Madison Square Garden Sports Corp. 8-K

What Happened

• Madison Square Garden Sports Corp. (MSGS) filed a Form 8-K on Feb. 18, 2026 disclosing two material items. On Feb. 17, 2026 the company and Victoria Mink, EVP, Chief Financial Officer and Treasurer, agreed Ms. Mink will leave the company; she will remain in her role for a period to assist with a possible spin-off and will receive severance under her employment agreement. Separately, MSGS’s board unanimously approved a plan to explore a possible spin-off to separate its New York Knicks business from its New York Rangers business into two publicly traded companies.

Key Details

• CFO departure agreed Feb. 17, 2026; Ms. Mink will assist through the transition and receive severance per her contract. The separation is not due to any disagreement with auditors or management on accounting or controls.
• The board approved exploring a spin-off that, if completed, is expected to be structured as a tax-free spin-off to all MSGS shareholders.
• If effectuated, record holders of MSGS Class A and Class B common stock would receive a pro rata distribution of 100% of the common stock of the newly created public company.
• Completion is not guaranteed and would require conditions including league approvals, a tax opinion from counsel, and final board approval.

Why It Matters

• A completed spin-off would materially change MSGS’s corporate structure by creating two separate publicly traded entities (Knicks and Rangers), which could affect investor exposure to each team’s financial performance and strategy.
• The CFO transition comes at a sensitive time given the potential separation; investors should note leadership changes during any strategic transaction.
• The filing emphasizes that the spin-off is exploratory and contingent on several approvals and legal/tax determinations, so there is no certainty it will occur.