MSG Knickerbockers Reports Fiscal Q1 Revenue of $45.5 Million After Rangers Spin-Off
MSG Knickerbockers Corp. reported fiscal first-quarter 2027 revenue of $45.5 million, up $6.0 million, or 15%, from a year earlier, according to an 8-K furnished Friday.
The company posted an operating loss of $25.5 million, an improvement of $2.0 million, or 7%, and an adjusted operating loss of $20.0 million, an improvement of $0.8 million, or 4%.
On Oct. 26, 2026, MSG Knickerbockers completed the spin-off of its New York Rangers business. Because of that timing, the fiscal 2027 first-quarter consolidated results still include the Rangers business.
Drivers
Higher revenue primarily reflected a $3.1 million increase in league distributions unrelated to national media rights fees and a $2.6 million increase in food, beverage and merchandise sales, driven mainly by Knicks merchandise demand after the team’s 2025-26 NBA Championship. Direct operating expenses rose 7% to $8.8 million. Selling, general and administrative expenses rose 5% to $60.8 million, including $3.6 million of spin-off-related expenses in the current period.
Executive Chairman and CEO James L. Dolan said the business is well-positioned after the Rangers spin-off with a new Knicks season underway. After quarter-end, the Knicks began their 2026-27 regular season at Madison Square Garden with a banner raising and ring celebration for the 2025-26 championship.
By the numbers
- Fiscal Q1 revenue: $45.5 million, up 15%
- Operating loss: $25.5 million
- Adjusted operating loss: $20.0 million
- Rangers spin-off completed: Oct. 26, 2026
Sources
- MSG Knickerbockers Form 8-K with fiscal first-quarter 2027 results (Exhibit 99.1), filed Nov. 6, 2026 (accession 0001628280-26-071321)
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