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Knicks and Rangers fans drive MSG Sports revenues

Madison Square Garden Sports (MSG Sports) has posted a revenue of $821.4m (£698/€826m) for fiscal 2022, a record for the company. 

MSG Sports owns the National Basketball Association (NBA)’s New York Knicks and the National Hockey League (NHL)’s New York Rangers. Revenue for the year ended June 30 and is up 98% year-over-year. The $821.4m figure is an increase on the $415.7m in revenues posted in 2021.

Operating income amounted to $86.1m and adjusted operating income totalled $142.2m  compared to a loss of $78.4m and an adjusted operating loss of $12.5m the year prior.

Play-off related revenues increased by $49.6m, primarily due to the Rangers playing 10 home play-off games as the team advanced to the Eastern Conference finals. This is compared to the Knicks playing three home play-off games the year prior.

Pre/regular season ticket-related revenues increased by $27m, suite license fee revenues increased $13.6m and food, beverage and merchandise sales increased by $3.5m. This is compared to the fiscal year prior, which was impacted by COVID-19 attendance restrictions. 

The increase in ticket-related revenues and food, beverage and merchandise sales were partially offset by the timing of the shortened NBA and NHL 2020-21 season. 

Madison Square Garden Sports Corporation president and chief executive, Andrew Lustgarten, said: “Over the course of the fiscal year, we continued to see significant demand for the Knicks and Rangers from our fans and corporate partners, which drove record-high financial results for our company.

“Looking ahead, we already see this momentum carrying over into fiscal 2023 and remain confident that we are well positioned to drive long-term growth and shareholder value.”

Last week, Madison Square Garden Entertainment (MSGE) announced it is exploring a potential spin-off that would create a separately traded public company made up of its live entertainment business and the MSG Networks business. 

The move would see the separation of its performance venues, entertainment and sports bookings, Christmas Spectacular production and MSG Networks from its MSG Sphere and Tao Group Hospitality businesses. 

Image: Seth Hoffman on Unsplash