Madison Square Garden Sports
31 named things its latest annual report says its results depend on, each in the company's own words. 7 of them are also named by other companies we've read.
Customers
MSG Networks
earns from · $125.7 million of local media rights revenues, which represented 11% of our total revenues in fiscal year 2026named as a riskIn fiscal year 2026, we recorded $125.7 million of local media rights revenues, which represented 11% of our total revenues in fiscal year 2026, compared to $157.4 million in fiscal year 2025, which represented 15% of our total revenues.Risk factors (Item 1A)
MSG Networks local telecast rights fee reductions
earns from · fee reductions of 28% for the Knicks and 18% for the Rangersnamed as a riskAs part of MSG Networks’ debt restructuring process, the local telecast rights agreements between subsidiaries of MSG Networks, on the one hand, and the Knicks and the Rangers, on the other hand, were amended to effect fee reductions of 28% for the Knicks and 18% for the Rangers, both effective as of January 1, 2025, with no annual rights fee escalators.Risk factors (Item 1A)
The Walt Disney Company
earns fromThe NHL’s U.S. national media rights agreements with The Walt Disney Company and WarnerMedia, LLC will expire following the 2027-28 season.Business (Item 1)
WarnerMedia, LLC
earns fromThe NHL’s U.S. national media rights agreements with The Walt Disney Company and WarnerMedia, LLC will expire following the 2027-28 season.Business (Item 1)
Rogers Communications
earns fromIn April 2025, the NHL and Rogers Communications (Canada) entered into a new 12-year media rights agreement, which will take effect beginning with the 2026-27 season and will expire following the 2037-2038 season.Business (Item 1)
Partners and platforms
MSG Entertainment
depends onnamed as a riskThe Knicks and the Rangers play their home games at The Garden pursuant to the Arena License Agreements with MSG Entertainment, which owns and operates The Garden.Risk factors (Item 1A)
Sphere Entertainment
depends onnamed as a riskWe have various agreements with Sphere Entertainment, including local telecast rights agreements with MSG Networks (a wholly-owned subsidiary of Sphere Entertainment) which provide MSG Networks with exclusive local linear and digital rights to home and away games of the Knicks and the Rangers, as well as other team-related programming.Risk factors (Item 1A)
Other companies
Dolan Family Group
approximately 70.8% of the total voting powernamed as a riskAs of June 30, 2026, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), collectively own all of our Class B Common Stock, approximately 3.0% of our outstanding Class A Common Stock and approximately 70.8% of the total voting power of all our outstanding common stock (in each case, inclusive of options exercisable and RSUs vesting within 60 days of June 30, 2026) in matters other than the election of directors.Risk factors (Item 1A)
Penn Station redevelopment
named as a riskThe federal government, Amtrak and other relevant rail agencies are advancing a proposed redevelopment of Penn Station, which proposed redevelopment could affect The Garden and may require coordination with, or concessions from, MSG Entertainment.Risk factors (Item 1A)
MSGS Spinco, Inc. (Rangers Distribution)
named as a riskIf Spinco were to breach or to be unable to satisfy its material obligations under these agreements, including a failure to satisfy its indemnification or other financial obligations, we could suffer operational difficulties and/or significant losses.Risk factors (Item 1A)
Competitors
Brooklyn Nets
competes withnamed as a riskSimilarly, for those fans attracted to the equally unique experience of NBA basketball, we must compete with another NBA team located in the New York City metropolitan area (the Nets) as well as with other NBA teams and the NBA itself.Risk factors (Item 1A)
New York Islanders
competes withnamed as a riskFor fans who prefer the unique experience of NHL hockey, we must compete with two other NHL hockey teams located in the New York City metropolitan area (the Islanders and the Devils) as well as with other NHL hockey teams and the NHL itself.Risk factors (Item 1A)
New Jersey Devils
competes withnamed as a riskFor fans who prefer the unique experience of NHL hockey, we must compete with two other NHL hockey teams located in the New York City metropolitan area (the Islanders and the Devils) as well as with other NHL hockey teams and the NHL itself.Risk factors (Item 1A)
Places
Madison Square Garden Arena (The Garden)
operates innamed as a riskBoth the Knicks and the Rangers play their home games in Madison Square Garden Arena (“The Garden”), also known as The World’s Most Famous Arena.Business (Item 1)
New York City metropolitan area
concentrated inSubstantially all of the Company’s revenues and assets are attributed to or located in the United States and are primarily concentrated in the New York City metropolitan area.Business (Item 1)
Also named by SPHR
Hazards
New York metropolitan area weather
operates innamed as a riskWeather or other conditions, including natural disasters and similar events, in the New York metropolitan area may affect patron attendance at Knicks or Rangers games as well as sales of food and beverages and merchandise, among other things.Risk factors (Item 1A)
Commodities and inputs
SOFR
exposed to its price · approximately $2.4 millionnamed as a riskThe effect of a hypothetical 100 basis point increase in floating interest rates prevailing as of June 30, 2026 and continuing for a full year would increase interest expense approximately $2.4 million.Market risk (Item 7A)
Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more
Regulators
National Basketball Association (NBA)
subject to · $44.4 million in luxury tax expensenamed as a riskFor fiscal year 2026, the Knicks and the Rangers recorded approximately $109.6 million in estimated revenue sharing expenses, net of escrow, and $44.4 million in luxury tax expense.Risk factors (Item 1A)
National Hockey League (NHL)
subject tonamed as a riskDecisions by the NBA or the NHL could have a material negative effect on our business and results of operations.Risk factors (Item 1A)
Also named by SPHR
New York City Planning Commission
subject tonamed as a riskThe original permit was granted by the New York City Planning Commission in 1963 and renewed in July 2013 for 10 years and again in September 2023 for five years.Risk factors (Item 1A)
Laws and programs
New York City real estate tax exemption for Madison Square Garden
subject to · $45.2 millionnamed as a riskFor fiscal year 2026, the tax exemption was $45.2 million.Risk factors (Item 1A)
NBA national media rights expansion impact on MSG Networks rights
$13.2 millionnamed as a riskFor example, during the 2025-26 season, our revenues under the local telecast rights agreements with MSG Networks were reduced by $13.2 million as a result of the decrease in the number of games exclusively available to MSG Networks, compared to a reduction of $5.2 million in the 2024-25 season.Risk factors (Item 1A)
U.S. Internal Revenue Code Section 162(m)
subject to · approximately $59 million of additional income tax expense in fiscal year 2028named as a riskBased on compensation arrangements currently in place for the 2027-28 season and other assumptions, we estimate that the expansion will result in approximately $59 million of additional income tax expense in fiscal year 2028 and a corresponding reduction in our net incomeRisk factors (Item 1A)
Knicks Revolving Credit Facility
$242 millionnamed as a riskAs of June 30, 2026, the outstanding balance under the Knicks Revolving Credit Facility was $242 million and the Rangers Revolving Credit Facility was undrawn.Risk factors (Item 1A)
NHL Advance Agreement
$16.5 millionnamed as a riskAs of June 30, 2026, the outstanding balance under the NHL Advance Agreement was $16.5 million.Risk factors (Item 1A)
California Consumer Privacy Act (CCPA)
subject tonamed as a riskFor example, the CCPA (as expanded by the CPRA) provides a private right of action (in addition to statutory damages) for California residents whose sensitive personal information is breached as a result of a business’ violation of its duty to reasonably secure such information.Risk factors (Item 1A)
Also named by AAP, AIOT, AKAM, ALL, APP, AYI, BAC, BBSI and 69 more
NBA national media rights agreements (Walt Disney, NBCUniversal, Amazon)
earns fromnamed as a riskThe NBA’s agreements with The Walt Disney Company, NBCUniversal and Amazon, which took effect starting with the 2025-26 season, will expire following the 2035-36 season.Business (Item 1)
NBA Collective Bargaining Agreement (NBPA)
subject tonamed as a riskThe current NBA CBA expires after the 2029-30 season, but each of the NBA and NBPA has the right to terminate the CBA effective following the 2028-29 season.Risk factors (Item 1A)
NHL Collective Bargaining Agreement (NHLPA)
subject tonamed as a riskFor example, the NHL has experienced lockouts in the past that resulted in a regular season being shortened and the cancellation of the entire season, with a lockout during the 2012-13 NHL season resulting in a regular season that was shortened from 82 to 48 games.Risk factors (Item 1A)
NBA expansion (Las Vegas and Seattle)
named as a riskBecause revenue from national media rights agreements is divided equally among all NBA and NHL teams, any further expansion would dilute the revenue realized by the Knicks and/or the Rangers from such agreements.Risk factors (Item 1A)
Technology
Oracle E-Business Suite
depends onnamed as a riskThe incident resulted from an Oracle system vulnerability that was exploited by a threat actor that targeted hundreds of companies using Oracle E-Business Suite.Risk factors (Item 1A)
Also named by SPHR