp. (MSGS), reported multiple equity settlements and withholdings tied to vested restricted stock units (RSUs) and performance RSUs (PSUs) on 09/15/2025. Several tranches of RSUs granted in 2022, 2023, 2024 and April 2025 vested and were settled into Class A common shares on or about 09/15/2025, including 1,244; 1,011; 998; and 131 RSUs, plus 3,983 PSUs whose performance conditions were satisfied on 08/21/2025. The filing shows two separate withholdings to satisfy tax obligations of 1,726 and 1,997 shares sold at $210.95 per share, identified as exempt under Rule 16b-3.

The transactions reflect standard equity compensation vesting and tax withholding mechanics rather than open-market purchases or discretionary sales by the reporting person.

Jamaal Lesane, Chief Operating Officer of Madison Square Garden Sports Corp. (MSGS), reported multiple equity award transactions dated 09/15/2025. On that date vested restricted stock units (RSUs) and performance restricted stock units (PSUs) were settled, converting to Class A common shares or cash equivalents. Several settlements involved shares withheld to satisfy tax obligations at a stated withholding price of $210.95 per share. The report lists specific vested amounts and resulting beneficial ownership counts across multiple grant vintages, and notes that some RSUs from 2023 and 2024 remain scheduled to vest in 2026 and 2027.

David Granville-Smith, Executive Vice President and reporting person for Madison Square Garden Sports Corp. (MSGS), reported transactions dated 09/15/2025 involving restricted stock units (RSUs) and Class A common stock. Multiple RSU grants vested or were settled: 6,503 RSUs (granted 6/15/2023) vesting into 6,503 shares, 1,684 RSUs (granted 8/28/2023) vesting into 1,684 shares, and 1,414 RSUs (granted 8/29/2024) vesting into 1,414 shares. A separate transaction shows 5,137 shares disposed at a price of $210.95, noted as shares withheld to satisfy tax withholding. Following the reported transactions the filing lists beneficial ownership totals of 13,300 shares before withholding and 8,163 shares after the withholding event.

Madison Square Garden Sports Corp. insider Bryan Warner, SVP & Head of Legal, reported vesting and settlement of restricted stock units (RSUs). On 09/15/2025, 291 RSUs vested and were settled, converting into 291 shares of Class A common stock; an additional 117 shares were disposed of at $210.95 each, leaving Mr. Warner with 174 shares after that sale. Following these transactions he beneficially owned 583 Class A shares in total. The RSUs were originally granted 04/23/2025 and vest in three annual tranches through 09/15/2027.

Alexander Shvartsman, SVP, Controller & PAO of Madison Square Garden Sports Corp. (MSGS), reported multiple equity compensation transactions tied to vested restricted stock units (RSUs) and performance restricted stock units (PSUs). RSUs granted in 2022, 2023 and 2024 vested and were settled during the reporting period for 343, 278 and 274 shares respectively. A PSU grant from 2022 satisfied performance conditions and vested for 1,096 shares. The filing shows shares withheld to satisfy tax obligations (reported as 321 and 395 shares). The table reports the number of Class A shares beneficially owned after each transaction, with reported amounts shown up to 6,351 shares; each transaction is reported as direct ownership.