Madison Square Grdn Sprt Corp SEC Filings

Insider grant of restricted stock units to an executive. David Granville-Smith, Executive Vice President and director of Madison Square Garden Sports Corp. (MSGS), was granted 4,256 restricted stock units (RSUs) on 08/21/2025 under the companys 2015 Employee Stock Plan. Each RSU represents a right to receive one share of Class A Common Stock or a cash equivalent. The RSUs vest and will settle in three equal installments on September 15, 2026, September 15, 2027, and September 15, 2028. Following the grant, Mr. Granville-Smith beneficially owns 4,256 shares (direct). The form was signed by an attorney-in-fact on 08/25/2025.

Victoria Mink, EVP, CFO & Treasurer of Madison Square Garden Sports Corp. (MSGS), reported awards and vesting activity tied to company equity. On 08/21/2025 she was granted 3,755 restricted stock units (RSUs) under the 2015 Employee Stock Plan that will vest in three equal installments on Sep 15, 2026, Sep 15, 2027 and Sep 15, 2028. Also on 08/21/2025 the company recorded that 3,983 performance restricted stock units (PSUs) originally granted on 08/29/2022 satisfied their performance conditions and are scheduled to vest and settle on Sep 15, 2025. Each unit converts to one Class A common share or cash equivalent and the reported price per unit is $0.0. The Form 4 was filed by one reporting person and signed by an attorney-in-fact on 08/25/2025.

James L. Dolan, Executive Chairman and CEO of Madison Square Garden Sports Corp. (MSGS), reported awards and vesting of restricted stock units and performance restricted stock units. On 08/21/2025 Mr. Dolan was granted 19,526 restricted stock units (RSUs) that will settle in three equal installments on 09/15/2026, 09/15/2027 and 09/15/2028. Separately, 20,407 performance restricted stock units (PSUs) granted on 08/29/2022 satisfied their performance conditions on 08/21/2025 and are scheduled to vest and settle on 09/15/2025. Each unit represents the right to one share of Class A Common Stock or cash equivalent. The filings are direct beneficial ownership for Mr. Dolan.

Madison Square Garden Sports Corp. owns the New York Knicks and New York Rangers and operates chiefly through MSG Sports, LLC, with home games at Madison Square Garden. For fiscal year 2025 the company reported a $22.4 million net loss and an aggregate market value of about $4.3 billion as of December 31, 2024. Share counts were 19,488,096 Class A and 4,529,517 Class B as of July 31, 2025.

The company remains dependent on media and venue-related revenues. Local media rights fell to $157.4 million in FY2025 from $175.3 million in FY2024 after amendments tied to MSG Networks' debt restructuring that reduced Knicks fees by 28% and Rangers fees by 18% effective January 1, 2025. Stated annual local media rights are now approximately $139.2 million for year ending June 30, 2026 versus $162.9 million for the prior year. The Arena License Agreements with MSG Entertainment continue to govern use of The Garden and have significant operational and renewal risk.

Leverage and liquidity are notable: the Knicks Revolving Credit Facility is $275 million with $267 million outstanding at June 30, 2025; the Rangers facility is $250 million and undrawn; and an NHL advance balance was $24 million. Seasonality, league rules, media concentration, and regulatory and labor risks are highlighted throughout the filing.

Madison Square Garden Sports (NYSE: MSGS) filed an Item 7.01 Form 8-K disclosing material changes to its media-rights contracts with MSG Networks, effective January 1, 2025.

• New York Knicks: annual rights fee cut 28%, escalator removed, term extended to end-2028-29 season with MSGN right-of-first-refusal.
• New York Rangers: annual fee cut 18%, escalator removed, same term extension.
• In consideration, MSG Sports received penny warrants exercisable for 19.9% of MSG Networks’ equity.

The revisions arise from MSGN’s lender work-out. While lower guaranteed fees pressure near-term revenue and EBITDA, the equity stake offers upside if MSGN’s restructuring succeeds.