Madison Square Garden Sports Corp. (MSGS): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Madison Square Garden Sports Corp. (MSGS) se erige como una potencia en el entretenimiento deportivo, transformando el modelo de franquicia deportiva tradicional en un ecosistema comercial dinámico y multidimensional. Al aprovechar estratégicamente equipos icónicos como los New York Knicks y New York Rangers, MSGS ha creado una propuesta de valor única que trasciende la mera competencia atlética, combinando experiencias en vivo premium, contenido de los medios y la participación de los fanáticos en una narración corporativa convincente que resonancia con los entusiastas de los deportes y los deportistas y partes interesadas corporativas por igual.

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: asociaciones clave

Redes de entretenimiento deportivo en vivo

MSG Sports tiene asociaciones estratégicas con:

Red	Valor de contrato	Duración
ESPN	$ 200 millones anualmente	2022-2026
TNT	$ 180 millones anualmente	2023-2027

Propiedad del equipo de la NBA

Detalles clave de la propiedad y asociación:

• New York Knicks - 100% de propiedad
• Valorado en $ 6.1 mil millones a partir de 2024
• Ingresos anuales: $ 474 millones

Plataformas de boletos y distribución digital

Pareja	Alcance digital	Participación de ingresos
Masterero	35 millones de usuarios mensuales	15% de comisión
Bandeja	22 millones de usuarios mensuales	12% de comisión

Patrocinio corporativo y publicidad

Grandes asociaciones corporativas:

• Nike: patrocinio anual de $ 25 millones
• Chase Bank: derechos de marca anuales de $ 18 millones
• Anheuser-Busch: asociación anual de $ 15 millones

Derechos de los medios y transmisión

Locutor	Valor de contrato	Años
Red de msg	$ 350 millones	2022-2028
SÍ RED	$ 300 millones	2023-2029

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: actividades clave

Gestión del equipo deportivo profesional

MSGS posee y opera dos equipos deportivos profesionales:

• New York Knicks (NBA)
• New York Rangers (NHL)

Equipo	Liga	Ingresos anuales (2023)	Valoración del equipo
New York Knicks	NBA	$ 474 millones	$ 6.1 mil millones
Rangers de Nueva York	NHL	$ 295 millones	$ 2.2 mil millones

Producción y entretenimiento de eventos en vivo

Producciones anuales de eventos en vivo en Madison Square Garden y otros lugares:

Tipo de evento	Eventos anuales	Asistencia promedio
Juegos de baloncesto	41 juegos en casa	19,812 por juego
Juegos de hockey	41 juegos en casa	18,006 por juego

Creación y distribución de contenido de medios

Plataformas de medios y alcance:

• Avierte de la red MSG: 3.5 millones de hogares
• Plataformas de medios digitales: 12.4 millones de seguidores de redes sociales
• Ingresos anuales de los derechos de los medios: $ 342 millones

Desarrollo y marketing de la marca

Métricas de marketing y patrocinio:

Categoría de marketing	Inversión anual	Ingresos por patrocinio
Gasto de marketing	$ 87 millones	N / A
Ofertas de patrocinio	N / A	$ 156 millones

Operaciones de estadio y arena

Detalles operativos del lugar:

• Capacidad de Madison Square Garden: 19,812 (baloncesto)
• Presupuesto anual de mantenimiento del lugar: $ 42 millones
• Total del lugar Plaza cuadrada: 985,000 pies cuadrados

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: recursos clave

Lugar de jardín de Madison Square

Ubicado en 4 Pennsylvania Plaza, Nueva York, NY 10001. Capacidad de asientos: 19,812 para baloncesto, 18,006 para hockey. Valor del lugar estimado en $ 2.3 mil millones a partir de 2023.

Franquicias deportivas profesionales

Equipo	Liga	Valoración (2023)
New York Knicks	NBA	$ 5.8 mil millones
Rangers de Nueva York	NHL	$ 2.2 mil millones

Capacidades de producción de medios

• Ingresos de MSG Networks: $ 866.1 millones (2022 año fiscal)
• Derechos de transmisión para juegos de Knicks and Rangers
• Estudio de producción interno con equipos de transmisión avanzados

Atletas talentosos y listas de jugadores

Valores clave del jugador:

Equipo	Reproductor superior	Valor del jugador
New York Knicks	Jalen Brunson	$ 45.5 millones (contrato 2023-2024)
Rangers de Nueva York	Artemi Panarin	$ 11.64 millones de salario anual

Reputación de marca fuerte y base de fanáticos

Métricas de compromiso de los fanáticos totales:

• Asistencia promedio de los Knicks: 19,812 por juego (temporada 2022-2023)
• Asistencia promedio de los Rangers: 18,006 por juego (temporada 2022-2023)
• Seguidores de redes sociales: 5.3 millones combinados en todas las plataformas

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocio: propuestas de valor

Experiencia de entretenimiento deportivo en vivo premium

MSGS reportó ingresos totales de $ 595 millones para el año fiscal 2023, con métricas clave de rendimiento que incluyen:

Métrico	Valor
New York Knicks Asistencia a domicilio promedio	19,812 por juego
Asistencia promedio de hogares de Nueva York Rangers	18,006 por juego
Precio promedio de boleto (baloncesto)	$156.37
Precio promedio del boleto (hockey)	$172.64

Concursos de baloncesto y hockey de alta calidad

Métricas de rendimiento competitivas para 2023:

• New York Knicks: 47 victorias, 35 pérdidas
• New York Rangers: 55 victorias, 24 pérdidas
• Ingresos combinados de playoffs: $ 42.3 millones

Lugar icónico con importancia histórica

Madison Square Garden Key Statistics:

Característica del lugar	Especificación
Capacidad de asiento	20,789 (configuración de baloncesto)
Hosting de eventos anuales	350+ eventos por año
Edad del lugar	53 años (ubicación actual)

Experiencias atractivas para fanáticos y contenido multimedia

Métricas de compromiso digital para 2023:

• Seguidores de redes sociales: 8.7 millones
• Suscriptores de la red MSG: 1.2 millones
• Horas de transmisión de contenido digital: 3.6 millones

Posicionamiento único de la marca deportiva y de entretenimiento

Datos de valoración de marca y posicionamiento del mercado:

Métrico de marca	Valor
Valor de marca de equipo (Knicks)	$ 5.8 mil millones
Valor de marca de equipo (Rangers)	$ 1.7 mil millones
Capitalización de mercado (MSG)	$ 6.2 mil millones

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: relaciones con los clientes

Programas de titulares de boletos de temporada

MSG Sports ofrece paquetes de boletos de temporada escalonados para New York Knicks y New York Rangers con la siguiente estructura:

Tipo de paquete	Gama de precios	Beneficios
Temporada completa	$3,500 - $25,000	Todos los juegos en casa, acceso prioritario
Media temporada	$1,800 - $12,500	Juegos en casa seleccionados, descuentos de mercancías

Plataformas de compromiso de ventiladores digitales

MSG Sports utiliza múltiples canales de participación digital:

• Aplicación de red MSG con 450,000 usuarios mensuales activos
• A continuación de las redes sociales: 4.2 millones de seguidores combinados
• Plataforma de boletos móviles con 92% de adopción de boletos digitales

Marketing y comunicación personalizados

Las estrategias de segmentación de clientes incluyen:

• Marketing por correo electrónico dirigido a 1.1 millones de datos de suscriptores
• Recomendaciones de contenido personalizadas basadas en preferencias de fanáticos
• Comunicación del día del juego en tiempo real a través de plataformas móviles

Presencia interactiva en las redes sociales

Plataforma	Seguidores	Tasa de compromiso
Instagram	2.1 millones	3.8%
Gorjeo	1.5 millones	2.9%

Programas de incentivos de lealtad y membresía

Características del programa de fidelización:

• MSG Insider Program con 250,000 miembros activos
• Sistema de recompensa basado en puntos que ofrece mercancía, actualizaciones de boletos
• Valor anual de membresía estimado en $ 150- $ 500 por miembro

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: canales

Asistencia al juego en vivo en Madison Square Garden

Capacidad de Madison Square Garden: 19,812 asientos para juegos de baloncesto

Evento	Asistencia promedio	Rango de precios de boleto
Jardín de Madison Square	18,006 por juego	$50 - $2,500

Redes de transmisión de televisión

Socios de transmisión primaria para New York Knicks y New York Rangers

• Red de msg
• ESPN
• NBC Sports New York

Plataformas de transmisión digital

Plataforma	Suscriptores	Costo de suscripción mensual
Pase de la liga de la NBA	1.5 millones	$14.99
Nhl.tv	1.2 millones	$19.99

Aplicaciones móviles y basadas en la web

Plataformas digitales para la participación de los fanáticos

• Aplicación oficial de Sports MSG
• Aplicación móvil de Nueva York Knicks
• Aplicación móvil de los New York Rangers

Canales de compromiso de las redes sociales

Plataforma	Seguidores
Instagram (Knicks)	9.2 millones
Twitter (Knicks)	2.7 millones
Instagram (Rangers)	1.5 millones
Twitter (Rangers)	1.1 millones

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: segmentos de clientes

Fans de deportes en el área metropolitana de Nueva York

Base de fanáticos de los New York Knicks: 2.8 millones de seguidores locales

Demográfico	Porcentaje	Precio promedio de boleto
Residentes locales de Nueva York	68%	$189
Fanáticos del área de tri-estatal	22%	$165

Entusiastas del baloncesto nacional e internacional

Suscriptores de pase de la liga de la NBA: 1.2 millones a nivel nacional

• Base de fanáticos internacionales: 450,000 espectadores globales
• Seguidores de redes sociales: 3.5 millones en todas las plataformas

Clientes de entretenimiento corporativo

Ingresos anuales para eventos corporativos: $ 42.3 millones

Segmento corporativo	Gasto anual	Paquetes de hospitalidad
Servicios financieros	$ 15.6 millones	42 paquetes
Empresas tecnológicas	$ 11.2 millones	29 paquetes

Consumidores de jóvenes y deportes milenarios

Demografía de la edad objetivo: 18-35 años

• Compromiso digital: 62% de la base de fanáticos
• Descargas de aplicaciones móviles: 275,000
• Esports y espectadores de contenido digital: 180,000

Buscadores de entretenimiento deportivo premium

Ingresos de asientos premium: $ 87.4 millones anuales

Segmento premium	Gasto promedio	Tasa de renovación
Asientos en la cancha	$ 5,200 por juego	89%
Suites de lujo	$ 3,800 por evento	76%

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocio: Estructura de costos

Salarios de jugadores y contratos de atleta

A partir de la temporada 2023-2024, la nómina del jugador de los New York Knicks era de aproximadamente $ 141.5 millones. La nómina del jugador de los New York Rangers era de alrededor de $ 88.5 millones.

Equipo	Gastos salariales del jugador total
New York Knicks	$ 141.5 millones
Rangers de Nueva York	$ 88.5 millones

Mantenimiento y operaciones del lugar

Los costos anuales de operación y mantenimiento de Madison Square Garden se estimaron en $ 110 millones para el año fiscal 2023.

• Costos de servicios públicos anuales: $ 22.3 millones
• Mantenimiento de la instalación: $ 35.6 millones
• Seguridad y personal: $ 26.7 millones

Producción de medios y gastos de transmisión

Los gastos de producción y transmisión de MSG Networks fueron de aproximadamente $ 75.2 millones en 2023.

Categoría de gastos	Costo anual
Producción técnica	$ 38.6 millones
Derechos de transmisión	$ 36.6 millones

Costos de marketing y desarrollo de marca

Los MSG asignaron aproximadamente $ 45.3 millones para el marketing y el desarrollo de la marca en el año fiscal 2023.

• Marketing digital: $ 12.5 millones
• Publicidad tradicional: $ 18.7 millones
• Programas de participación de los fanáticos: $ 14.1 millones

Gastos generales administrativos y de gestión

Los gastos administrativos para MSGS fueron de $ 62.4 millones en el año fiscal 2023.

Categoría de gastos administrativos	Costo anual
Compensación ejecutiva	$ 24.6 millones
Salarios del personal corporativo	$ 37.8 millones

Madison Square Garden Sports Corp. (MSGS) - Modelo de negocios: flujos de ingresos

Venta de entradas para eventos deportivos en vivo

Para el año fiscal 2023, Madison Square Garden Sports Corp. reportó ingresos por boletos de $ 182 millones de los juegos de New York Knicks y New York Rangers.

Equipo	Precio promedio de boleto	Juegos en casa totales	Ingresos totales de boletos
New York Knicks	$185	41	$ 91 millones
Rangers de Nueva York	$210	41	$ 91 millones

Derechos de los medios y contratos de transmisión

En 2023, los MSG generaron $ 456 millones a partir de los derechos de los medios y los acuerdos de transmisión.

• Contrato de derechos de medios de la NBA: $ 320 millones
• Acuerdo de transmisión de NHL: $ 136 millones

Patrocinio corporativo y publicidad

Los ingresos por patrocinio corporativo para 2023 totalizaron $ 214 millones.

Categoría de patrocinador	Ganancia
Derechos de nombres de la arena	$ 42 millones
Patrocinios de equipo	$ 86 millones
Publicidad en el juego	$ 86 millones

Mercancías y ventas minoristas

Los ingresos por mercadería para 2023 alcanzaron $ 97 millones.

• Ventas de mercancías en línea: $ 52 millones
• Ventas minoristas en Arena: $ 45 millones

Contenido digital e ingresos por transmisión

Los ingresos por contenido digital en 2023 fueron de $ 63 millones.

Plataforma digital	Ganancia
Transmisión de redes MSG	$ 38 millones
Suscripciones de contenido digital	$ 25 millones

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Value Propositions

You're looking at the core reason Madison Square Garden Sports Corp. (MSGS) commands the valuation it does. The value proposition isn't just about putting on a game; it's about owning irreplaceable, high-demand assets in the world's premier media market. This is the foundation of their pricing power.

The most concrete value is the exclusive ownership of two marquee franchises in New York City. These aren't just any teams; they are the New York Knicks of the NBA and the New York Rangers of the NHL, one of the league's Original Six franchises. This dual-franchise ownership in the New York market creates a unique, year-round sports entertainment platform that few competitors can match.

Franchise Asset	League	Fiscal 2025 Total Revenue Contribution Context	Key 2025-2026 Season Highlight
New York Knicks	NBA	Contributed to $1,039.2 million total revenue for FY2025	Knicks' run to the Eastern Conference Finals in the 2025 playoffs
New York Rangers	NHL	Contributed to $1,039.2 million total revenue for FY2025	Began a year-long campaign celebrating the team's 100th anniversary season

This ownership translates directly into providing a premium, high-demand live sports experience. The demand for this experience is evident in the per-game revenue metrics. For instance, during the fiscal 2025 second quarter, average per-game revenues across tickets, suites, sponsorship, and merchandise exceeded results from the prior year period. This pricing power is what helps offset the high fixed costs of running these operations.

That premium demand is reinforced by sustained fan loyalty. You see this clearly in the renewal figures for the upcoming season. The combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-2026 seasons. That number is defintely a strong signal of inelastic demand from the core season ticket holder base.

Also critical to the model are the high-value corporate sponsorship opportunities via iconic team brands. Corporate demand remains robust, helping drive revenue growth even as other segments face headwinds. For example, during the fiscal 2025 second quarter, sponsorship and signage revenues increased by $3.1 million compared to the prior year period, driven by higher net sales of existing inventory. Furthermore, the Rangers announced a new multi-year marketing partnership with GAME 7, naming them the first-ever jersey patch partner of the Rangers, which is a prime example of monetizing the team's brand equity.

Here are some of the specific premium inventory components that drive this value:

• Premium hospitality, specifically suite revenues, saw increases in fiscal 2025.
• Sponsorship and signage revenues showed growth in fiscal 2025.
• The Knicks' appeal to youth and lifestyle audiences makes them a hot property for sponsors in 2025.
• The Rangers' affluent, passionate fan base targets finance, spirits, and luxury brands.

Finance: draft the Q2 FY2026 per-game revenue breakdown by category by next Tuesday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Customer Relationships

You're looking at how Madison Square Garden Sports Corp. (MSGS) manages its connection with the people who buy tickets and suites for the Knicks and Rangers. It's not one-size-fits-all; the relationship changes based on how much you spend.

Dedicated account management for high-value suite and season ticket holders

For the most committed fans, the relationship is clearly high-touch. The combined average season ticket renewal rate for the New York Knicks and New York Rangers for the 2025-2026 seasons stood at approximately 94%. This high retention suggests a strong, managed relationship, likely involving dedicated support to secure those renewals. Furthermore, suite revenues increased by $7.0 million in the fiscal 2025 second quarter compared to the prior year period, indicating that high-value corporate and premium clients receive tailored service to maintain that spend.

Here's a look at the revenue drivers that necessitate this dedicated approach:

Revenue Category (FY2025 Q2)	Change vs. Prior Year	Implied Relationship Focus
Suite Revenues	Increased by $7.0 million	Dedicated Account Management
Average Regular Season Per-Game Revenues (Tickets, Suites, Sponsorship)	Exceeded prior year period	Relationship Retention/Upsell

Transactional relationship for single-game ticket and merchandise sales

For the typical single-game buyer or merchandise purchaser, the relationship is more about the immediate transaction. The overall business still relies on high volume, as evidenced by the total fiscal 2025 revenues reaching $1,039.2 million, a 1% increase over the previous year. Even in the fiscal fourth quarter, average regular season per-game revenues for tickets and merchandise saw increases, showing consistent transactional demand.

The transactional side is volume-driven, but still profitable on a per-event basis:

• Pre/regular season food, beverage and merchandise sales increased by $2.1 million in fiscal Q2 2025.
• The Knicks' playoff run, which included nine home playoff games in Q4 FY2025, drove significant single-transaction revenue spikes.

Investment in future AI-driven fan personalization tools

Madison Square Garden Sports Corp. operates within an industry where technology is rapidly changing fan interaction. While direct MSGS AI investment figures aren't explicitly detailed, the broader ecosystem shows a clear trend toward technology integration. For instance, the general industry trend suggests that hyper-personalization can lead to a 20% revenue boost with personalized marketing strategies. Furthermore, the venue itself is seeing technology upgrades; Madison Square Garden Entertainment announced a multi-year partnership with Cisco in December 2025 to power scalable, future-ready experiences for fans using Cisco's networking hardware. This infrastructure investment directly supports the ability to deploy advanced, personalized digital experiences for fans of the teams.

Maintaining high fan engagement through team performance and brand building

Fan engagement is fundamentally tied to the on-ice and on-court product. The Knicks' appearance in the Eastern Conference Finals in fiscal 2025 is a prime example of performance driving engagement and revenue. The company's total revenue for fiscal year 2025 was $1,039.2 million. However, this is balanced against strategic shifts, such as amendments to local media rights agreements where the Knicks saw a 28% cut in annual rights fees and the Rangers an 18% cut. This financial pressure underscores the need for high fan engagement to drive direct revenue streams like ticket sales, which remain robust with the 94% season ticket renewal rate.

Key engagement metrics and financial context for fiscal year 2025:

• FY 2025 Total Revenue: $1,039.2 million.
• Knicks/Rangers Season Ticket Renewal Rate (2025-2026): Approx. 94%.
• Knicks Playoff Home Games (Q4 FY2025): Nine.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Channels

You're looking at the distribution methods Madison Square Garden Sports Corp. (MSGS) uses to get its value proposition-the New York Knicks and New York Rangers experiences-to the customer as of late 2025. The channels are a mix of traditional venue access and modern media distribution, heavily influenced by recent media rights restructuring.

Live events at Madison Square Garden Arena (The Garden)

This is the core physical channel, driven by ticket sales, premium seating, and in-arena spending. Demand remains robust for the marquee assets. For the fiscal 2025 third quarter, ticket-related revenues saw an increase of $0.5 million compared to the prior year period, driven by higher average Knicks and Rangers per-game revenue, even though the teams played a combined two fewer regular season games at The Garden. Suite revenues also increased by $3.4 million in that quarter due to higher net sales of suite products. The Knicks' run to the Eastern Conference Finals in the fiscal 2025 fourth quarter was a major highlight, including nine home playoff games, which generated the highest per-game gate revenues in team history for that run.

Local media broadcasts via MSG Networks

This channel involves the local television rights for the Knicks and Rangers through the agreement with MSG Networks. This channel faced headwinds in fiscal 2025 due to structural changes. Local media rights fees decreased by $18.6 million in the fiscal 2025 third quarter compared to the prior year period, primarily due to proposed amendments to the local media rights agreements. These amendments, announced in April 2025, included a 28% reduction in annual rights fees payable to the Knicks and an 18% reduction for the Rangers, both effective January 1, 2025.

National media broadcasts via NBA and NHL league agreements

This channel flows through the league-level agreements, which distribute national media rights revenue to Madison Square Garden Sports Corp. Revenues from league distributions increased by $2.4 million in the fiscal 2025 third quarter, primarily due to higher national media rights fees. However, the fourth quarter saw revenues from league distributions decrease by $6.8 million compared to the prior year quarter, largely due to the absence of a non-recurring territorial fee from the NHL of approximately $7 million recognized in the prior year quarter. All NBA teams share equally in national media rights fees, and the NBA is set to see a step up in the average annual value for its national media rights starting the upcoming season.

Direct-to-consumer channels for ticketing and online merchandise sales

This covers direct sales to the end-user, which includes online ticketing platforms and e-commerce for team merchandise. The 2025-26 Knicks and Rangers season ticket renewal initiative, launched in March 2025, saw strong demand. In the second quarter context, the combined season ticket renewal rate for both teams was 97%. Merchandise sales, part of the broader in-arena/event revenue, saw a decrease of $2.5 million in the third quarter compared to the prior year period, partly due to lower online sales of merchandise in the fourth quarter.

Here's a look at the revenue components that flow through these channels for the full fiscal year 2025:

Revenue Component Category	Fiscal 2025 Full-Year Amount (Millions USD)	Year-over-Year Change (FY2025 vs FY2024)
Total Revenues	$1,039.2	+$12.1 million (1% increase)
Ticket-Related Revenue Impact (Q3 Driver)	Not explicitly stated for FY2025	+$0.5 million (Q3 increase)
Local Media Rights Fees Impact (Q3 Driver)	Not explicitly stated for FY2025	-$18.6 million (Q3 decrease)
National Media Rights Fees Impact (League Distributions Q3 Driver)	Not explicitly stated for FY2025	+$2.4 million (Q3 increase)
Food, Beverage, and Merchandise Sales Impact (Q3 Driver)	Not explicitly stated for FY2025	-$2.5 million (Q3 decrease)

The overall revenue for Madison Square Garden Sports Corp. for fiscal 2025 was $1,039.2 million. Finance: review the Q1 2026 projections for local media rights revenue given the January 1, 2025, fee reductions.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Customer Segments

You're looking at the core audience for Madison Square Garden Sports Corp. (MSGS), and honestly, the numbers show a deeply committed base that keeps showing up, even with recent media rights adjustments. The most direct measure of this loyalty is the season ticket renewal rate for the upcoming 2025-2026 seasons; the combined average for the New York Knicks and New York Rangers is sitting at approximately 94%. That's a strong indicator of the passionate, loyal New York Knicks and New York Rangers fan bases you mentioned. To be fair, the pricing strategy reflected this segmentation: season ticket prices were raised for the Knicks, while they were not raised for the Rangers, who missed the playoffs in the preceding season.

Next up are the high-net-worth individuals and corporations who buy into the premium experience. These buyers are critical because their spending drives up per-game revenue even when the total number of games is lower. For instance, in the fiscal 2025 third quarter, suite revenues saw an increase of $3.4 million compared to the prior year period, driven by higher net sales of suite products. This segment is clearly resilient, supporting premium hospitality offerings across both teams.

The local, national, and global media consumers form a massive, though sometimes less direct, segment. Their value is tied up in broadcast rights and overall brand reach. You'll remember the local media rights agreements were amended, effective January 1, 2025, as part of MSG Networks' debt workout. This meant the Knicks took a 28% cut in their local rights fee, and the Rangers took an 18% reduction for the 2024-2025 season, with the escalator feature removed. Before these cuts, the broadcast rights for both teams cost MSG Networks $187 million in 2025. Still, the overall fiscal 2025 results showed total revenues of $1,039.2 million, up 1% year-over-year, showing the breadth of the other customer streams.

Finally, corporate sponsors seeking major market brand exposure are a key group, and their spending reflects confidence in the New York market. This is visible in the sponsorship and signage revenue line. In that same fiscal 2025 third quarter, sponsorship and signage revenues increased by $8.9 million compared to the prior year period, primarily due to higher net sales of existing inventory. This growth, alongside the suite revenue increase, helped offset lower local media fees during that quarter.

Here's a quick look at how these segments contributed to the top line for the most recent full fiscal year and the start of the current one:

Metric	Fiscal Year 2025 Amount	Fiscal Q1 2026 Amount
Total Revenue	$1,039.2 million	$39.5 million
Sponsorship & Signage Revenue Change (Q3 YoY)	Increased by $8.9 million	N/A
Suite Revenue Change (Q3 YoY)	Increased by $3.4 million	N/A
Knicks Local Media Rights Reduction (2024-25 Season)	28% cut	N/A
Rangers Local Media Rights Reduction (2024-25 Season)	18% cut	N/A
Knicks/Rangers Combined Season Ticket Renewal Rate (2025-26)	N/A	Approx. 94%

Finance: draft the Q2 FY2026 revenue projection breakdown by segment by next Tuesday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Cost Structure

You're looking at the cost side of Madison Square Garden Sports Corp. (MSGS) as of late 2025, and honestly, the biggest chunk of change goes to keeping the teams competitive. The direct operating expenses are massive, driven heavily by the players.

High direct operating expenses, primarily team personnel costs (player salaries/rosters)

• Direct operating expenses for the fiscal 2025 fourth quarter hit $154.8 million.
• That Q4 figure represented a 44% increase, or $47.1 million, compared to the prior year quarter.
• The main reason for the Q4 jump was higher net provisions for certain team personnel transactions totaling $42.8 million.
• Team personnel compensation itself was also higher by $2.9 million in Q4 fiscal 2025 versus the prior year period.
• Looking at the third quarter of fiscal 2025, direct operating expenses were $316.3 million, up 16% (or $43.3 million) year-over-year.

League expenses and revenue sharing obligations (NBA and NHL)

• League costs are a significant factor, especially when you factor in the NBA's structure.
• In the fiscal 2025 fourth quarter, higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax added $9.8 million to expenses compared to the prior year period.
• For the fiscal 2025 third quarter, this category was a major driver, with higher net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax totaling $33.8 million year-over-year.

Selling, general, and administrative expenses (SG&A)

SG&A costs are the overhead to run the business outside of the direct team operations. They move, but not as dramatically as player costs.

Period Ended	SG&A Amount	Year-over-Year Change
March 31, 2025 (Q3 FY25)	$74.7 million	Decrease of $1.7 million (or 2%)
December 31, 2024 (Q2 FY25)	$67.9 million	Increase of $2.8 million (or 4%)

The Q3 decrease was mainly due to lower employee compensation and related benefits of $12.4 million, though this was partially offset by higher professional fees of $7.6 million.

Fiscal 2025 operating income was $14.8 million, a decrease of $131.2 million year-over-year

The bottom line for the full fiscal year 2025 shows the pressure from those costs, even with revenues growing slightly.

• Full-year fiscal 2025 operating income landed at $14.8 million.
• This represents a sharp year-over-year decline of $131.2 million.
• For context, total revenues for fiscal 2025 were $1,039.2 million, an increase of $12.1 million (or 1%) compared to the prior year.

Finance: draft 13-week cash view by Friday.

Madison Square Garden Sports Corp. (MSGS) - Canvas Business Model: Revenue Streams

For the fiscal year ended June 30, 2025, Madison Square Garden Sports Corp. reported total revenues of $1,039.2 million.

You see the revenue generation is a mix of fixed commitments and variable event-driven income, which is typical for this business. The impact of playoff performance and media rights changes really shows up in the quarterly figures. Here's a quick look at how the revenue components performed across the first four quarters of fiscal 2025, showing the variability you need to track.

Revenue Component	Fiscal 2025 Q1 Revenue (in millions)	Fiscal 2025 Q2 Revenue (in millions)	Fiscal 2025 Q3 Revenue (in millions)	Fiscal 2025 Q4 Revenue (in millions)
Total Reported Revenue	$39.5	$357.8	$424.2	$204.0
Ticket-related revenues (Change vs. Prior Year)	N/A	Increased by $14.3	Increased by $0.5	Reflected in overall Q4 decrease
Suite revenues (Change vs. Prior Year)	N/A	Increased by $7.0	Increased by $3.4	Reflected in overall Q4 decrease
Sponsorship and signage revenues (Change vs. Prior Year)	N/A	Increased by $3.1	Increased by $8.9	Reflected in overall Q4 decrease
Revenues from league distributions (Change vs. Prior Year)	N/A	Increased by $2.6	Increased by $2.4	Decreased by $6.8 (excluding NHL fee)

Ticket-related revenues (regular season and playoffs) and suite licenses are clearly a major driver, especially when playoff runs are deep. The New York Knicks participation in the NBA playoffs in the fourth quarter included nine home playoff games, which compares to fifteen combined home playoff games for the Knicks and New York Rangers in the prior year quarter. The suites business showed strength with strong renewals and new sales activity, including for several recently renovated Lexus-level suites at The Garden.

Sponsorship and signage revenues saw positive momentum in the earlier quarters, with Q3 seeing an increase of $8.9 million compared to the prior year period, driven by higher net sales of existing inventory. The Rangers announced a new multi-year marketing partnership with GAME 7, naming them the first-ever jersey patch partner of the Rangers.

Local and national media rights fees from league distributions are undergoing structural changes. The Knicks and Rangers amended their local media rights agreements with MSG Networks, effectively reducing annual rights fees by 28% for the Knicks and 18% for the Rangers, starting January 2025. National media rights fees did contribute to an increase in league distributions in the second quarter.

Food, beverage, and merchandise sales are tied to game attendance. In the fiscal 2025 fourth quarter, these sales decreased by $1.8 million compared to the prior year quarter, due in part to one fewer combined home game.

You should also note the strong commitment from the season ticket base moving into the next fiscal year:

• The combined average season ticket renewal rate for the Knicks and Rangers is approximately 94% for the 2025-26 seasons.

Finance: draft 13-week cash view by Friday.