James Dolan hates one thing. He doesn’t like it when people ask the New York Knicks’ majority owner to sell the team. He is passionate about the project and has no plans to leave the franchise. However, did shareholder pressure recently force the MSG Sports CEO to go through with the sale of the two New York teams (the NBA’s Knicks and the NHL’s Rangers), especially after the Los Angeles Lakers’ mega-billion-dollar sale?

Did James Dolan sell the Knicks and the Rangers?

No, James Dolan hasn’t officially sold the Knicks or the Rangers. But the Madison Square Garden Sports Corporation announced on Wednesday that it was considering splitting the two into separate, publicly traded companies. The board of directors’ decision has now sparked speculation that the plan to sell off one or both of them is also on the table.

“We are exploring the opportunity to further create value for our shareholders by separating our two professional sports franchises into distinct companies,” Dolan said in a Wednesday statement. “We believe this proposed transaction would provide each company with enhanced strategic flexibility, its own defined business focus, and clear characteristics for investors.”

However, a source close to the matter confirmed to the New York Post that the potential spin-off is not linked to any hopes to sell the teams or take them private.

Hence, it’s highly likely that Dolan will retain ownership. As part of the split, shareholders would receive a pro-rata distribution of 100% of the common stock. The structure provides for two classes of shareholders: Class A and Class B. Dolan and his extended family control Class B, which carries superior voting rights.

While representatives from MSG Sports did not comment to Front Office Sports on the recent headlines, Dolan’s opinion on selling two teams has always been crystal clear. Only a few months ago, Knicks star Jalen Brunson and Josh Hart bluntly asked him whether he could see himself “walking away” from the assets.

“No,” Dolan said. “I could pass it on, right? But I could never walk away… These are one-of-a-kind assets.”

Dolan inherited his empire from his father, Cablevision founder Charles Dolan, and is open to options other than a sale.

Why is James Dolan separating the Knicks and the Rangers?

This comes after Jonathan Boyar, president of Boyar Value, raised issues with the current market value of MSG Sports. The public company traded at an enterprise valuation of $5 billion in June 2025. At that time, the Knicks‘ and the Rangers’ combined value was $11 billion (the NBA team valued at $7.5 billion and the ice hockey team valued at $3.5 billion). Boyar wondered if the Knicks could go for more after the Lakers’ record $10 billion sale.

Forbes recently estimated the Knicks at $9.75 billion, third-highest in the NBA, and the Rangers at $4 billion, second-highest in the NHL.

Both teams have rich histories. The Lakers’ sale further highlighted how MSG Sports was leaving billions on the table by not separating the two grouped teams.

Boyar said Dolan “has a fiduciary duty to shareholders and he should start acting that way”.

Boyar also admits he gives Dolan credit for “the right move thus far has been not to sell the team. Look how much it appreciated in value.”

Although the Knicks’ owner has made the decision, it’s not going to happen soon.

The entire agreement has 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 since the Boston Celtics returned to private ownership in 2002. 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 on X, 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.”