STOCK TITAN

Dolan family (NYSE: MSGS) discloses 21.3% stake and margin share pledge

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
SCHEDULE 13D/A

Rhea-AI Filing Summary

Madison Square Garden Sports Corp. received an Amendment No. 9 to a Schedule 13D from Dolan family members and related trusts updating their ownership of Class A Common Stock. As of February 27, 2026, the group may be deemed to beneficially own 5,155,023 Class A shares, including 4,529,517 shares issuable upon conversion of Class B stock, equal to about 21.3% of total common stock deemed outstanding based on 19,539,816 Class A shares as of January 30, 2026. The filing details individual and trust holdings, with some positions over 10% of the Class A class. It also discloses that on February 25, 2026, James L. Dolan and two related LLCs pledged in total 189,613, 4,431 and 29,249 Class A shares, respectively, as collateral for a secured margin line of credit with JPMorgan Chase Bank, N.A., giving JPM customary foreclosure rights over the pledged shares.

Positive

  • None.

Negative

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Insights

Dolan group reaffirms large MSG Sports stake and adds a margin pledge on certain shares.

The filing shows Dolan family members and related trusts collectively may be deemed to hold 5,155,023 MSG Sports Class A shares, including 4,529,517 issuable from Class B. This represents about 21.3% of total common stock deemed outstanding, confirming a substantial long-term position.

Individual entities report varying stakes, with some above 10% of the Class A float, reinforcing the family’s significant influence. The structure relies heavily on convertible Class B stock, and each reporting person disclaims beneficial ownership of securities held by others in the group.

The notable new element is leverage: on February 25, 2026, James L. Dolan and two related LLCs pledged 189,613, 4,431 and 29,249 Class A shares to secure a margin line of credit with JPMorgan. If customary trigger events occur, JPMorgan may foreclose and dispose of this collateral under the note and collateral agreements.






Samantha H. Crispin
Baker Botts L.L.P., 30 Rockefeller Plaza
New York, NY, 10112
212-408-2500


Sarah J. Dodson
Baker Botts L.L.P., 30 Rockefeller Plaza
New York, NY, 10112
214-953-6585

(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)
02/25/2026

(Date of Event Which Requires Filing of This Statement)


If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§ 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).






SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,049,107 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which James L. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 2,236,548 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Kathleen M. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,768,618 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Marianne Dolan Weber disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,815,223 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Deborah A. Dolan-Sweeney disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,491,952 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Patrick F. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 1,921,155 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Corby Dolan Leinauer disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 1,596,828 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Mary S. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,617,866 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which Paul J. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,223,190 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Kathleen M. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,206,190 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,232,583 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Marianne Dolan Weber disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,220,531 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO Thomas C. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,925,193 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan Children Trust FBO James L. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 3,704,882 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO James L. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,061,552 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,111,456 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,102,957 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Marianne Dolan Weber disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,138,550 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,513,952 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,524,465 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Ryan Dolan 1989 Trust disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,524,465 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Tara Dolan 1989 Trust disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,505,611 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,510,814 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,528,517 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Kathleen M. Dolan 2012 Descendants Trust disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,510,815 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the Marianne E. Dolan Weber 2012 Descendants Trust disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,518,517 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the CFD 2021 GC Trust FBO Kevyn A. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D




Comment for Type of Reporting Person:
Excludes 4,518,517 shares of Class A Common Stock issuable upon conversion of an equal number of shares of Class B Common Stock held by other Reporting Persons hereto as to which the CFD 2021 GC Trust FBO Tara E. Dolan disclaims beneficial ownership. This report shall not be construed as an admission that such person is the beneficial owner of such securities.


SCHEDULE 13D


James L. Dolan
Signature:/s/ James L. Dolan
Name/Title:James L. Dolan
Date:02/27/2026
Kathleen M. Dolan, individually and as Trustee of certain trusts described herein
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact
Date:02/27/2026
Marianne Dolan Weber
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact
Date:02/27/2026
Deborah A. Dolan-Sweeney
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact
Date:02/27/2026
Patrick F. Dolan
Signature:/s/ Dennis H. Javer
Name/Title:Dennis H. Javer as Attorney-in-Fact
Date:02/27/2026
Corby Dolan Leinauer, as a Trustee of certain trusts described herein
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact
Date:02/27/2026
Mary S. Dolan, as a Trustee of certain trusts described herein
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact
Date:02/27/2026
Paul J. Dolan, as a Trustee of certain trusts described herein
Signature:/s/ Paul J. Dolan
Name/Title:Paul J. Dolan
Date:02/27/2026
Charles F. Dolan Children Trust FBO Kathleen M. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Paul J. Dolan
Name/Title:Paul J. Dolan, Trustee
Date:02/27/2026
Charles F. Dolan Children Trust FBO Deborah Dolan-Sweeney
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Charles F. Dolan Children Trust FBO Marianne Dolan Weber
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Matthew J. Dolan, Trustee
Date:02/27/2026
Charles F. Dolan Children Trust FBO Thomas C. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Matthew J. Dolan, Trustee
Date:02/27/2026
Charles F. Dolan Children Trust FBO James L. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Paul J. Dolan
Name/Title:Paul J. Dolan, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO James L. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO Thomas C. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO Kathleen M. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO Marianne E. Dolan Weber
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO Deborah A. Dolan-Sweeney
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Charles F. Dolan 2009 Family Trust FBO Patrick F. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Ryan Dolan 1989 Trust
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
Tara Dolan 1989 Trust
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Kathleen M. Dolan, Trustee
Date:02/27/2026
CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
Kathleen M. Dolan 2012 Descendants Trust
Signature:/s/ Paul J. Dolan
Name/Title:Paul J. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Marianne E. Dolan Weber 2012 Descendants Trust
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Richard Baccari, Trustee
Date:02/27/2026
CFD 2021 GC Trust FBO Kevyn A. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026
CFD 2021 GC Trust FBO Tara E. Dolan
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Mary S. Dolan, Trustee
Date:02/27/2026
Signature:/s/ Brian G. Sweeney
Name/Title:Brian G. Sweeney as Attorney-in-Fact for Corby Dolan Leinauer, Trustee
Date:02/27/2026

FAQ

What ownership stake in MSGS does the Dolan group report in Amendment No. 9?

The Dolan group reports it may be deemed to beneficially own 5,155,023 shares of Madison Square Garden Sports Class A Common Stock. This includes 4,529,517 shares issuable from Class B stock and represents about 21.3% of total common stock deemed outstanding as of early 2026.

How many MSGS Class A shares does the Dolan group hold directly versus via Class B conversion?

The group reports beneficial ownership of 591,295 outstanding MSG Sports Class A shares, including shares held by the Dolan Family Foundation. It also may be deemed to beneficially own 4,529,517 additional Class A shares issuable upon conversion of an equal number of Class B shares held under a stockholders agreement.

What percentage of MSGS common stock is represented by the Dolan group’s holdings?

The aggregate 5,155,023 Class A shares reported by the Dolan group represent approximately 21.3% of total common stock deemed outstanding. This percentage is calculated using 19,539,816 outstanding Class A shares as of January 30, 2026, as disclosed in the company’s Form 10-Q.

What margin loan and share pledge involving MSGS stock did James L. Dolan enter into?

On February 25, 2026, James L. Dolan entered a Secured Margin Line of Credit Note with JPMorgan, and two related LLCs signed collateral agreements. They pledged 189,613, 4,431 and 29,249 MSG Sports Class A shares as collateral, giving JPMorgan customary foreclosure rights if specified events occur.

Did the Amendment No. 9 filing report recent MSGS share transactions by the Dolan group?

The amendment states that, other than the arrangements described, there were no transactions in MSG Sports Class A Common Stock by the reporting persons since Amendment No. 8. It instead focuses on updated beneficial ownership calculations and the new margin-related collateral pledge to JPMorgan Chase Bank.

How are MSGS Class B shares treated in the Dolan group’s ownership disclosure?

The filing explains that Class B shares are convertible, share for share, into Class A Common Stock at the holder’s option. The Dolan group’s reported 5,155,023 Class A shares include 4,529,517 shares deemed issuable from Class B holdings, reflecting both current and potential Class A ownership.
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