James Dolan hates one thing. He doesn’t like it when people ask the Knicks majority owner to sell the team. He is passionate about the project, with no thought of ever parting ways with the franchise. However, did shareholders’ pressure see the MSG Sports CEO go through with a sale of the Knicks and the NHL’s Rangers?

Let’s find out.

Did James Dolan sell the Knicks and the Rangers?

No, James Dolan hasn’t officially sold the Knicks or the Rangers. But the MSG Sports group has unanimously agreed to separate the two teams as independent entities. This has ramifications for the shares of the team. The latest decision would mean both the Knicks and the Rangers will become separate public entities. So shareholders can purchase stocks of the exact team they want.

Despite this spin-off, it’s highly likely that James Dolan will retain ownership. As part of the split, shareholders will receive an appropriate volume of stocks in both teams. The structure accounts for two types of shareholders – Class A shareholders and Class B shareholders. Dolan and his extended family control the latter, which comes with superior voting powers.

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Why is James Dolan separating the Knicks and the Rangers?

This comes after activist investor Jonathan Koyar raised issues with the current market value of MSG Sports. The public company traded at a valuation of $5 million in June 2025. At that time, the Knicks and the Rangers’ combined value was almost $11 million. Boyar termed that as the “Dolan tax”, since MSG Sports was undervalued in comparison to its assets.

Both teams have rich histories. The Lakers’ $10 billion sale further highlighted how MSG Sports was leaving billions on the table by not separating the two teams. Boyar said Dolan “has a fiduciary duty to shareholders and he should start acting that way”. Likewise, the Knicks owner has made the decision now.

However, it’s not going to happen soon. The entire agreement will have to go through a vast process. The NBA will have to agree to the Knicks being a publicly listed company. It would be the first team from any major US league to have a presence on the share market. It’s safe to assume it will take some time to get through the legal procedures required for the spin-off.

Yet, a positive step for the shareholders is that it’s happening. The Boyar Value Group released a statement saying, “Glad to see $MSGS taking steps to unlock value. In our open letter, we argued that separating the Knicks and Rangers into two independently traded companies could meaningfully narrow the “Dolan discount” and better reflect each franchise’s true worth”.