MSG Knickerbockers Corp 10-K for FY2025

MSG Knickerbockers Corp. (MSGK)

10-K 2025-08-12 For: 2025-06-30

Added on April 10, 2026

About this 10-K

MSG Knickerbockers Corp filed this 10-K on August 12, 2025, covering the fiscal year ended June 30, 2025 (FY2025).

Headline figures

Fiscal year ended June 30, 2025, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $1.04B; up 1.2% from $1.03B a year earlier
Net loss: $22.44M; compared with net income of $58.77M a year earlier
Diluted EPS: -$0.93; compared with $2.44 a year earlier

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Nevada						47-3373056
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Class A Common Stock	MSGS	New York Stock Exchange


Class A Common Stock par value $0.01 per share	—	19,488,096
Class B Common Stock par value $0.01 per share	—	4,529,517


			Page
PART I

Item 1. Business			1

Item 1A. Risk Factors			8

Item 1B. Unresolved Staff Comments			22

Item 1C. Cybersecurity			22

Item 2. Properties			23

Item 3. Legal Proceedings			23

Item 4. Mine Safety Disclosures			23

PART II

Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			24

Item 6. [Reserved]			25

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations			26

Item 7A. Quantitative and Qualitative Disclosures about Market Risk			42

Item 8. Financial Statements and Supplementary Data			42

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			42

Item 9A. Controls and Procedures			42

Item 9B. Other Information			43

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			43

PART III

Item 10. Directors, Executive Officers and Corporate Governance			44

Item 11. Executive Compensation			44

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			44

Item 13. Certain Relationships and Related Transactions, and Director Independence			44

Item 14. Principal Accountant Fees and Services			44

PART IV

Item 15. Exhibits and Financial Statement Schedules			45

Item 16. Form 10-K Summary			48


	6/30/20		6/30/21		6/30/22		6/30/23		6/30/24		6/30/25
Madison Square Garden Company Sports Corp.	$	100.00	$	117.48	$	102.80	$	134.02	$	134.08	$	148.92
Russell 3000 Index	100.00		144.16		124.18		147.71		181.87		209.69
Bloomberg Americas Entertainment Index	100.00		230.15		121.64		144.03		145.28		155.90


☑			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


	Years Ended June 30,				Change
	2025		2024		Amount		Percentage
Revenues	$	1,039,220	$	1,027,149	$	12,071	1	%

Direct operating expenses	755,118		616,514		138,604		22	%
Selling, general and administrative expenses	266,076		261,433		4,643		2	%
Depreciation and amortization	3,218		3,164		54		2	%
Operating income	14,808		146,038		(131,230)		(90)	%
Other income (expense):
Interest income	4,034		2,787		1,247		45	%
Interest expense	(21,652)		(27,589)		5,937		(22)	%
Miscellaneous expense, net	(14,462)		(15,568)		1,106		(7)	%
(Loss) income before income taxes	(17,272)		105,668		(122,940)		NM
Income tax expense	(5,166)		(46,897)		41,731		(89)	%
Net (loss) income	$	(22,438)	$	58,771	$	(81,209)	NM


Increase in pre/regular season ticket-related revenues	$	14,911
Increase in sponsorship and signage revenues	11,362
Increase in suite revenues	10,857
Increase in revenues from league distributions	8,013
Decrease in revenues from local media rights fees	(17,935)
Decrease in playoff related revenues	(13,233)
Decrease in pre/regular season food, beverage and merchandise sales	(1,944)
Other net increases	40
	$	12,071


Increase in net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax	$	62,628
Increase in net provisions for certain team personnel transactions	48,367
Increase in team personnel compensation	32,820
Increase in other team operating expenses	1,367
Decrease in playoff related expenses	(5,786)
Decrease in pre/regular season expense associated with merchandise sales	(792)
	$	138,604


	Years Ended June 30,				Increase
	2025		2024
Net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax	$	106,962	$	44,334	$	62,628


	Years Ended June 30,				Increase (Decrease)
	2025		2024
Waivers/contract terminations	$	39,215	$	(332)	$	39,547
Player trades	9,800		(1,500)		11,300
Season-ending player injuries	133		2,613		(2,480)
Net provisions for certain team personnel transactions	$	49,148	$	781	$	48,367


	Payments Due by Period
	Total		Year 1		Years 2-3		Years 4-5		More Than 5 Years
Off-balance sheet arrangements (a)	$	924,710	$	291,215	$	477,356	$	113,504	$	42,635
Contractual obligations reflected on the balance sheet:
Short-term debt (b)	24,000		24,000		—		—		—
Leases (c)	2,369,642		54,369		122,104		129,235		2,063,934
Long-term debt (d)	267,000		—		267,000		—		—
Contractual obligations (e)	112,394		68,584		30,737		5,715		7,358
	2,773,036		146,953		419,841		134,950		2,071,292
Total (f)	$	3,697,746	$	438,168	$	897,197	$	248,454	$	2,113,927


Goodwill	$	226,523
Indefinite-lived intangible assets	103,644

Property and equipment, net	28,962
	$	359,129


Sports franchises	$	102,564
Photographic related rights	1,080
	$	103,644


	Years Ended June 30,
	2025		2024
Net (loss) income	$	(22,438)	$	58,771
Adjustments to reconcile net (loss) income to net cash provided by operating activities	(13,542)		35,175
Changes in working capital assets and liabilities	127,587		(1,815)
Net cash provided by operating activities	$	91,607	$	92,131
Net cash used in investing activities	(6,920)		(8,898)
Net cash used in financing activities	(26,406)		(28,785)

Net increase in cash, cash equivalents and restricted cash	$	58,281	$	54,448


		Page No.
The following documents are filed as part of this report:

1.	The financial statements as indicated in the index set forth on page	F- 1

2.	Financial statement schedule:
	Schedule supporting consolidated financial statements:
	Schedule II — Valuation and Qualifying Accounts	49
	Schedules other than that listed above have been omitted, since they are either not applicable, not required or the information is included elsewhere herein.

3.	Exhibits:


EXHIBIT NO.						DESCRIPTION
101						The following materials from Madison Square Garden Sports Corp. Annual Report on Form 10-K for the year ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive (Loss) Income, (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, and (vi) Notes to Consolidated Financial Statements.






104						Cover Page Interactive Data File (formatted in iXBRL and included in Exhibit 101).


Madison Square Garden Sports Corp.

By:	/s/ VICTORIA M. MINK
	Name:	Victoria M. Mink
	Title:	Executive Vice President, Chief Financial Officer and Treasurer


EXHIBIT NO.						DESCRIPTION
2.1						Distribution Agreement, dated as of March 31, 2020, between Madison Square Garden Sports Corp. and Madison Square Garden Entertainment Corp. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on March 31, 2020).
2.2						Plan of Conversion of Madison Square Garden Sports Corp. (incorporated by reference to Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on June 11, 2025).
3.1						Articles of Incorporation of Madison Square Garden Sports Corp., dated June 10, 2025 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed on June 11, 2025).
3.2						Bylaws of Madison Square Garden Sports Corp., dated June 10, 2025 (incorporated by reference to Exhibit 3.2 to the Company’s Current Report on Form 8-K filed on June 11, 2025).
4.1						Transfer Consent Agreement, dated September 28, 2015 with the NBA (incorporated by reference to Exhibit 4.1 to the Company’s Form 10-K for the fiscal year ended June 30, 2016 filed on August 19, 2016).
4.2						Transfer Consent Agreement, dated September 28, 2015 with the NHL (incorporated by reference to Exhibit 4.2 to the Company’s Form 10-K for the fiscal year ended June 30, 2016 filed on August 19, 2016).
4.3						Registration Rights Agreement, dated as of September 15, 2015, by and among Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) and The Charles F. Dolan Children Trusts (incorporated by reference to Exhibit 4.1 to the Company’s Current Report on Form 8-K filed on October 1, 2015).
4.4						Registration Rights Agreement, dated as of September 15, 2015, by and among Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) and The Dolan Family Affiliates (incorporated by reference to Exhibit 4.2 to the Company’s Current Report on Form 8-K filed on October 1, 2015).
4.5						Description of Capital Stock.

10.1						Employee Matters Agreement, dated September 11, 2015, by and between MSG Networks Inc. and Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) (incorporated by reference to Exhibit 10.3 to Amendment No. 6 to the Company’s Registration Statement on Form 10 filed on September 11, 2015).
10.2						Madison Square Garden Sports Corp. 2015 Employee Stock Plan, as amended (incorporated by reference to Annex B to the Company’s Definitive Proxy Statement filed on October 24, 2024). †

10.3						Madison Square Garden Sports Corp. 2015 Stock Plan for Non-Employee Directors, as amended (incorporated by reference to Annex C to the Company’s Definitive Proxy Statement filed on October 24, 2024). †
10.4						Form of Indemnification Agreement between Madison Square Garden Sports Corp. and its Directors and Executive Officers (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K on June 1 1, 2025).


EXHIBIT NO.						DESCRIPTION
10.5						Form of Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) Non-Employee Director Award Agreement (incorporated by reference to Exhibit 10.9 to Amendment No. 3 to the Company’s Registration Statement on Form 10 filed on July 24, 2015). †
10.6						Madison Square Garden Sports Corp. Executive Deferred Compensation Plan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on November 19, 2021). †

10.7						Form of Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) Restricted Stock Units Agreement (2019) (incorporated by reference to Exhibit 10.14 to the Company’s Form 10-K for the fiscal year ended June 30, 2019 filed on August 20, 2019). †




10.8						Form of Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) Performance Restricted Stock Units Agreement (2019) (incorporated by reference to Exhibit 10.15 to the Company’s Form 10-K for the fiscal year ended June 30, 2019 filed on August 20, 2019). †
10.9						Form of Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) Option Agreement (incorporated by reference to Exhibit 10.4 to the Company’s Form 10-Q for the quarter ended December 31, 2017 filed on February 8, 2018). †
10.10						Form of Performance Restricted Stock Units Agreement Under the 2015 Employee Stock Plan (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on April 25, 2023). †
10.11						Form of Restricted Stock Units Agreement Under the 2015 Employee Stock Plan (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on April 25, 2023). †
10.12						Form of Stock Option Agreement Under the 2015 Employee Stock Plan (incorporated by reference to Exhibit 10.5 to the Company’s Current Report on Form 8-K filed on April 25, 2023). †
10.13						Employment Agreement, dated as of January 6, 2025, between Madison Square Garden Sports Corp. and Victoria M. Mink (incorporated by reference to Exhibit 10.1 to the Company ’s Current Report on Form 8-K filed on January 6, 2025). †








10.1 4						Employment Agreement dated as of June 15, 2023, between Madison Square Garden Sports Corp. and David Granville-Smith (incorporated by reference to Exhibit 10.18 to the Company ’s Annual Report on Form 10-K for the year ended June 30, 2023 filed on August 17, 2023).†

10.1 5						Employment Agreement, dated as of June 17, 2024, between Madison Square Garden Sports Corp. and James L. Dolan (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on June 20, 2024).†
10.1 6						Employment Agreement dated as of July 3, 2024, between Madison Square Garden Sports Corp. and Jamaal Lesane (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on July 9, 2024). †
10.1 7						Employment Agreement dated as of April 25, 2023 between Madison Square Garden Sports Corp. and Alex Shvartsman (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on April 25, 2023). †
10.18						Employment Agreement dated as of October 1, 2024 between Madison Square Garden Sports Corp. and Bryan Warner. †
10.19						Amended and Restated Credit Agreement, dated as of November 6, 2020, by and among New York Knicks, LLC, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed on November 9, 2020).
10.2 0						Amendment No. 2 to Amended and Restated Credit Agreement, dated as of December 14, 2021, by and among New York Knicks, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on December 16, 2021).
10.2 1						Security Agreement, dated as of September 30, 2016, between New York Knicks, LLC and JPMorgan Chase Bank, N.A., as collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on October 6, 2016).


10.2 2						Amended and Restated Credit Agreement, dated as of November 6, 2020, by and among New York Rangers, LLC, JPMorgan Chase Bank, N.A. as administrative agent and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 filed on November 9, 2020).


EXHIBIT NO.						DESCRIPTION
10.2 3						Amendment No. 2 dated as of March 19, 2021, to the Credit Agreement, dated as of January 25, 2017, by and among New York Rangers, LLC, the lenders party thereto and JPMorgan Chase Bank N.A., as agent (incorporated by reference to Exhibit 10.1 to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021 filed on May 6, 2021).
10.2 4						Amendment No. 3 to Amended and Restated Credit Agreement, dated as of December 14, 2021, by and among New York Rangers, LLC, JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on December 16, 2021).
10.2 5						Security Agreement, dated as of January 25, 2017, between New York Rangers, LLC and JPMorgan Chase Bank, N.A., as collateral agent (incorporated by reference to Exhibit 10.2 to the Company’s Current Report on Form 8-K filed on January 27, 2017).
10.2 6						Contribution Agreement, dated as of March 31, 2020, between Madison Square Garden Sports Corp., MSG Entertainment Group, LLC and Madison Square Garden Entertainment Corp. (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed on March 31, 2020).

10.2 7						Tax Disaffiliation Agreement, dated as of March 31, 2020, between Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) and Madison Square Garden Entertainment Corp. (formerly, MSG Entertainment Spinco, Inc.) (incorporated by reference to Exhibit 10.3 to the Company’s Current Report on Form 8-K filed on March 31, 2020).
10.2 8						Employee Matters Agreement, dated March 31, 2020, between Madison Square Garden Sports Corp. (formerly, The Madison Square Garden Company) and Madison Square Garden Entertainment Corp. (formerly, MSG Entertainment Spinco, Inc.) (incorporated by reference to Exhibit 10.4 to the Company’s Current Report on Form 8-K filed on March 31, 2020).
10.29						Arena License Agreement, dated April 15, 2020, between MSG Arena, LLC and New York Knicks, LLC (incorporated by reference to Exhibit 10.69 to the Company ’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020).*
10.3 0						Arena License Agreement, dated April 15, 2020, between MSG Arena, LLC and New York Rangers, LLC (incorporated by reference to Exhibit 10.70 to the Company ’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020).*
10.3 1						NBA Transaction Agreement, dated April 15, 2020, with the NBA and Madison Square Garden Entertainment Corp. (formerly, MSG Entertainment Spinco, Inc.) (incorporated by reference to Exhibit 10.71 to the Company ’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020).
10.3 2						NHL Transaction Agreement, dated April 15, 2020, with the NHL and Madison Square Garden Entertainment Corp. (formerly, MSG Entertainment Spinco, Inc.) (incorporated by reference to Exhibit 10.72 to the Company’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020).




10.3 3						Sponsorship Sales and Service Representation Agreement, dated April 15, 2020, between Knicks Holdings, LLC and MSG Entertainment Group, LLC (incorporated by reference to Exhibit 10.76 to the Company’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020). *
10.3 4						Sponsorship Sales and Service Representation Agreement, dated April 15, 2020, between New York Rangers, LLC and MSG Entertainment Group, LLC (incorporated by reference to Exhibit 10.77 to the Company’s Annual Report on Form 10-K for the year ended June 30, 2020 filed on August 31, 2020). *

19.1						Insider Trading Polic y (incorporated by reference to Exh ibit 19.1 to the Company ’s Annual Report on Form 1 0-K for the year ended June 30, 2024 filed on August 13, 2024).
21.1						Subsidiaries of the Registrant.

23.1						Consent of Deloitte & Touche LLP.
24.1						Powers of Attorney (included on the signature page to this Annual Report on Form 10-K).
31.1						Certification by the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2						Certification by the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1						Certification by the Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
32.2						Certification by the Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.**
97.1						Clawback Polic y (incorporated by reference to Exhibit 97.1 to the Company ’s Annual Report on Form 10-K for the year ended June 30, 2024 filed on August 13, 2024).


			Additions
	Balance at Beginning of Period		Charged to Costs and Expenses		Charged to Other Accounts		Deductions		Balance at End of Period
Year ended June 30, 2025
Allowance for doubtful accounts	$	—	$	—	$	—	$	—	$	—
Deferred tax valuation allowance	(4,160)		(177)		—		—		(4,337)
	$	(4,160)	$	(177)	$	—	$	—	$	(4,337)

Year ended June 30, 2024
Allowance for doubtful accounts	$	—	$	—	$	—	$	—	$	—
Deferred tax valuation allowance	(2,728)		(1,432)		—		—		(4,160)
	$	(2,728)	$	(1,432)	$	—	$	—	$	(4,160)

Year ended June 30, 2023
Allowance for doubtful accounts	$	—	$	—	$	—	$	—	$	—
Deferred tax valuation allowance	—		(2,728)		—		—		(2,728)
	$	—	$	(2,728)	$	—	$	—	$	(2,728)



			Page
Report of Independent Registered Public Accounting Firm (Deloitte & Touche LLP, New York, NY, Auditor Firm ID: 34)			F - 2


Consolidated Balance Sheets as of June 30, 202 5 and 202 4			F - 5
Consolidated Statements of Operations for the years ended June 30, 202 5 , 202 4 and 202 3			F - 7
Consolidated Statements of Comprehensive (Loss) Income for the years ended June 30, 2025, 2024 and 2023			F - 8
Consolidated Statements of Cash Flows for the years ended June 30, 202 5 , 202 4 and 202 3			F - 9
Consolidated Statements of Equity for the years ended June 30, 202 5 , 202 4 and 202 3			F - 11
Notes to Consolidated Financial Statements			F - 14


MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)

	June 30,
	2025		2024
ASSETS
Current Assets:
Cash and cash equivalents	$	144,617	$	89,136
Restricted cash	8,571		5,771

Accounts receivable, net	25,855		33,781
Net related party receivables	3,582		32,255
Prepaid expenses	43,417		30,956
Other current assets	25,053		25,043
Total current assets	251,095		216,942


Property and equipment, net	28,962		28,541
Right-of-use lease assets	760,456		694,566

Indefinite-lived intangible assets	103,644		103,644
Goodwill	226,523		226,523
Investments	54,720		62,543
Deferred tax assets, net	34,821		—
Other assets	12,753		13,533

Total assets	$	1,472,974	$	1,346,292


See accompanying notes to consolidated financial statements.


MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED BALANCE SHEETS (Continued)
(in thousands, except per share data)

	June 30,
	2025		2024
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable	$	9,336	$	9,900
Net related party payables	4,807		6,718

Debt	24,000		30,000
Accrued liabilities:
Employee-related costs	98,924		133,930
League-related accruals	196,567		120,876
Other accrued liabilities	13,093		21,613
Operating lease liabilities, current	52,618		50,267

Deferred revenue	164,178		148,678

Total current liabilities	563,523		521,982

Long-term debt	267,000		275,000
Operating lease liabilities, noncurrent	841,050		749,952
Defined benefit obligations	4,086		4,103
Other employee-related costs	78,092		43,493
Deferred tax liabilities, net	—		16,925
Deferred revenue, noncurrent	662		1,147


Total liabilities	1,754,413		1,612,602
Commitments and contingencies (see Note 12)

Madison Square Garden Sports Corp. Stockholders’ Equity:
Class A Common stock, par value $0.01, 120,000 shares authorized; 19,488 and 19,423 shares outstanding as of June 30, 2025 and 2024, respectively	204		204
Class B Common stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of June 30, 2025 and 2024	45		45
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of June 30, 2025 and 2024	—		—
Additional paid-in capital	15,348		19,079
Treasury stock, at cost, 960 and 1,025 shares as of June 30, 2025 and 2024, respectively	(158,543)		(169,547)
Accumulated deficit	(137,596)		(115,139)
Accumulated other comprehensive loss	(897)		(952)
Total equity	(281,439)		(266,310)


Total liabilities and equity	$	1,472,974	$	1,346,292


MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Years Ended June 30,
	2025		2024		2023
Cash flows from operating activities:
Net (loss) income	$	(22,438)	$	58,771	$	45,628
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	3,218		3,164		3,577

Share-based compensation expense	17,935		21,291		25,203

(Benefit from) provision for deferred income taxes	(51,769)		(7,135)		15,022

Unrealized loss (gain) on equity investments with readily determinable fair value and warrants	11,536		10,591		(26,561)




Other non-cash adjustments	5,538		7,264		3,330
Change in assets and liabilities:
Accounts receivable, net	7,926		6,358		5,976
Net related party receivables	28,673		(16,286)		11,534
Prepaid expenses and other assets	(12,978)		4,481		(5,666)
Investments	(2,503)		(2,683)		(10,575)
Accounts payable	(574)		803		(2,081)
Net related party payables	(1,920)		1,048		(13,927)
Accrued and other liabilities	66,389		(398)		69,019
Deferred revenue	15,015		(19,892)		7,590
Operating lease right-of-use assets and lease liabilities	27,559		24,754		24,404

Net cash provided by operating activities	91,607		92,131		152,473
Cash flows from investing activities:
Capital expenditures	(3,621)		(1,451)		(1,181)
Cash outflow associated with disposal of subsidiary	—		—		(3,024)














Purchases of investments	(3,399)		(7,447)		(13,554)
Other investing activities	100		—		—

Net cash used in investing activities	(6,920)		(8,898)		(17,759)

See accompanying notes to consolidated financial statements.


MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
(in thousands)

	Years Ended June 30,
	2025		2024		2023
Cash flows from financing activities:
Accelerated share repurchase	—		—		(75,060)
Taxes paid in lieu of shares issued for equity-based compensation	(11,773)		(8,084)		(17,897)

Dividends paid	(633)		(701)		(170,923)




Proceeds from revolving credit facilities	—		75,000		215,000


Repayment of revolving credit facility	(8,000)		(95,000)		(140,000)
Repayment of NHL advance	(6,000)		—		—
Other financing activities	—		—		3,607


Net cash used in financing activities	(26,406)		(28,785)		(185,273)

Net increase (decrease) in cash, cash equivalents and restricted cash	58,281		54,448		(50,559)
Cash, cash equivalents and restricted cash at beginning of period	94,907		40,459		91,018


Cash, cash equivalents and restricted cash at end of period	$	153,188	$	94,907	$	40,459



Non-cash investing and financing activities:


Capital expenditures incurred but not yet paid	$	26	$	40	$	256


MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF EQUITY

(in thousands)

	Common Stock Issued		Additional Paid-In Capital		Treasury Stock		Accumulated Deficit		Accumulated Other Comprehensive Loss		Total Madison Square Garden Sports Corp. Stockholders’ Equity		Nonredeemable Noncontrolling Interests		Total Equity
Balance as of June 30, 2022	$	249	$	17,573	$	(128,026)	$	(35,699)	$	(1,186)	$	(147,089)	$	1,712	$	(145,377)
Net income (loss)	—		—		—		47,793		—		47,793		(2,165)		45,628
Other comprehensive income	—		—		—		—		177		177		—		177
Comprehensive income (loss)			—		—		—		—		47,970		(2,165)		45,805

Share-based compensation	—		25,203		—		—		—		25,203		—		25,203
Tax withholding associated with shares issued for equity-based compensation	—		(17,897)		—		—		—		(17,897)		—		(17,897)
Common stock issued under stock incentive plans	—		(9,179)		20,983		(8,928)		—		2,876		—		2,876

Dividends declared ($7.00 per share)	—		—		—		(172,734)		—		(172,734)		—		(172,734)
Accelerated share repurchase	—		1,649		(72,367)		(4,342)		—		(75,060)		—		(75,060)
Adjustments to noncontrolling interests	—		(503)		—		—		—		(503)		453		(50)




Balance as of June 30, 2023	$	249	$	16,846	$	(179,410)	$	(173,910)	$	(1,009)	$	(337,234)	$	—	$	(337,234)

See accompanying notes to consolidated financial statements.


Fiscal year ending June 30, 2026	$	169,552
Fiscal year ending June 30, 2027	106,389
Fiscal year ending June 30, 2028	66,416
Fiscal year ending June 30, 2029	50,954
Fiscal year ending June 30, 2030	26,754
Thereafter	13,233
	$	433,298


	As of
	June 30, 2025		June 30, 2024		June 30, 2023
Captions on the consolidated balance sheets:
Cash and cash equivalents	$	144,617	$	89,136	$	40,398
Restricted cash (a)	8,571		5,771		61
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows	$	153,188	$	94,907	$	40,459


	Line Item in the Company’s Consolidated Balance Sheet	June 30, 2025		June 30, 2024
Right-of-use assets:
Operating leases	Right-of-use lease assets	$	760,456	$	694,566
Lease liabilities:
Operating leases, current (a)	Operating lease liabilities, current	52,618		50,267
Operating leases, noncurrent (a)	Operating lease liabilities, noncurrent	841,050		749,952
Total lease liabilities		$	893,668	$	800,219


	June 30, 2025		June 30, 2024		Estimated Useful Lives
Land	$	5,153	$	5,153
Buildings	51,713		51,645		Up to	45 years
Equipment	21,957		22,878		2 years	to	20 years
Leasehold improvements	658		564		Shorter of term of lease or life of improvement
Furniture and fixtures	2,841		555		4 years	to	10 years
Construction in progress	275		27
	82,597		80,822
Less accumulated depreciation and amortization	(53,635)		(52,281)
	$	28,962	$	28,541


	June 30, 2025		June 30, 2024
Equity method investments:
NRG	$	6,607	$	7,536
MSG Networks	—		—
Other equity method investments	4,421		5,038
Equity investments with readily determinable fair values:
Xtract One Technologies Inc. (“Xtract One”) common stock	9,290		17,380
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan	23,536		18,837
Equity investments without readily determinable fair values(a)	9,262		6,757
Derivative instruments:
Xtract One warrants	1,604		6,995
Total investments	$	54,720	$	62,543


	June 30, 2025				June 30, 2024
	Cost Basis		Carrying Value / Fair Value		Cost Basis		Carrying Value / Fair Value
Xtract One common stock	$	7,721	$	9,290	$	7,721	$	17,380
Other equity investments with readily determinable fair values	19,263		23,536		16,510		18,837
	$	26,984	$	32,826	$	24,231	$	36,217


	Fair Value Hierarchy	June 30,
		2025		2024
Assets:

Money market accounts	I	$	95,367	$	37,594
Time deposits	I	48,263		49,510
Equity investments	I	32,826		36,217
Warrants	III	1,604		6,995
Total assets measured at fair value		$	178,060	$	130,316


	June 30, 2025		June 30, 2024
Expected term	1.30 years		1.80 years
Expected volatility	70.78	%	64.15	%
Risk-free interest rate	3.85	%	4.73	%


	June 30, 2025				June 30, 2024
	Carrying Value		Fair Value		Carrying Value		Fair Value



Liabilities
Debt, current (a)	$	24,000	$	24,000	$	30,000	$	30,000
Long-term debt (b)	$	267,000	$	267,000	$	275,000	$	275,000


	Off-Balance Sheet Commitments(a)		Contractual Obligations reflected on the Balance Sheet(b)		Total(c)
Fiscal year ending June 30, 2026	$	291,215	$	68,584	$	359,799
Fiscal year ending June 30, 2027	278,966		15,239		294,205
Fiscal year ending June 30, 2028	198,390		15,498		213,888
Fiscal year ending June 30, 2029	73,421		3,875		77,296
Fiscal year ending June 30, 2030	40,083		1,840		41,923
Thereafter	42,635		7,358		49,993
	$	924,710	$	112,394	$	1,037,104