The Acquirers Podcast · Thursday, October 1, 2026
Jonathan Boyar points out a significant valuation disconnect for MSG Sports, which owns the Knicks and Rangers. He notes the enterprise value is $10 billion, while a minority stake in the less prestigious Islanders sold for $3 billion and the Lakers for $12 billion. Boyar explains that MSG plans to split MSG Sports into two separate companies (one for the Knicks, one for the Rangers) to highlight their individual valuations and potentially sell minority stakes to buy back shares.
“OK, the enterprise value of the company is $10 billion. OK, so you can buy both teams for $10 billion.”
“Yesterday, they announced a minority sale of the of of the Islanders, which is not nearly as prestigious of a team for $3 billion. The Lakers went for $12 billion in what I would say is a forced trade.”
“So it makes absolutely no sense that you can buy both the Knicks and the Rangers for $10 billion.”
“So what are the Dolans doing to help unlock the value? Is there sometime in October, they're going to be splitting them up into two separate companies. So you're going to have MSG, you're going to have New York Knickerbockers, corporation and then you're going to have new york rangers corporation so investors can buy both and that'll help highlight the value valuation disconnect.”