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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
____________________
FORM 10-Q
________________________
(Mark One)
 ☑QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
 ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to
Commission File Number: 1-36900
msgslogoa01.jpg
MADISON SQUARE GARDEN SPORTS CORP.
(Exact name of registrant as specified in its charter) 
Delaware 47-3373056
(State or other jurisdiction of
incorporation or organization)		 (I.R.S. Employer
Identification No.)
Two Penn Plaza,New York,NY10121
(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (212) 465-4111

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common StockMSGSNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☑ Yes ☐ No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☑ Yes ☐ No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☑Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes ☑ No
Number of shares of common stock outstanding as of October 25, 2024:
Class A Common Stock par value $0.01 per share —19,464,513 
Class B Common Stock par value $0.01 per share —4,529,517 



MADISON SQUARE GARDEN SPORTS CORP.
INDEX TO FORM 10-Q
 
 Page


PART I – FINANCIAL INFORMATION
Item 1. Financial Statements
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
September 30,
2024		June 30,
2024
(Unaudited) 
ASSETS
Current Assets:
Cash and cash equivalents$52,252 $89,136 
Restricted cash5,832 5,771 
Accounts receivable, net of allowance for doubtful accounts of $0 as of September 30, 2024 and June 30, 2024
45,302 33,781 
Net related party receivables26,018 32,255 
Prepaid expenses84,260 30,956 
Other current assets22,116 25,043 
Total current assets235,780 216,942 
Property and equipment, net of accumulated depreciation and amortization of $51,199 and $52,281 as of September 30, 2024 and June 30, 2024, respectively
28,282 28,541 
Right-of-use lease assets692,412 694,566 
Indefinite-lived intangible assets103,644 103,644 
Goodwill226,523 226,523 
Investments64,450 62,543 
Other assets22,206 13,533 
Total assets$1,373,297 $1,346,292 
See accompanying notes to consolidated financial statements.
1

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




September 30,
2024		June 30,
2024
(Unaudited) 
LIABILITIES AND EQUITY
Current Liabilities:
Accounts payable$5,334 $9,900 
Net related party payables4,658 6,718 
Debt30,000 30,000 
Accrued liabilities:
Employee related costs68,766 133,930 
League-related accruals98,215 120,876 
Other accrued liabilities11,064 21,613 
Operating lease liabilities, current49,799 50,267 
Deferred revenue306,839 148,678 
Total current liabilities574,675 521,982 
Long-term debt275,000 275,000 
Operating lease liabilities, noncurrent738,555 749,952 
Defined benefit obligations4,104 4,103 
Other employee related costs47,580 43,493 
Deferred tax liabilities, net9,792 16,925 
Deferred revenue, noncurrent1,120 1,147 
Total liabilities1,650,826 1,612,602 
Commitments and contingencies (see Note 11)
Madison Square Garden Sports Corp. Stockholders’ Equity:
Class A Common Stock, par value $0.01, 120,000 shares authorized; 19,465 and 19,423 shares outstanding as of September 30, 2024 and June 30, 2024, respectively
204 204 
Class B Common Stock, par value $0.01, 30,000 shares authorized; 4,530 shares outstanding as of September 30, 2024 and June 30, 2024
45 45 
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of September 30, 2024 and June 30, 2024
— — 
Additional paid-in capital8,353 19,079 
Treasury stock, at cost, 983 and 1,025 shares as of September 30, 2024 and June 30, 2024, respectively
(162,504)(169,547)
Accumulated deficit(122,689)(115,139)
Accumulated other comprehensive loss(938)(952)
Total equity(277,529)(266,310)
Total liabilities and equity$1,373,297 $1,346,292 

See accompanying notes to consolidated financial statements.
2
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except per share data)
 Three Months Ended
September 30,
20242023
Revenues (a)
$53,307 $43,046 
Operating expenses:
Direct operating expenses (b)
8,211 3,520 
Selling, general and administrative expenses (c)
52,587 53,556 
Depreciation and amortization782 794 
Operating loss(8,273)(14,824)
Other income (expense):
Interest income864 453 
Interest expense(6,055)(6,929)
Miscellaneous expense, net(1,126)(12,665)
(6,317)(19,141)
Loss before income taxes(14,590)(33,965)
Income tax benefit7,048 15,144 
Net loss$(7,542)$(18,821)
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
Weighted-average number of common shares outstanding:
Basic24,049 23,971 
Diluted24,049 23,971 
_________________
(a)Includes revenues from related parties of $8,904 and $8,817 for the three months ended September 30, 2024 and 2023, respectively.
(b)Includes net charges from related parties of $2,295 and $2,616 for the three months ended September 30, 2024 and 2023, respectively.
(c)Includes net charges from related parties of $11,862 and $12,125 for the three months ended September 30, 2024 and 2023, respectively.
See accompanying notes to consolidated financial statements.
3
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
Three Months Ended
September 30,
20242023
Net loss$(7,542)$(18,821)
Other comprehensive income, before income taxes:
Pension plans:
Amounts reclassified from accumulated other comprehensive loss:
Amortization of actuarial loss included in net periodic benefit cost
20 9 
Other comprehensive income, before income taxes20 9 
Income tax expense related to items of other comprehensive income(6)(3)
Other comprehensive income, net of income taxes14 6 
Comprehensive loss$(7,528)$(18,815)

See accompanying notes to consolidated financial statements.
4


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

Three Months Ended
September 30,
20242023
Cash flows from operating activities:
Net loss$(7,542)$(18,821)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization782 794 
Benefit from deferred income taxes(7,140)(15,170)
Share-based compensation expense4,268 4,149 
Unrealized loss on equity investments with readily determinable fair value, warrants, and forward contract612 12,101 
Other non-cash adjustments1,673 571 
Change in assets and liabilities:
Accounts receivable, net(11,521)5,330 
Net related party receivables6,237 (2,315)
Prepaid expenses and other assets(59,309)(54,275)
Investments(2,046)(1,481)
Accounts payable(4,697)(3,821)
Net related party payables(2,064)659 
Accrued and other liabilities(93,834)(104,748)
Deferred revenue158,134 132,328 
Operating lease right-of-use assets and lease liabilities(9,711)(9,442)
Net cash used in operating activities(26,158)(54,141)
Cash flows from investing activities:
Capital expenditures(359)(391)
Purchases of investments(804)(1,338)
Net cash used in investing activities(1,163)(1,729)
Cash flows from financing activities:
Dividends paid(440)(537)
Taxes paid in lieu of shares issued for equity-based compensation(9,062)(6,633)
Proceeds from revolving credit facilities— 75,000 
Net cash (used in) provided by financing activities(9,502)67,830 
Net (decrease) increase in cash, cash equivalents and restricted cash(36,823)11,960 
Cash, cash equivalents and restricted cash at beginning of period94,907 40,459 
Cash, cash equivalents and restricted cash at end of period$58,084 $52,419 
Non-cash investing and financing activities:
Capital expenditures incurred but not yet paid$232 $402 

See accompanying notes to consolidated financial statements.

5
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF EQUITY
(Unaudited)
(in thousands) 
Three Months Ended September 30, 2024
Common
Stock
Issued		Additional
Paid-In
Capital		Treasury
Stock		Accumulated DeficitAccumulated
Other
Comprehensive
Loss		Total Equity
Balance as of June 30, 2024$249 $19,079 $(169,547)$(115,139)$(952)$(266,310)
Net loss— — — (7,542)— (7,542)
Other comprehensive income— — — — 14 14 
Comprehensive loss— — — — — (7,528)
Share-based compensation
— 4,268 — — — 4,268 
Tax withholding associated with shares issued for equity-based compensation
— (7,951)— — — (7,951)
Common stock issued under stock incentive plans
— (7,043)7,043 — — — 
Dividends declared ($7.00 per share)
— — — (8)— (8)
Balance as of September 30, 2024$249 $8,353 $(162,504)$(122,689)$(938)$(277,529)
See accompanying notes to consolidated financial statements.
6
MADISON SQUARE GARDEN SPORTS CORP.
CONSOLIDATED STATEMENTS OF EQUITY (Continued)
(Unaudited)
(in thousands)
Three Months Ended September 30, 2023
Common Stock IssuedAdditional
Paid-In
Capital		Treasury
Stock		Accumulated DeficitAccumulated
Other
Comprehensive Loss		Total Equity
Balance as of June 30, 2023$249 $16,846 $(179,410)$(173,910)$(1,009)$(337,234)
Net loss— — — (18,821)— (18,821)
Other comprehensive income— — — — 6 6 
Comprehensive loss— — — — — (18,815)
Share-based compensation
— 4,149 — — — 4,149 
Tax withholding associated with shares issued for equity-based compensation
— (6,637)— — — (6,637)
Common stock issued under stock incentive plans
— (6,805)6,805 — — — 
Dividends declared ($7.00 per share)
— — — (6)— (6)
Balance as of September 30, 2023$249 $7,553 $(172,605)$(192,737)$(1,003)$(358,543)
See accompanying notes to consolidated financial statements.
7
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
All amounts included in the following Notes to Consolidated Financial Statements are presented in thousands, except per share data or as otherwise noted.
Note 1. Description of Business and Basis of Presentation
Description of Business
Madison Square Garden Sports Corp. (together with its subsidiaries, collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”) owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers (“Knicks”) of the National Basketball Association (“NBA”) and the New York Rangers (“Rangers”) of the National Hockey League (“NHL”). Both the Knicks and the Rangers play their home games in Madison Square Garden Arena (“The Garden”). The Company’s other professional sports franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. These professional sports franchises are collectively referred to herein as the “sports teams” or the “teams.” The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.
The Company operates and reports financial information in one segment. The Company’s decision to organize as one operating segment and report in one segment is based upon its internal organizational structure; the manner in which its operations are managed; and the criteria used by the Company’s Executive Chairman and Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), to evaluate segment performance. The Company’s CODM reviews total company operating results to assess overall performance and allocate resources.
The Company was incorporated on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc. (“MSG Networks”). All the outstanding common stock of the Company was distributed to MSG Networks stockholders (the “MSGS Distribution”) on September 30, 2015.
On April 17, 2020, the Company distributed all of the outstanding common stock of Sphere Entertainment Co. (“Sphere Entertainment”) to its stockholders (the “Sphere Distribution”).
On July 9, 2021, MSG Networks merged with a subsidiary of Sphere Entertainment and became a wholly-owned subsidiary of Sphere Entertainment. Accordingly, agreements between the Company and MSG Networks are now effectively agreements with Sphere Entertainment on a consolidated basis.
Unless the context otherwise requires, all references to Madison Square Garden Entertainment Corp. (“MSG Entertainment”), Sphere Entertainment and MSG Networks refer to such entity, together with its direct and indirect subsidiaries.
Basis of Presentation
The accompanying unaudited consolidated interim financial statements (referred to as the “Financial Statements” herein) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”) for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“fiscal year 2024”). The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, the Financial Statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full fiscal year. The dependence of MSG Sports on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company’s fiscal year, which is when the majority of the sports teams’ games are played.

8
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 2. Accounting Policies
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of Madison Square Garden Sports Corp. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of the accompanying Financial Statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, other current assets, goodwill, intangible assets, other long-lived assets, fair value of investments, deferred tax valuation allowance, tax accruals, and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow and excluding playoffs), luxury tax expense, income tax expense (benefit), performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the Financial Statements to be reasonable.
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of Accounting Standards Codification (“ASC”) 842, Leases that apply to arrangements between related parties under common control. The Company adopted this standard as of the beginning of the fiscal year ending June 30, 2025 (“fiscal year 2025”) and the adoption did not have an impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for fiscal year 2025 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its segment disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual disclosures related to the effective income tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2026 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its income tax disclosures.
9
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 3. Revenue Recognition
Contracts with Customers
All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers. For the three months ended September 30, 2024 and 2023, the Company did not have any impairment losses on receivables or contract assets arising from contracts with customers.
Disaggregation of Revenue
The following table disaggregates the Company’s revenues by type of goods or services in accordance with the disclosure requirements set forth in ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2024 and 2023:
Three Months Ended
September 30,
20242023
Event-related (a)
$6,085 $5,821 
Media rights (b)
7,353 7,219 
Sponsorship, signage and suite licenses5,188 5,314 
League distributions and other34,681 24,692 
Total revenues from contracts with customers$53,307 $43,046 
_________________
(a)Consists of (i) ticket sales and other ticket-related revenues, and (ii) food, beverage and merchandise sales at The Garden.
(b)Consists of (i) local media rights fees, (ii) revenue from the distribution through league-wide national television contracts, and (iii) other local radio rights fees.
10
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Contract Balances
The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2024 and June 30, 2024:
September 30,June 30,
20242024
Receivables from contracts with customers, net (a)
$45,210 $19,930 
Contract assets, current (b)
9,333 14,054 
Deferred revenue, including non-current portion (c), (d)
307,959 149,825 
_________________
(a)Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Net related party receivables in the accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2024 and June 30, 2024, the Company’s receivables reported above included $235 and $0, respectively, related to contracts with customers that are related parties. See Note 16 for further details on these related party arrangements. Receivables from contracts with customers, net, excludes amounts recorded in Accounts receivable, net, associated with amounts due from the NBA related to luxury tax payments.
(b)Contract assets, current, which are reported as Other current assets in the accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to the customer, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
(c)Deferred revenue, including non-current portion, primarily relates to the Company’s receipt of consideration from customers, inclusive of sales tax collected, or billing customers in advance of the Company’s transfer of goods or services to those customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. The Company’s deferred revenue related to local media rights was $34,241 and $0 as of September 30, 2024 and June 30, 2024, respectively. See Note 16 for further details on these related party arrangements.
(d)Revenue recognized for the three months ended September 30, 2024 relating to the deferred revenue balance as of June 30, 2024 was $16,713.
Transaction Price Allocated to the Remaining Performance Obligations
The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2024. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has elected to exclude variable consideration from its disclosure related to the remaining performance obligations under its local media rights arrangements with MSG Networks, league-wide national and international television contracts, and certain other arrangements with variable consideration.
Fiscal year ending June 30, 2025 (remainder)$161,652 
Fiscal year ending June 30, 2026110,059 
Fiscal year ending June 30, 202770,484 
Fiscal year ending June 30, 202839,724 
Fiscal year ending June 30, 202929,480 
Thereafter19,616 
$431,015 
11
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 4. Computation of Earnings (Loss) per Common Share
The following table presents a reconciliation of loss allocated to common shares and a reconciliation of weighted-average shares used in the calculations of basic and diluted loss per common share attributable to the Company’s stockholders (“EPS”) and the number of shares excluded from diluted loss per common share, as they were anti-dilutive.
Three Months Ended
 September 30,
 20242023
Net loss allocable to common shares, basic and diluted (numerator):
Net loss$(7,542)$(18,821)
Less: Dividends to other-than-common stockholders (a)
8 6 
Net earnings allocable to common shares, basic and diluted (numerator):$(7,550)$(18,827)
Weighted-average shares (denominator):
Weighted-average shares for basic EPS24,049 23,971 
Dilutive effect of shares issuable under share-based compensation plans— — 
Weighted-average shares for diluted EPS24,049 23,971 
Weighted-average shares excluded from diluted EPS92 94 
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
_________________
(a)Dividends to other-than-common stockholders consists of forfeitable rights to dividends declared and payable to holders of the Company’s unvested restricted stock units and performance restricted stock units.
Note 5. Team Personnel Transactions
Direct operating and selling, general and administrative expenses in the accompanying consolidated statements of operations include a net provision or credit for transactions relating to the Company’s sports teams for waiver/contract termination costs, player trades and season-ending injuries (“Team personnel transactions”). Team personnel transactions were a net provision of $833 for the three months ended September 30, 2024. There were no Team personnel transactions for the three months ended September 30, 2023.
Note 6. Cash, Cash Equivalents and Restricted Cash
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2024		June 30,
2024		September 30,
2023
Captions on the consolidated balance sheets:
Cash and cash equivalents$52,252 $89,136 $51,208 
Restricted cash (a)
5,832 5,771 1,211 
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows
$58,084 $94,907 $52,419 
_________________
(a)Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
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MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 7. Leases
The Company’s leases primarily consist of the lease of the Company’s principal executive offices under the Sublease Agreement with MSG Entertainment (the “Sublease Agreement”) and a lease agreement for an aircraft. In addition, the Company accounts for the rights of use of The Garden pursuant to the Arena License Agreements (as defined below) as leases under the ASC Topic 842, Leases. See Note 7 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s accounting policies associated with its leases.
As of September 30, 2024, the Company’s existing operating leases, which are recorded in the accompanying financial statements, have remaining lease terms ranging from 1 month to 31 years. In certain instances, leases include options to renew, with varying option terms. The exercise of lease renewals, if available under the lease options, is generally at the Company’s discretion and is considered in the Company’s assessment of the respective lease term. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.
The following table summarizes the right-of-use assets and lease liabilities recorded in the accompanying consolidated balance sheets as of September 30, 2024 and June 30, 2024:
Line Item in the Company’s Consolidated Balance SheetSeptember 30,
2024		June 30,
2024
Right-of-use assets:
Operating leases
Right-of-use lease assets$692,412 $694,566 
Lease liabilities:
Operating leases, current (a)
Operating lease liabilities, current$49,799 $50,267 
Operating leases, noncurrent (a)
Operating lease liabilities, noncurrent738,555 749,952 
Total lease liabilities$788,354 $800,219 
_________________
(a)As of September 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,220 and $705,233, respectively, that are payable to MSG Entertainment. As of June 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,689 and $715,507, respectively, that are payable to MSG Entertainment.
The following table summarizes the activity recorded within the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Line Item in the Company’s Consolidated Statement of OperationsThree Months Ended September 30,
20242023
Operating lease costDirect operating expenses$1,311 $1,311 
Operating lease cost
Selling, general and administrative expenses
2,471 2,320 
Total lease cost$3,782 $3,631 
Supplemental Information
For the three months ended September 30, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities was $13,493 and $13,072, respectively.
The weighted average remaining lease term for operating leases recorded in the accompanying consolidated balance sheet as of September 30, 2024 was 29.6 years. The weighted average discount rate was 7.1% as of September 30, 2024 and represented the Company’s estimated incremental borrowing rate, assuming a secured borrowing, based on the remaining lease term at the time of either (i) adoption of the standard or (ii) the period in which the lease term expectation commenced or was modified.
13
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Maturities of operating lease liabilities as of September 30, 2024 were as follows:
Fiscal year ending June 30, 2025 (remainder)$38,387 
Fiscal year ending June 30, 202652,155 
Fiscal year ending June 30, 202753,516 
Fiscal year ending June 30, 202854,919 
Fiscal year ending June 30, 202956,363 
Thereafter1,985,246 
Total lease payments2,240,586 
Less imputed interest(1,452,232)
Total lease liabilities$788,354 
Note 8. Goodwill and Intangible Assets
During the first quarter of fiscal year 2025, the Company performed its annual impairment test of goodwill and determined that there were no impairments identified as of the impairment test date. The carrying amount of goodwill as of September 30, 2024 and June 30, 2024 was $226,523.
The Company’s indefinite-lived intangible assets as of September 30, 2024 and June 30, 2024 were as follows:
Sports franchises$102,564 
Photographic related rights1,080 
$103,644 
During the first quarter of fiscal year 2025, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets and determined that there were no impairments identified as of the impairment test date.
Note 9. Investments
The Company’s Investments reported in the accompanying consolidated balance sheets, consisted of the following:
September 30,
2024		June 30,
2024
Equity method investments:
NRG$7,306 $7,536 
Other equity method investments4,846 5,038 
Equity investments with readily determinable fair values:
Xtract One Technologies Inc. (“Xtract One”) common stock16,847 17,380 
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan21,939 18,837 
Equity investments without readily determinable fair values (a)
7,561 6,757 
Derivative instruments:
Xtract One warrants5,951 6,995 
Total investments$64,450 $62,543 
_________________
(a)For the three months ended September 30, 2024 and 2023, the Company did not record any impairment charges or changes in carrying value of its equity securities without readily determinable fair values in the accompanying consolidated statements of operations.

14
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Equity Method Investments
NRG
In April 2023, the Company sold its controlling interest in Counter Logic Gaming (“CLG”), a North American esports organization, to Hard Carry Gaming, Inc. (“NRG”), a professional gaming and entertainment company, in exchange for a noncontrolling equity interest in the combined NRG/CLG company. The Company received preferred shares representing approximately 25% of the capital stock of NRG. The Company deconsolidated the CLG business and recorded the investment in NRG at fair value as an equity method investment in the fourth quarter of fiscal year 2023. During the three months ended September 30, 2024 and 2023, the Company recognized its net share of losses of $230 and $415, respectively, in Miscellaneous expense, net within the Company’s consolidated statements of operations. As of September 30, 2024 and June 30, 2024, the Company’s ownership in NRG was approximately 25%.
Equity Investments with Readily Determinable Fair Values
The Company holds investments in equity instruments with readily determinable fair value:
•Xtract One, a technology-driven threat detection and security solution company that is listed on the Toronto Stock Exchange under the symbol “XTRA”. The Company holds common stock of Xtract One and holds warrants entitling the Company to acquire additional shares of common stock of Xtract One which are considered derivative instruments. Refer to Note 10 for further details regarding the Company’s warrants, including the inputs used in determining the fair value of the warrants.
•Other equity investments held in trust under the Company’s Executive Deferred Compensation Plan. Refer to Note 13 for further details regarding the plan.
The fair value of the Company’s investments in common stock of Xtract One and other investments held in trust are determined based on quoted market prices in active markets, which are classified within Level I of the fair value hierarchy.
The cost basis and carrying value of equity investments with readily determinable fair values are as follows:
September 30, 2024June 30, 2024
Cost BasisCarrying Value/Fair ValueCost BasisCarrying Value/Fair Value
Xtract One common stock$7,221 $16,847 $7,721 $17,380 
Other equity investments with readily determinable fair values18,647 21,939 16,510 18,837 
$25,868 $38,786 $24,231 $36,217 
The following table summarizes the realized and unrealized gains (losses) on equity investments with readily determinable fair values, recorded within Miscellaneous expense, net within the Company’s consolidated statements of operations, for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Unrealized loss - Xtract One common stock$(533)$(6,553)
Unrealized gain (loss) - other equity investments with readily determinable fair values965 (130)
Realized gain - other equity investments with readily determinable fair values— 26 
$432 $(6,657)
15
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 10. Fair Value Measurements
The following table presents the Company’s assets that are measured at fair value on a recurring basis, which include cash equivalents:
Fair Value HierarchySeptember 30,
2024		June 30,
2024
Assets:
Money market accountsI$22,523 $37,594 
Time depositsI27,066 49,510 
Equity investmentsI38,786 36,217 
WarrantsIII5,951 6,995 
Total assets measured at fair value$94,326 $130,316 
Level I Inputs
Assets that are classified within Level I of the fair value hierarchy are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company’s money market accounts and time deposits approximates fair value due to their short-term maturities. Refer to Note 9 for further details regarding equity investments.
Level III Inputs
The Company’s level III assets consist of warrants entitling the Company to acquire additional common stock of Xtract One. The Company’s warrants are included within Investments in the accompanying consolidated balance sheets. Changes in the fair value of derivative instruments are measured at each reporting date and are recorded within Miscellaneous expense, net in the accompanying consolidated statements of operations. The fair value of the Company’s warrants in Xtract One were determined using the Black-Scholes option pricing model. The following are key assumptions used to calculate the fair value of the warrants as of September 30, 2024 and June 30, 2024:
September 30,
2024		June 30,
2024
Expected term1.68 years1.80 years
Expected volatility60.51 %64.15 %
Risk-free interest rate3.77 %4.73 %
The following table presents additional information about our assets for which we utilize Level III inputs to determine fair value:
Three Months Ended September 30,
20242023
Balance at beginning of period$6,995 $13,098 
Unrealized losses on warrants(1,044)(5,418)
Balance at end of period$5,951 $7,680 

16
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets are as follows:
September 30, 2024June 30, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities
Debt, current (a)
$30,000 $30,000 $30,000 $30,000 
Long-term debt (b)
$275,000 $275,000 $275,000 $275,000 
_________________
(a)The Company’s debt, current is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s debt, current is the same as its carrying amount based on valuation of similar securities. See Note 12 for further details.
(b)The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s long-term debt is the same as its carrying amount as the debt bears interest at a variable rate indexed to current market conditions. See Note 12 for further details.
Note 11. Commitments and Contingencies
Commitments
As more fully described in Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, the Company’s commitments consist primarily of the Company’s obligations under employment agreements that the Company has with its professional sports teams’ personnel that are generally guaranteed regardless of employee injury or termination. In addition, see Note 7 for more information on the contractual obligations related to future lease payments. The Company did not have any material changes in its contractual obligations, including off-balance sheet commitments, since the end of fiscal year 2024 other than activities in the ordinary course of business.
Legal Matters
The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.
Note 12. Debt
Knicks Revolving Credit Facility
On September 30, 2016, New York Knicks, LLC (“Knicks LLC”), a wholly owned subsidiary of the Company, entered into a credit agreement (the “2016 Knicks Credit Agreement”) with a syndicate of lenders providing for a senior secured revolving credit facility of up to $200,000 with a term of five years to fund working capital needs and for general corporate purposes.
On November 6, 2020, the Company amended and restated the 2016 Knicks Credit Agreement in its entirety (the “2020 Knicks Credit Agreement”). On December 14, 2021, Knicks LLC entered into Amendment No. 2 to the 2020 Knicks Credit Agreement, which amended and restated the 2020 Knicks Credit Agreement (as amended and restated, the “Knicks Credit Agreement”).
The Knicks Credit Agreement provides for a senior secured revolving credit facility of up to $275,000 (the “Knicks Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the Knicks Credit Agreement is December 14, 2026. Amounts borrowed may be distributed to the Company except during an event of default.
All borrowings under the Knicks Revolving Credit Facility are subject to the satisfaction of certain customary conditions, including a representation as to the absence of a bankruptcy or insolvency event (as set forth in the Knicks Credit Agreement) with respect to the obligor (including MSG Networks) under any local media rights agreement. Borrowings under the Knicks Credit Agreement bear interest at a floating rate, which at the option of Knicks LLC may be either (i) a base rate plus a margin ranging from 0.250% to 0.500% per annum or (ii) term Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.100% per annum plus a margin ranging from 1.250% to 1.500% per annum depending on the credit rating applicable to the NBA’s league-wide credit facility. Knicks LLC is required to pay a commitment fee ranging from 0.250% to 0.300% per annum in respect of the average daily unused commitments under the Knicks Revolving Credit Facility. The
17
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

outstanding balance under the Knicks Revolving Credit Facility was $275,000 as of September 30, 2024, which was recorded as Long-term debt in the accompanying consolidated balance sheet. The interest rate on the Knicks Revolving Credit Facility as of September 30, 2024 was 6.22%. During the three months ended September 30, 2024 the Company made interest payments of $4,793 in respect of the Knicks Revolving Credit Facility.
All obligations under the Knicks Revolving Credit Facility are secured by a first lien security interest in certain of Knicks LLC’s assets, including, but not limited to, (i) the Knicks LLC’s membership rights in the NBA, (ii) revenues to be paid to Knicks LLC by the NBA pursuant to certain U.S. national broadcast agreements, and (iii) revenues to be paid to Knicks LLC pursuant to local media contracts.
Subject to customary notice and minimum amount conditions, Knicks LLC may voluntarily prepay outstanding loans under the Knicks Revolving Credit Facility at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to SOFR-based loans). Knicks LLC is required to make mandatory prepayments in certain circumstances, including without limitation if the maximum available amount under the Knicks Revolving Credit Facility is greater than 350% of qualified revenues.
In addition to the financial covenant described above, the Knicks Credit Agreement and related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Knicks Revolving Credit Facility contains certain restrictions on the ability of Knicks LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Knicks Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Knicks Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any Knicks LLC’s collateral.
The Knicks Revolving Credit Facility requires Knicks LLC to comply with a debt service ratio of at least 1.5:1.0 over a trailing four quarter period. As of September 30, 2024, Knicks LLC was in compliance with this financial covenant.
Rangers Revolving Credit Facility
On January 25, 2017, New York Rangers, LLC (“Rangers LLC”), a wholly owned subsidiary of the Company, entered into a credit agreement (the “2017 Rangers Credit Agreement”) with a syndicate of lenders providing for a senior secured revolving credit facility of up to $150,000 with a term of five years to fund working capital needs and for general corporate purposes.
On November 6, 2020, the Company amended and restated the 2017 Rangers Credit Agreement in its entirety (the “2020 Rangers Credit Agreement”). On December 14, 2021, Rangers LLC entered into Amendment No. 3 to the 2020 Rangers Credit Agreement, which amended and restated the 2020 Rangers Credit Agreement (as amended and restated, the “Rangers Credit Agreement”).
The Rangers Credit Agreement provides for a senior secured revolving credit facility of up to $250,000 (the “Rangers Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the Rangers Credit Agreement is December 14, 2026. Amounts borrowed may be distributed to the Company except during an event of default.
All borrowings under the Rangers Revolving Credit Facility are subject to the satisfaction of certain customary conditions, including a representation as to the absence of a bankruptcy or insolvency event (as set forth in the Rangers Credit Agreement) with respect to the obligor (including MSG Networks) under any local media rights agreement. Borrowings under the Rangers Revolving Credit Facility bear interest at a floating rate, which at the option of Rangers LLC may be either (i) a base rate plus a margin ranging from 0.500% to 1.000% per annum or (ii) term SOFR plus a credit spread adjustment of 0.100% per annum plus a margin ranging from 1.500% to 2.000% per annum depending on the credit rating applicable to the NHL’s league-wide credit facility. Rangers LLC is required to pay a commitment fee ranging from 0.375% to 0.625% per annum in respect of the average daily unused commitments under the Rangers Revolving Credit Facility. There were no borrowings under the Rangers Revolving Credit Facility as of September 30, 2024 and accordingly the Company did not make any interest payments during the three months ended September 30, 2024 in respect of the Rangers Revolving Credit Facility.
All obligations under the Rangers Revolving Credit Facility are, subject to the Rangers NHL Advance Agreement (as defined below), secured by a first lien security interest in certain of Rangers LLC’s assets, including, but not limited to, (i) Rangers LLC’s membership rights in the NHL, (ii) revenues to be paid to Rangers LLC by the NHL pursuant to certain U.S. and Canadian national broadcast agreements, and (iii) revenues to be paid to Rangers LLC pursuant to local media contracts.
18
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Subject to customary notice and minimum amount conditions, Rangers LLC may voluntarily prepay outstanding loans under the Rangers Revolving Credit Facility at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to SOFR-based loans). Rangers LLC is required to make mandatory prepayments in certain circumstances, including without limitation if qualified revenues are less than 17% of the maximum available amount under the Rangers Credit Agreement.
In addition to the financial covenant described above, the Rangers Credit Agreement and related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Rangers Revolving Credit Facility contains certain restrictions on the ability of Rangers LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Rangers Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Rangers Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any of Rangers LLC’s assets securing the obligations under the Rangers Revolving Credit Facility.
The Rangers Credit Agreement includes an event of default that is implicated by a bankruptcy or insolvency event with respect to a material media rights counterparty, including MSG Networks.
The Rangers Revolving Credit Facility requires Rangers LLC to comply with a debt service ratio of at least 1.5:1.0 over a trailing four quarter period. As of September 30, 2024, Rangers LLC was in compliance with this financial covenant.
Rangers NHL Advance Agreement
On March 19, 2021, Rangers LLC, Rangers Holdings, LLC and MSG NYR Holdings LLC entered into an advance agreement with the NHL (the “Rangers NHL Advance Agreement”) pursuant to which the NHL advanced $30,000 to Rangers LLC. The advance is required to be utilized solely and exclusively to pay for Rangers LLC operating expenses.
All obligations under the Rangers NHL Advance Agreement are senior to and shall have priority over all secured and other indebtedness of Rangers LLC, Rangers Holdings, LLC and MSG NYR Holdings LLC. All borrowings under the Rangers NHL Advance Agreement were made on a non-revolving basis and bear interest at 3.00% per annum, ending on the date any such advances are fully repaid. Advances received under the Rangers NHL Advance Agreement are payable upon demand by the NHL. It is expected that the advanced amount will be set off against funds that would otherwise be paid, distributed or transferred by the NHL to Rangers LLC. The outstanding balance under the Rangers NHL Advance Agreement was $30,000 as of September 30, 2024 and was recorded as Debt in the accompanying consolidated balance sheet. During the three months ended September 30, 2024 the Company made interest payments of $225.
Deferred Financing Costs
The following table summarizes deferred financing costs, net of amortization, related to the Company’s credit facilities as reported in the accompanying consolidated balance sheets:
September 30,
2024		June 30,
2024
Other current assets$1,145 $1,145 
Other assets1,379 1,665 

19
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 13. Benefit Plans
Defined Benefit Pension Plans
The Company sponsors the MSG Sports, LLC Excess Cash Balance Plan (the “Excess Cash Balance Plan”), an unfunded non-contributory, non-qualified excess cash balance plan and the MSG Sports, LLC Excess Retirement Plan, an unfunded non-contributory, non-qualified defined benefit pension plan for the benefit of certain employees (collectively referred to as the “Pension Plans”). All benefits in the Company’s Pension Plans are frozen and participants are not able to earn benefits for future service under these plans, and no employee of the Company who was not already a participant as of the date the respective plan was frozen may become a participant in the Pension Plans. Existing account balances under the Excess Cash Balance Plan are credited with monthly interest in accordance with the terms of the plan.
The following table presents components of net periodic benefit cost for the Pension Plans included in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023. Components of net periodic benefit cost are reported in Miscellaneous expense, net:
Three Months Ended
September 30,
20242023
Interest cost$63 $68 
Recognized actuarial loss20 9 
Net periodic benefit cost$83 $77 
Defined Contribution Plans
MSG Sports employees participate in The Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”), which is a multiple employer plan sponsored by MSG Entertainment Holdings, LLC, a wholly owned subsidiary of MSG Entertainment. In addition, the Company sponsors the MSG Sports LLC, Excess Savings Plan (the “Excess Savings Plan”), which provides non-qualified retirement benefits to eligible MSG Sports employees.
Expense related to the 401(k) Plan and Excess Savings Plan for the three months ended September 30, 2024 and 2023 was $1,283 and $1,294, respectively.
Executive Deferred Compensation Plan
See Note 14 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”).
The Company recorded compensation expense/(compensation cost credits) of $965 and $(104) for the three months ended September 30, 2024 and 2023, respectively, within Selling, general and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains/(losses) of $965 and $(104) for the three months ended September 30, 2024 and 2023, respectively, within Miscellaneous expense, net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.
The following table summarizes amounts recognized related to the Deferred Compensation Plan in the consolidated balance sheets:
September 30,
2024		June 30,
2024
Non-current assets (included in investments)$21,939 $18,837 
Current liabilities (included in accrued employee related costs)(1,318)(1,233)
Non-current liabilities (included in other employee related costs)(20,621)(17,604)

20
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 14. Share-based Compensation
See Note 15 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s 2015 Employee Stock Plan (the “Employee Stock Plan”) and its 2015 Stock Plan for Non-Employee Directors.
Share-based compensation expense is recognized in the consolidated statements of operations as a component of Selling, general and administrative expenses. Share-based compensation expense was $4,268 and $4,149 for the three months ended September 30, 2024 and 2023, respectively. There were no costs related to share-based compensation that were capitalized for the three months ended September 30, 2024 and 2023.
Restricted Stock Units Award Activity
The following table summarizes activity related to the Company’s restricted stock units and performance restricted stock units, collectively referred to as “RSUs,” held by current and former employees of the Company and non-employee directors, for the three months ended September 30, 2024:
 Number of
Weighted-Average
Fair Value 
Per Share at
Date of Grant (a)
 Nonperformance
Based Vesting
RSUs		Performance
Based Vesting
RSUs
Unvested award balance, June 30, 2024105 153 $170.61 
Granted43 46 $205.31 
Vested(44)(59)$164.24 
Forfeited / Cancelled(1)(2)$170.43 
Unvested award balance, September 30, 2024103 138 $186.26 
_____________________
(a)Weighted-average fair value per share at date of grant does not reflect any adjustments to awards granted prior to the Sphere Distribution.
The fair value of RSUs that vested during the three months ended September 30, 2024 was $21,227. Upon delivery, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the Company’s current and former employees’ required statutory tax withholding obligations for the applicable income and other employment taxes, 39 of these RSUs, with an aggregate value of $7,951, inclusive of $24 related to the Company’s former employees (who vested in the Company’s RSUs), were retained by the Company and the taxes paid are reflected as a financing activity in the accompanying consolidated statement of cash flows for the three months ended September 30, 2024.
The fair value of RSUs that vested during the three months ended September 30, 2023 was $16,637. The weighted-average fair value per share at grant date of RSUs granted during the three months ended September 30, 2023 was $178.45.
Stock Options Award Activity
The following table summarizes activity related to the Company’s stock options for the three months ended September 30, 2024:
Number of
Time Vesting Options		Weighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (In Years)Aggregate Intrinsic Value
Balance as of June 30, 202494 $138.78 
Granted— $— 
Cancelled— $— 
Balance as of September 30, 202494 $138.78 3.21$6,519 
Exercisable as of September 30, 202494 $138.78 3.21$6,519 

21
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 15. Stock Repurchase Program
Effective as of October 1, 2015, the Company’s board of directors authorized the repurchase of up to $525,000 of the Company’s Class A Common Stock (“Class A Common Stock”). Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors.
During the three months ended September 30, 2024 and 2023, the Company did not repurchase any shares under its share repurchase program. As of September 30, 2024, the Company had $184,639 of availability remaining under its stock repurchase authorization.
Note 16. Related Party Transactions
As of September 30, 2024, certain members of the Dolan family, including certain trusts for members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 3.0% of the Company’s outstanding Class A Common Stock. Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represented approximately 70.9% of the aggregate voting power of the Company’s outstanding common stock as of September 30, 2024. Members of the Dolan family are also the controlling stockholders of Sphere Entertainment, MSG Entertainment and AMC Networks Inc. (“AMC Networks”).
The Company was party to the following agreements and/or arrangements with MSG Entertainment as of September 30, 2024:
•Arena license agreements, entered into in April 2020 (the “Arena License Agreements”), pursuant to which MSG Entertainment (i) provides the right to use The Garden for games of the Knicks and the Rangers for a 35-year term in exchange for arena license fees, (ii) shares revenues collected for suite and club licenses, (iii) operates and manages the sale of the sports teams’ merchandise at The Garden for a commission, (iv) operates and manages the sales of food and beverage concessions in exchange for 50% of net profits from sales and catering services during Knicks and Rangers home games, (v) shares revenues collected for the sale of venue indoor signage space and sponsorship rights at The Garden that are not specific to our sports teams, (vi) provides day of game services, and (vii) provides other general services within The Garden;
•Sponsorship sales and service representation agreements pursuant to which MSG Entertainment has the exclusive right and obligation to sell the Company’s sponsorships for an initial stated term of 10 years for a commission. In addition, under these agreements, the Company is charged by MSG Entertainment for sales and service staff and overhead associated with the sales of sponsorship assets;
•Team sponsorship allocation agreement with MSG Entertainment, pursuant to which the sports teams receive an allocation of sponsorship and signage revenues associated with sponsorship agreements that include the assets of both the Company and MSG Entertainment;
•Services agreement (the “Services Agreement”) pursuant to which the Company (i) receives certain services from MSG Entertainment, such as information technology, accounts payable, payroll, human resources, and other corporate functions, and executive support services, in exchange for service fees and (ii) provides certain services to MSG Entertainment, such as certain communications, legal and ticketing services, in exchange for service fees;
•Arrangements pursuant to which the Company provides MSG Entertainment certain services associated with the management of premium hospitality sales and other business operations services;
•The Sublease Agreement, pursuant to which the Company leases office space from MSG Entertainment;
•Group ticket sales representation agreement, pursuant to which MSG Entertainment appointed the Company as its sales and service representative to sell group ticket packages related to MSG Entertainment events in exchange for a commission and reimbursement for sales and service staff and overhead associated with ticket sales on behalf of MSG Entertainment;
•Single night rental commission agreement, pursuant to which the Company may, from time to time, sell (or make referrals for sales of) licenses for the use of suites at The Garden for individual MSG Entertainment events in exchange for a commission; and
•Other agreements with MSG Entertainment entered into in connection with the Sphere Distribution, including a trademark license agreement and certain other arrangements.
22
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

The Company was also party to the following agreements and/or arrangements with Sphere Entertainment (including through its subsidiary MSG Networks) as of September 30, 2024:
•Media rights agreements between the Company and MSG Networks, entered into in July 2015 with stated terms of 20 years, providing MSG Networks with local telecast rights for Knicks and Rangers games in exchange for media rights fees;
•Arrangements with MSG Networks pursuant to which the Knicks and the Rangers have allocated revenues with MSG Networks related to virtual advertising inventory;
•Arrangements pursuant to which the Company provides Sphere Entertainment with certain business operations services;
•Other agreements with Sphere Entertainment in connection with the Sphere Distribution, including a distribution agreement, a tax disaffiliation agreement and an employee matters agreement and certain other arrangements; and
•Other agreements with MSG Networks entered into in connection with the MSGS Distribution, including an employee matters agreement, agreements related to audio-only distribution rights for Knicks and Rangers games, and certain other arrangements.
Prior to April 1, 2024, the Company was also party to arrangements with MSG Entertainment and Sphere Entertainment pursuant to which the Company provided certain sponsorship services to MSG Entertainment and Sphere Entertainment in exchange for services fees.
The Company is also party to time-sharing and dry lease arrangements with MSG Entertainment in connection with aircraft leased by the Company and MSG Entertainment, as well as arrangements with MSG Entertainment and Sphere Entertainment pursuant to which the three companies have agreed to allocate expenses in connection with the use by each company of such aircraft.
In addition, the Company shares certain executive support costs, including office space, executive assistants, security and transportation costs for: (i) the Company’s Executive Chairman and Chief Executive Officer with MSG Entertainment and Sphere Entertainment, (ii) the Company’s Vice Chairman with MSG Entertainment, Sphere Entertainment, and AMC Networks, and (iii) the Company’s Executive Vice President with Sphere Entertainment and AMC Networks. Additionally, the Company, MSG Entertainment, Sphere Entertainment, and AMC Networks allocate the costs of certain personal aircraft and helicopter usage by their shared executives.
Revenues and Operating Expenses (Credits)
The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Revenues (a)
$8,904 $8,817 
Operating expenses:
Expense pursuant to the Services Agreement$8,477 $9,887 
Rent expense pursuant to Sublease Agreement894 750 
Costs associated with the Sponsorship sales and service representation agreements2,612 2,601 
Operating lease expense associated with the Arena License Agreements1,311 1,311 
Other costs associated with the Arena License Agreements1,013 804 
Other operating credits, net(150)(612)
___________________
(a)Primarily consist of local media rights recognized from the licensing of team-related programming under the media rights agreements covering the Knicks and the Rangers.
23
MADISON SQUARE GARDEN SPORTS CORP.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
(Continued)

Note 17. Income Taxes
In general, the Company is required to use an estimated annual effective tax rate to measure the tax benefit or tax expense recognized in an interim period. The estimated annual effective tax rate exceeds the statutory federal tax rate of 21% primarily due to state taxes, nondeductible officers’ compensation, and players’ disability insurance premiums expense. The estimated annual effective tax rate is revised on a quarterly basis.
Income tax benefit for the three months ended September 30, 2024 of $7,048 reflects an effective tax rate of 48%.
Income tax benefit for the three months ended September 30, 2023 of $15,144 reflects an effective tax rate of 45%.
During the three months ended September 30, 2024, the Company made income tax payments, net of refunds, of $10,280.
24
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
This Management’s Discussion and Analysis of Financial Condition and Results of Operations (“MD&A”) contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this MD&A, there are statements concerning the future operating and future financial performance of Madison Square Garden Sports Corp. and its direct and indirect subsidiaries (collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”), including increased expenses as a result of higher team personnel compensation and corresponding NBA luxury tax. Words such as “expects,” “anticipates,” “believes,” “estimates,” “may,” “will,” “should,” “could,” “potential,” “continue,” “intends,” “plans,” and similar words and terms used in the discussion of future operating and future financial performance identify forward-looking statements. Investors are cautioned that such forward-looking statements are not guarantees of future performance, results or events and involve risks and uncertainties and that actual results or developments may differ materially from the forward-looking statements as a result of various factors. Factors that may cause such differences to occur include, but are not limited to:
•the level of our revenues, which depends in part on the popularity and competitiveness of our sports teams;
•costs associated with player injuries, waivers or contract terminations of players and other team personnel;
•changes in professional sports teams’ compensation, including the impact of signing free agents and executing trades, subject to league salary caps and the impact of luxury tax;
•general economic conditions, especially in the New York City metropolitan area;
•the demand for sponsorship arrangements and for advertising;
•competition, for example, from other teams, and other sports and entertainment options;
•developments affecting the regional sports network industry, including the effects of such developments on MSG Networks Inc.’s (“MSG Networks”) solvency and ability to perform its obligations under its local media rights agreements with us;
•changes in laws, National Basketball Association (“NBA”) or National Hockey League (“NHL”) rules, regulations, guidelines, bulletins, directives, policies and agreements, including the leagues’ respective collective bargaining agreements (each, a “CBA”) with their players’ associations, salary caps, escrow requirements, revenue sharing, NBA luxury tax thresholds and media rights, or other regulations under which we operate;
•the performance by our affiliates of their obligations under various agreements with the Company;
•a pandemic or public health emergency and our ability to effectively manage the impacts, including labor market disruptions;
•any NBA, NHL or other work stoppage;
•any economic, political or other actions, such as boycotts, protests, work stoppages or campaigns by labor organizations;
•seasonal fluctuations and other variation in our operating results and cash flow from period to period;
•the level of our expenses, including our corporate expenses;
•operational, business, reputational, litigation and other risk if there is a security incident resulting in loss, disclosure or misappropriation of stored personal information or other breaches of our information security or if third party facilities, systems and/or software upon which we rely are interrupted or unavailable;
•activities or other developments that discourage or may discourage congregation at prominent places of public assembly, including Madison Square Garden Arena (“The Garden”) where the home games of the New York Knickerbockers (the “Knicks”) and the New York Rangers (the “Rangers”) are played;
•a default by our subsidiaries under their respective credit facilities;
•the acquisition or disposition of assets or businesses and/or the impact of, and our ability to successfully pursue acquisitions or other strategic transactions;
•our ability to successfully integrate acquisitions or new businesses into our operations and the operating and financial performance of strategic acquisitions and investments, including those we may not control;
•the impact of governmental regulations or laws, including changes in how those regulations and laws are interpreted and the continued benefit of certain tax exemptions (including for The Garden) and the ability for us and Madison Square Garden Entertainment Corp. (“MSG Entertainment”) to maintain necessary permits or licenses;
25
•the impact of any government plans to redesign New York City’s Pennsylvania Station;
•business, economic, reputational and other risks associated with, and the outcome of, litigation and other proceedings;
•financial community and rating agency perceptions of our business, operations, financial condition and the industry in which we operate;
•certain restrictions on transfer and ownership of our common stock related to our ownership of professional sports franchises in the NBA and NHL;
•the tax-free treatment of the distribution of all of the outstanding common stock of Sphere Entertainment Co. (“Sphere Entertainment”) to its stockholders, which was completed on April 17, 2020; and
•the factors described under “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 and in this Quarterly Report on Form 10-Q.
We disclaim any obligation to update or revise the forward-looking statements contained herein, except as otherwise required by applicable federal securities laws.
All dollar amounts included in the following MD&A are presented in thousands, except as otherwise noted.
Introduction
This MD&A is provided as a supplement to, and should be read in conjunction with, the Company’s unaudited financial statements and accompanying notes thereto included in this Quarterly Report on Form 10-Q, as well as the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, to help provide an understanding of our financial condition, changes in financial condition and results of operations. Unless the context otherwise requires, all references to “we,” “us,” “our,” “MSG Sports,” or the “Company” refer collectively to Madison Square Garden Sports Corp., a holding company, and its direct and indirect subsidiaries through which substantially all of our operations are conducted.
The Company operates and reports financial information in one segment.
This MD&A is organized as follows:
Results of Operations. This section provides an analysis of our unaudited results of operations for the three months ended September 30, 2024 compared to the three months ended September 30, 2023.
Liquidity and Capital Resources. This section focuses primarily on (i) the liquidity and capital resources of the Company, (ii) an analysis of the Company’s cash flows for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, and (iii) certain contractual obligations.
Seasonality of Our Business. This section discusses the seasonal performance of our business.
Recent Accounting Pronouncements and Critical Accounting Policies. This section discusses accounting pronouncements that have been adopted by the Company, if any, as well as the results of the Company’s annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the first quarter of fiscal year 2025. This section should be read together with our critical accounting policies, which are discussed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024 under “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations — Recently Issued Accounting Pronouncements and Critical Accounting Policies — Critical Accounting Policies” and in the notes to the consolidated financial statements of the Company included therein.
26
Results of Operations
Comparison of the three months ended September 30, 2024 versus the three months ended September 30, 2023
The table below sets forth, for the periods presented, certain historical financial information.
Three Months Ended
September 30,Change
20242023$%
Revenues$53,307 $43,046 $10,261 24 %
Direct operating expenses8,211 3,520 4,691 NM
Selling, general and administrative expenses52,587 53,556 (969)2 %
Depreciation and amortization782 794 (12)2 %
Operating loss(8,273)(14,824)6,551 44 %
Other income (expense):
Interest income864 453 411 91 %
Interest expense(6,055)(6,929)874 13 %
Miscellaneous expense, net(1,126)(12,665)11,539 91 %
Loss before income taxes(14,590)(33,965)19,375 57 %
Income tax benefit7,048 15,144 (8,096)(53)%
Net loss$(7,542)$(18,821)$11,279 60 %
______________
NM - Percentage is not meaningful
Revenues
Revenues increased $10,261, or 24%, to $53,307 for the three months ended September 30, 2024 as compared to the prior year period. The net increase was attributable to the following:
Increase in revenues from league distributions$9,727 
Other net increases534 
$10,261 
The increase in revenues from league distributions for the three months ended September 30, 2024 was primarily due to an increase in certain league distributions unrelated to national media rights fees.
Direct operating expenses
Direct operating expenses increased $4,691 to $8,211 for the three months ended September 30, 2024 as compared to the prior year period. The net increase was attributable to the following:
Increase in net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax$4,126 
Increase in net provisions for certain team personnel transactions833 
Other net decreases(268)
$4,691 
The increase in net provisions for league revenue sharing expense (net of escrow and excluding playoffs) and NBA luxury tax for the three months ended September 30, 2024 was due to the net impact of adjustments to prior seasons’ revenue sharing expense (net of escrow).
Net provisions for certain team personnel transactions for the three months ended September 30, 2024 reflect provisions recorded for waiver/contract terminations of $833.
Direct operating expenses for fiscal year 2025 are expected to reflect higher team personnel compensation and corresponding NBA luxury tax due to the Knicks 2024-25 season roster. Based on the current roster, the Knicks would be a significant luxury tax payer for the 2024-25 season.
27
Selling, general and administrative expenses
Selling, general and administrative expenses primarily consist of (i) administrative costs, including compensation, costs under the Company’s Services Agreement, professional fees, and operating lease costs, (ii) fees related to the Company’s sponsorship sales and service representation agreements, and (iii) sales and marketing costs. Selling, general and administrative expenses generally do not fluctuate in line with changes in the Company’s revenues and direct operating expenses.
Selling, general and administrative expenses for the three months ended September 30, 2024 decreased $969, or 2%, to $52,587 as compared to the prior year period driven by (i) lower sales and marketing costs of $744, (ii) lower employee compensation and related benefits of $617, and (iii) lower other general and administrative expenses, partially offset by higher professional fees of $1,181.
Depreciation and amortization
Depreciation and amortization for the three months ended September 30, 2024 decreased $12, or 2%, to $782 as compared to the prior year period.
Operating loss
Operating loss for the three months ended September 30, 2024 decreased $6,551, or 44%, to $8,273 as compared to the prior year period primarily due to higher revenues and, to a lesser extent, lower selling, general and administrative expenses, partially offset by higher direct operating expenses.
Interest income
Interest income for the three months ended September 30, 2024 increased $411, or 91%, to $864 as compared to the prior year period primarily due to higher average cash balances in the current year period.
Interest expense
Interest expense for the three months ended September 30, 2024 decreased $874, or 13%, to $6,055 as compared to the prior year period primarily due to lower average borrowings under the Rangers Revolving Credit Facility in the current year period, partially offset by higher average borrowings under the Knicks Revolving Credit Facility in the current year period.
Miscellaneous expense, net
Miscellaneous expense, net for the three months ended September 30, 2024 decreased $11,539, or 91%, to $1,126 as compared to the prior year period primarily due to lower unrealized losses in the current year period related to the Company’s investments in Xtract One common stock and warrants.
Income taxes
See Note 17 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for a discussion of the Company’s income taxes.
Adjusted operating loss
The Company evaluates performance based on several factors, of which the key financial measure is operating income (loss) excluding (i) depreciation, amortization and impairments of property and equipment, goodwill and other intangible assets, (ii) share-based compensation expense or benefit, (iii) restructuring charges or credits, (iv) gains or losses on sales or dispositions of businesses, (v) the impact of purchase accounting adjustments related to business acquisitions, and (vi) gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan, which is referred to as adjusted operating income (loss), a non-GAAP measure.
Management believes that the exclusion of share-based compensation expense or benefit allows investors to better track the performance of the Company’s business without regard to the settlement of an obligation that is not expected to be made in cash. In addition, management believes that the exclusion of gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan provides investors with a clearer picture of the Company’s operating performance given that, in accordance with GAAP, gains and losses related to the remeasurement of liabilities under the Company’s Executive Deferred Compensation Plan are recognized in Operating income (loss) whereas gains and losses related to the remeasurement of the assets under the Company’s Executive Deferred Compensation Plan, which are equal to and therefore fully offset the gains and losses related to the remeasurement of liabilities, are recognized in Miscellaneous income (expense), net, which is not reflected in Operating income (loss).
The Company believes adjusted operating income (loss) is an appropriate measure for evaluating the operating performance of the Company. Adjusted operating income (loss) and similar measures with similar titles are common performance measures used by investors and analysts to analyze the Company’s performance. The Company uses revenues and adjusted operating
28
income (loss) measures as the most important indicators of its business performance and evaluates management’s effectiveness with specific reference to these indicators.
Adjusted operating income (loss) should be viewed as a supplement to and not a substitute for operating income (loss), net income (loss), cash flows from operating activities, and other measures of performance and/or liquidity presented in accordance with GAAP. Since adjusted operating income (loss) is not a measure of performance calculated in accordance with GAAP, this measure may not be comparable to similar measures with similar titles used by other companies. The Company has presented the components that reconcile operating income (loss), the most directly comparable GAAP financial measure, to adjusted operating income (loss).
The following are the reconciliations of operating loss to adjusted operating loss for the three months ended September 30, 2024 and 2023:
Three Months Ended
September 30,Change
20242023$%
Operating loss$(8,273)$(14,824)$6,551 44 %
Depreciation and amortization782 794 
Share-based compensation4,268 4,149 
Remeasurement of deferred compensation plan liabilities965 (104)
Adjusted operating loss (a)
$(2,258)$(9,985)$7,727 77 %
_________________
(a)Adjusted operating loss includes operating lease costs which is comprised of a contractual cash component plus or minus a non-cash component for each period presented. Pursuant to GAAP, recognition of operating lease costs is recorded on a straight-line basis over the term of the agreement based upon the value of total future payments under the arrangement. Adjusted operating loss includes operating lease costs of (i) $854 and $829 of expense paid in cash for the three months ended September 30, 2024 and 2023, respectively, and (ii) a non-cash expense of $457 and $482, for the three months ended September 30, 2024 and 2023, respectively.
For the three months ended September 30, 2024, adjusted operating loss decreased $7,727, or 77%, to $2,258 as compared to the prior year period. The decrease in adjusted operating loss was primarily due to higher revenues and, to a lesser extent, lower selling, general and administrative expenses, partially offset by higher direct operating expenses.
Adjusted operating income (loss) for fiscal year 2025 is expected to reflect higher team personnel compensation and corresponding NBA luxury tax due to Knicks 2024-25 season roster.
29
Liquidity and Capital Resources
Overview
Our primary sources of liquidity are cash and cash equivalents, cash flow from operations and available borrowing capacity under our credit facilities. See Note 12 to the consolidated financial statements included in “Part I - Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for a discussion of the Knicks Credit Agreement, the Rangers Credit Agreement, and the Rangers NHL Advance Agreement (each as defined therein).
Our principal uses of cash include the operation of our businesses, working capital-related items, the repayment of outstanding debt, repurchases of shares of the Company’s Class A Common Stock, dividends, if declared, and investments.
As of September 30, 2024, we had $52,252 in Cash and cash equivalents. In addition, as of September 30, 2024, the Company’s deferred revenue obligations were $272,957, net of billed, but not yet collected deferred revenue. This balance is primarily comprised of obligations in connection with tickets, suites, and local media rights.
We regularly monitor and assess our ability to meet our net funding and investing requirements. The decisions of the Company as to the use of its available liquidity will be based upon the ongoing review of the funding needs of the business, management’s view of a favorable allocation of cash resources, and the timing of cash flow generation. To the extent the Company desires to access alternative sources of funding through the capital and credit markets, restrictions imposed by the NBA and NHL and potentially challenging U.S. and global economic and market conditions could adversely impact its ability to do so at that time.
We believe we have sufficient liquidity, including approximately $52,252 in Cash and cash equivalents as of September 30, 2024, along with $250,000 of additional available borrowing capacity under existing credit facilities, to fund our operations and satisfy any obligations for the foreseeable future. If MSG Networks were to experience a bankruptcy or insolvency event (as set forth in each of the credit facilities), we would be prevented, absent a cure or waiver, from making borrowings under our revolving credit facilities. The Rangers Credit Agreement also includes an event of default that is implicated by a bankruptcy or insolvency event with respect to a material media rights counterparty, including MSG Networks. There were no borrowings under the Rangers Revolving Credit Facility as of September 30, 2024.
Financing Agreements and Stock Repurchases
See Note 12 and Note 15 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussions of the Company’s debt obligations and various financing agreements, and the Company’s stock repurchases, respectively.
Contractual Obligations
The Company did not have any material changes in its contractual obligations since the end of fiscal year 2024 other than activities in the ordinary course of business.
Cash Flow Discussion
The following table summarizes the Company’s cash flow activities for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Net loss$(7,542)$(18,821)
Adjustments to reconcile net loss to net cash used in operating activities:195 2,445 
Changes in working capital assets and liabilities(18,811)(37,765)
Net cash used in operating activities(26,158)(54,141)
Net cash used in investing activities(1,163)(1,729)
Net cash (used in) provided by financing activities(9,502)67,830 
Net (decrease) increase in cash, cash equivalents and restricted cash$(36,823)$11,960 
Operating Activities
Net cash used in operating activities for the three months ended September 30, 2024 decreased by $27,983 to $26,158 as compared to the prior year period. The decrease was primarily due to changes in working capital assets and liabilities and the decrease in net loss adjusted for non-cash items. The changes in working capital assets and liabilities were primarily driven by (i) a higher increase in deferred revenue of $25,806 primarily due to higher collections of ticket, suites, and sponsorship sales in advance of recognition, (ii) a lower decrease in accrued and other liabilities of $10,914 primarily due to lower payments related to employee compensation in the current year period, and (iii) a lower decrease in net related party receivables of $8,552 primarily due to primarily due to the
30
timing of collections related to the Company’s arena license agreements. These changes were partially offset by (i) an increase in accounts receivable, net of $16,851 primarily due to higher receivables related to league distributions in the current year period and (ii) a higher increase in prepaid expenses and other assets of $5,034 primarily due to higher prepayments related to team personnel compensation in the current year period.
Investing Activities
Net cash used in investing activities for the three months ended September 30, 2024 decreased by $566 to $1,163 as compared to the prior year period primarily due to lower purchases of investments in the current year period.
Financing Activities
Net cash used in financing activities for the three months ended September 30, 2024 was $9,502 as compared to net cash provided by financing activities for the three months ended September 30, 2023 of $67,830. This was primarily due to additional borrowings under the Company’s credit facilities in the prior year period.
Seasonality of Our Business
The Company’s dependence on revenues from its NBA and NHL sports teams generally means that it earns a disproportionate share of its revenues in the second and third quarters of the Company’s fiscal year, which is when the majority of the sports teams’ games are played.
Recent Accounting Pronouncements and Critical Accounting Policies
Recent Accounting Pronouncements
See Note 2 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for discussion of recent accounting pronouncements.
Critical Accounting Policies
The following discussion has been included to provide the results of our annual impairment testing of goodwill and identifiable indefinite-lived intangible assets performed during the first quarter of fiscal year 2025. There have been no material changes to the Company’s critical accounting policies from those set forth in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
Goodwill
The carrying amount of goodwill as of September 30, 2024 was $226,523. Goodwill is tested annually for impairment as of August 31st and at any time upon the occurrence of certain events or changes in circumstances. The Company performs its goodwill impairment test at the reporting unit level, which is the same as or one level below the operating segment level. The Company has one operating and reportable segment, and one reporting unit for goodwill impairment testing purposes.
The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. If the Company can support the conclusion that it is not more likely than not that the fair value of a reporting unit is less than its carrying amount, the Company would not need to perform a quantitative impairment test for that reporting unit. If the Company cannot support such a conclusion or the Company does not elect to perform the qualitative assessment, quantitative assessment is performed by comparing the fair value of a reporting unit with its carrying amount, including goodwill. The estimates of the fair value of the Company’s reporting units are primarily determined using discounted cash flows and comparable market transactions. These valuations are based on estimates and assumptions including projected future cash flows, discount rates, determination of appropriate market comparables and the determination of whether a premium or discount should be applied to comparables. Significant judgments inherent in a discounted cash flow analysis include the selection of the appropriate discount rate, the estimate of the amount and timing of projected future cash flows and identification of appropriate continuing growth rate assumptions. The discount rates used in the analysis are intended to reflect the risk inherent in the projected future cash flows. The amount of an impairment loss is measured as the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill.
31
The Company elected to perform the qualitative assessment of impairment for the Company’s reporting unit for the fiscal year 2025 impairment test. These assessments considered factors such as:
•macroeconomic conditions;
•industry and market considerations;
•market capitalization;
•cost factors;
•overall financial performance of the reporting unit;
•other relevant company-specific factors such as changes in management, strategy or customers; and
•relevant reporting unit specific events such as changes in the carrying amount of net assets.
The Company performed its most recent annual impairment test of goodwill during the first quarter of fiscal year 2025, and there was no impairment of goodwill. Based on this impairment test, the Company concluded it was not more likely than not that the fair value of the reporting unit was less than its carrying amount.
Identifiable Indefinite-Lived Intangible Assets
Identifiable indefinite-lived intangible assets are tested annually for impairment as of August 31st and at any time upon the occurrence of certain events or substantive changes in circumstances. The following table sets forth the amount of identifiable indefinite-lived intangible assets reported in the Company’s consolidated balance sheet as of September 30, 2024:
Sports franchises$102,564 
Photographic related rights1,080 
$103,644 
The Company has the option to perform a qualitative assessment to determine if an impairment is more likely than not to have occurred. In the qualitative assessment, the Company must evaluate the totality of qualitative factors, including any recent fair value measurements, that impact whether an indefinite-lived intangible asset other than goodwill has a carrying amount that more likely than not exceeds its fair value. The Company must proceed to conducting a quantitative analysis, if the Company (i) determines that such an impairment is more likely than not to exist, or (ii) forgoes the qualitative assessment entirely. Under the quantitative assessment, the impairment test for identifiable indefinite-lived intangible assets consists of a comparison of the estimated fair value of the intangible asset with its carrying value. If the carrying value of the intangible asset exceeds its fair value, an impairment loss is recognized in an amount equal to that excess. For all periods presented, the Company elected to perform a qualitative assessment of impairment for the indefinite-lived intangible assets. These assessments considered the events and circumstances that could affect the significant inputs used to determine the fair value of the intangible asset. Examples of such events and circumstances include:
•cost factors;
•financial performance;
•legal, regulatory, contractual, business or other factors;
•other relevant company-specific factors such as changes in management, strategy or customers;
•industry and market considerations; and
•macroeconomic conditions.
The Company performed its most recent annual impairment test of identifiable indefinite-lived intangible assets during the first quarter of fiscal year 2025, and there were no impairments identified. Based on this impairment test, the Company concluded it was not more likely than not that the fair value of the indefinite-lived intangible assets was less than their carrying amount.
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Item 3. Quantitative and Qualitative Disclosures About Market Risk
There were no material changes to the disclosures regarding market risks in connection with our interest rate risk exposure. See Item 7A, “Quantitative and Qualitative Disclosures About Market Risk,” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
Potential interest rate risk exposure:
We have potential interest rate risk exposure related to outstanding borrowings incurred under our credit facilities. Changes in interest rates may increase interest expense payments with respect to any borrowings incurred under the credit facilities.
Borrowings under our credit facilities incur interest, depending on our election, at a floating rate based upon SOFR plus a credit spread adjustment, the U.S. Federal Funds Rate or the U.S. Prime Rate, plus, in each case, a fixed spread. If appropriate, we may seek to reduce such exposure through the use of interest rate swaps or similar instruments. As of September 30, 2024, we had a total of $275 million of borrowings outstanding under our credit facilities. The effect of a hypothetical 100 basis point increase in floating interest rates prevailing as of September 30, 2024 and continuing for a full year would increase interest expense by approximately $2.8 million. See Note 12 to the consolidated financial statements included in “Part I — Item 1. Financial Statements” of this Quarterly Report on Form 10-Q for a discussion of the Knicks Credit Agreement, Rangers Credit Agreement, and Rangers NHL Advance Agreement.
Item 4. Controls and Procedures
An evaluation was carried out under the supervision and with the participation of the Company’s management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934). Based on that evaluation, the Company’s Chief Executive Officer and Chief Financial Officer concluded that as of September 30, 2024 the Company’s disclosure controls and procedures were effective.
There were no changes in the Company’s internal control over financial reporting (as such term is defined in Rules 13a-15(f) and 15d-15(f) of the Securities Exchange Act of 1934) during the quarter ended September 30, 2024 that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
33
PART II—OTHER INFORMATION
Item 1. Legal Proceedings
The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.
Item 1A. Risk Factors
The risk factor set forth below should be read carefully in conjunction with the risk factors discussed in Part I, “Item 1A. Risk Factors” of our Annual Report on Form 10-K for the fiscal year ended June 30, 2024, which could materially impact our business, financial condition and results of operations.
Local Media Rights Are a Significant Revenue Stream for Our Business and Decreases in Local Media Rights Revenue Could Have a Material Negative Effect on our Business and Results of Operations.
Solvency and business disruptions impacting our broadcasting partner, MSG Networks, including the work-out or bankruptcy of MSG Networks (as discussed below) and actions by the NBA or NHL or their national broadcast partners, could adversely affect the revenue that can be derived from these media rights.
In October 2015, the Knicks and the Rangers entered into 20-year local media rights agreements with MSG Networks, a regional sports network and wholly-owned subsidiary of Sphere Entertainment. These agreements provide MSG Networks with exclusive local linear and digital rights to home and away games of the Knicks and the Rangers, as well as other team-related programming.
In recent years, certain regional sports networks have experienced financial difficulties. For example, in March 2023, Diamond Sports Group, an unconsolidated subsidiary of Sinclair Broadcasting Group Inc., which licenses and distributes sports content in a number of regional markets, filed for protection under Chapter 11 of the bankruptcy code. As a result, the majority of Diamond Sports Group’s media rights agreements have either been rejected in connection with the bankruptcy proceedings or have expired without renewal. For example, during its bankruptcy, Diamond Sports Group ended its media rights agreements with a number of NHL and NBA and MLB teams, including the Phoenix Suns of the NBA and the Dallas Stars of the NHL, and proposed the rejection of nearly all of its media rights agreements with the MLB teams in its portfolio.
MSG Networks was not able to refinance its credit facilities prior to the maturity thereof in October 2024 and entered into a forbearance agreement with its lenders that terminates on November 8, 2024. MSG Networks has indicated that it is pursuing a work-out of its indebtedness and, if the work-out is not successful, may seek bankruptcy protection prior to the lenders exercising their rights under its credit facilities. As part of a work-out or bankruptcy proceeding, MSG Networks may attempt to renegotiate its media rights agreements prior to expiration, including to reduce the fees thereunder, or in the absence of renegotiation, may seek to discharge those agreements. Media rights revenues for the Knicks and Rangers totaled $175.3 million in fiscal year 2024 and stated rights fees for fiscal year 2025 total up to approximately $186.7 million (which amounts are subject to reduction if games broadcast by the leagues’ national broadcast partners exceed certain numbers of games). If MSG Networks were to discharge its media rights agreements with us as part of a bankruptcy proceeding, we would lose a significant recurring revenue stream with stated rights fees that increase annually, and would also lose the exposure provided by the MSG Networks broadcasting related to the Knicks and the Rangers, any of which could have a material negative effect on our business and results of operations. Although we would pursue alternative sources of distribution for home and away games of the Knicks and the Rangers, as well as other team-related programming, there can be no assurances as to the timing or success of such alternative sources of distribution, all of which would be subject to the approval of the applicable league. In addition, financial difficulties by MSG Networks may have negative implications under our credit facilities. For example, the Rangers Credit Agreement (as defined herein), which had no borrowings outstanding as of September 30, 2024, includes an event of default that is implicated by a bankruptcy or insolvency event (as set forth in the Rangers Credit Agreement) with respect to a material media rights counterparty, including MSG Networks. See “— Economic and Business Relationship Risks — Certain of Our Subsidiaries Have Incurred Substantial Indebtedness, and the Occurrence of an Event of Default Under Our Subsidiaries’ Credit Facilities or Our Inability to Repay Such Indebtedness When Due Could Substantially Impair the Assets of Those Subsidiaries and Have a Negative Effect on Our Business” in our Annual Report on Form 10-K for the fiscal year ended June 30, 2024.
34
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
As of September 30, 2024, the Company had approximately $185 million remaining under the $525 million Class A Common Stock share repurchase program authorized by the Company’s Board of Directors on September 11, 2015. Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations, with the timing and amount of purchases depending on market conditions and other factors. The Company has funded and expects to continue to fund stock repurchases, if any, through a combination of cash on hand, cash generated by operations and available borrowing capacity under its existing credit facilities. During the three months ended September 30, 2024, the Company did not make any share repurchases under its share repurchase program.
35
Item 6. Exhibits
(a)Index to Exhibits
EXHIBIT
NO.		DESCRIPTION
101The following materials from Madison Square Garden Sports Corp. Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in Inline Extensible Business Reporting Language (iXBRL): (i) Consolidated Balance Sheets, (ii) Consolidated Statements of Operations, (iii) Consolidated Statements of Comprehensive Income (Loss), (iv) Consolidated Statements of Cash Flows, (v) Consolidated Statements of Equity, and (vi) Notes to Consolidated Financial Statements.
104The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in Inline XBRL and contained in Exhibit 101.
†    This exhibit is a management contract or a compensatory plan or arrangement.
*    Furnished herewith. These exhibits shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that Section. Such exhibits shall not be deemed incorporated into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.
36


SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on the 1st day of November 2024.
Madison Square Garden Sports Corp.
By:
/S/    VICTORIA M. MINK
Name:Victoria M. Mink
Title:Executive Vice President, Chief Financial Officer and Treasurer


37

Exhibit 31.1
Certification
I, James L. Dolan, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Madison Square Garden Sports Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 1, 2024
/s/ James L. Dolan
James L. Dolan
Executive Chairman and Chief Executive Officer



Exhibit 31.2
Certification
I, Victoria M. Mink, certify that:

1.I have reviewed this Quarterly Report on Form 10-Q of Madison Square Garden Sports Corp.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c.Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d.Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.


Date: November 1, 2024
/s/ Victoria M. Mink
Victoria M. Mink
Executive Vice President, Chief Financial Officer and Treasurer



Exhibit 32.1
Certification

Pursuant to 18 U.S.C. §1350, the undersigned officer of Madison Square Garden Sports Corp. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 1, 2024
/s/ James L. Dolan
James L. Dolan
Executive Chairman and Chief Executive Officer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.



Exhibit 32.2
Certification

    Pursuant to 18 U.S.C. §1350, the undersigned officer of Madison Square Garden Sports Corp. (the “Company”), hereby certifies, to such officer’s knowledge, that the Company’s Quarterly Report on Form 10-Q for the Quarter ended September 30, 2024 (the “Report”) fully complies with the requirements of §13(a) or §15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.


Date: November 1, 2024
/s/ Victoria M. Mink
Victoria M. Mink
Executive Vice President, Chief Financial Officer and Treasurer

The foregoing certification is being furnished solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Report or as a separate disclosure document.



v3.24.3
Cover - shares
 3 Months Ended
Sep. 30, 2024
Oct. 25, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-36900  
Entity Registrant Name MADISON SQUARE GARDEN SPORTS CORP.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 47-3373056  
Entity Address, Address Line One Two Penn Plaza  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10121  
City Area Code 212  
Local Phone Number 465-4111  
Title of 12(b) Security Class A Common Stock  
Trading Symbol MSGS  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001636519  
Current Fiscal Year End Date --06-30  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   19,464,513
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   4,529,517
v3.24.3
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Current Assets:    
Cash and cash equivalents $ 52,252 $ 89,136
Restricted cash [1] 5,832 5,771
Prepaid expenses 84,260 30,956
Other current assets 22,116 25,043
Total current assets 235,780 216,942
Property and equipment, net of accumulated depreciation and amortization of $51,199 and $52,281 as of September 30, 2024 and June 30, 2024, respectively 28,282 28,541
Right-of-use lease assets 692,412 694,566
Indefinite-lived intangible assets 103,644 103,644
Goodwill 226,523 226,523
Investments 64,450 62,543
Other assets 22,206 13,533
Total assets 1,373,297 1,346,292
Current Liabilities:    
Debt 30,000 30,000
Accrued liabilities:    
Employee related costs 68,766 133,930
League-related accruals 98,215 120,876
Other accrued liabilities 11,064 21,613
Operating lease liabilities, current [2] 49,799 50,267
Deferred revenue 306,839 148,678
Total current liabilities 574,675 521,982
Long-term debt 275,000 275,000
Operating lease liabilities, noncurrent [2] 738,555 749,952
Defined benefit obligations 4,104 4,103
Other employee related costs 47,580 43,493
Deferred tax liabilities, net 9,792 16,925
Deferred revenue, noncurrent 1,120 1,147
Total liabilities 1,650,826 1,612,602
Commitments and contingencies (see Note 11)
Madison Square Garden Sports Corp. Stockholders’ Equity:    
Preferred stock, par value $0.01, 15,000 shares authorized; none outstanding as of September 30, 2024 and June 30, 2024 0 0
Additional paid-in capital 8,353 19,079
Treasury stock, at cost, 983 and 1,025 shares as of September 30, 2024 and June 30, 2024, respectively (162,504) (169,547)
Accumulated deficit (122,689) (115,139)
Accumulated other comprehensive loss (938) (952)
Total equity (277,529) (266,310)
Total liabilities and equity 1,373,297 1,346,292
Class A Common Stock    
Madison Square Garden Sports Corp. Stockholders’ Equity:    
Common stock, value issued 204 204
Class B Common Stock    
Madison Square Garden Sports Corp. Stockholders’ Equity:    
Common stock, value issued 45 45
Nonrelated Party    
Current Assets:    
Accounts receivable, net 45,302 33,781
Current Liabilities:    
Accounts payable 5,334 9,900
Related Party    
Current Assets:    
Accounts receivable, net 26,018 32,255
Current Liabilities:    
Accounts payable $ 4,658 $ 6,718
[1] Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
[2] As of September 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,220 and $705,233, respectively, that are payable to MSG Entertainment. As of June 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,689 and $715,507, respectively, that are payable to MSG Entertainment.
v3.24.3
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
shares in Thousands, $ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Accounts receivable, allowance for credit loss $ 0 $ 0
Accumulated depreciation and amortization $ 51,199 $ 52,281
Preferred stock, par value (in USD per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 15,000 15,000
Preferred stock, shares outstanding (in shares) 0 0
Treasury stock (in shares) 983 1,025
Class A Common Stock    
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 120,000 120,000
Common stock, shares outstanding (in shares) 19,465 19,423
Class B Common Stock    
Common stock, par value (in USD per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 30,000 30,000
Common stock, shares outstanding (in shares) 4,530 4,530
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]    
Revenues [1] $ 53,307 $ 43,046
Operating expenses:    
Direct operating expenses [2] 8,211 3,520
Selling, general and administrative expenses [3] 52,587 53,556
Depreciation and amortization 782 794
Operating loss (8,273) (14,824)
Other income (expense):    
Interest income 864 453
Interest expense (6,055) (6,929)
Miscellaneous expense, net (1,126) (12,665)
Nonoperating income (loss) (6,317) (19,141)
Loss before income taxes (14,590) (33,965)
Income tax benefit 7,048 15,144
Net loss $ (7,542) $ (18,821)
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders (in USD per share) $ (0.31) $ (0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders (in USD per share) $ (0.31) $ (0.79)
Weighted-average number of common shares outstanding:    
Basic (in shares) 24,049 23,971
Diluted (in shares) 24,049 23,971
[1] Includes revenues from related parties of $8,904 and $8,817 for the three months ended September 30, 2024 and 2023, respectively.
[2] Includes net charges from related parties of $2,295 and $2,616 for the three months ended September 30, 2024 and 2023, respectively.
[3] Includes net charges from related parties of $11,862 and $12,125 for the three months ended September 30, 2024 and 2023, respectively.
v3.24.3
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Revenues [1] $ 53,307 $ 43,046
Direct operating expenses [2] 8,211 3,520
Selling, general and administrative expenses [3] 52,587 53,556
Related Party    
Revenues [4] 8,904 8,817
Direct operating expenses 2,295 2,616
Selling, general and administrative expenses $ 11,862 $ 12,125
[1] Includes revenues from related parties of $8,904 and $8,817 for the three months ended September 30, 2024 and 2023, respectively.
[2] Includes net charges from related parties of $2,295 and $2,616 for the three months ended September 30, 2024 and 2023, respectively.
[3] Includes net charges from related parties of $11,862 and $12,125 for the three months ended September 30, 2024 and 2023, respectively.
[4] Primarily consist of local media rights recognized from the licensing of team-related programming under the media rights agreements covering the Knicks and the Rangers.
v3.24.3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]    
Net loss $ (7,542) $ (18,821)
Amounts reclassified from accumulated other comprehensive loss:    
Amortization of actuarial loss included in net periodic benefit cost 20 9
Other comprehensive income, before income taxes 20 9
Income tax expense related to items of other comprehensive income (6) (3)
Other comprehensive income, net of income taxes 14 6
Comprehensive loss $ (7,528) $ (18,815)
v3.24.3
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash flows from operating activities:    
Net loss $ (7,542) $ (18,821)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 782 794
Benefit from deferred income taxes (7,140) (15,170)
Share-based compensation expense 4,268 4,149
Unrealized loss on equity investments with readily determinable fair value, warrants, and forward contract 612 12,101
Other non-cash adjustments 1,673 571
Change in assets and liabilities:    
Accounts receivable, net (11,521) 5,330
Net related party receivables 6,237 (2,315)
Prepaid expenses and other assets (59,309) (54,275)
Investments (2,046) (1,481)
Accounts payable (4,697) (3,821)
Net related party payables (2,064) 659
Accrued and other liabilities (93,834) (104,748)
Deferred revenue 158,134 132,328
Operating lease right-of-use assets and lease liabilities (9,711) (9,442)
Net cash used in operating activities (26,158) (54,141)
Cash flows from investing activities:    
Capital expenditures (359) (391)
Purchases of investments (804) (1,338)
Net cash used in investing activities (1,163) (1,729)
Cash flows from financing activities:    
Dividends paid (440) (537)
Taxes paid in lieu of shares issued for equity-based compensation (9,062) (6,633)
Proceeds from revolving credit facilities 0 75,000
Net cash (used in) provided by financing activities (9,502) 67,830
Net (decrease) increase in cash, cash equivalents and restricted cash (36,823) 11,960
Cash, cash equivalents and restricted cash at beginning of period 94,907 40,459
Cash, cash equivalents and restricted cash at end of period 58,084 52,419
Non-cash investing and financing activities:    
Capital expenditures incurred but not yet paid $ 232 $ 402
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY - USD ($)
$ in Thousands
Total
Common Stock Issued
Additional Paid-In Capital
Treasury Stock
Accumulated Deficit
Accumulated Other Comprehensive Loss
Beginning balance at Jun. 30, 2023 $ (337,234) $ 249 $ 16,846 $ (179,410) $ (173,910) $ (1,009)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (18,821)       (18,821)  
Other comprehensive income 6         6
Comprehensive loss (18,815)          
Share-based compensation 4,149   4,149      
Tax withholding associated with shares issued for equity-based compensation (6,637)   (6,637)      
Common stock issued under stock incentive plans 0   (6,805) 6,805    
Dividends declared ($7.00 per share) (6)       (6)  
Ending balance at Sep. 30, 2023 (358,543) 249 7,553 (172,605) (192,737) (1,003)
Beginning balance at Jun. 30, 2024 (266,310) 249 19,079 (169,547) (115,139) (952)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net loss (7,542)       (7,542)  
Other comprehensive income 14         14
Comprehensive loss (7,528)          
Share-based compensation 4,268   4,268      
Tax withholding associated with shares issued for equity-based compensation (7,951)   (7,951)      
Common stock issued under stock incentive plans 0   (7,043) 7,043    
Dividends declared ($7.00 per share) (8)       (8)  
Ending balance at Sep. 30, 2024 $ (277,529) $ 249 $ 8,353 $ (162,504) $ (122,689) $ (938)
v3.24.3
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]    
Dividends declared (in USD per share) $ 7.00 $ 7.00
v3.24.3
Description of Business and Basis of Presentation
 3 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Description of Business and Basis of Presentation Description of Business and Basis of Presentation
Description of Business
Madison Square Garden Sports Corp. (together with its subsidiaries, collectively, “we,” “us,” “our,” “MSG Sports,” or the “Company”) owns and operates a portfolio of assets featuring some of the most recognized teams in all of sports, including the New York Knickerbockers (“Knicks”) of the National Basketball Association (“NBA”) and the New York Rangers (“Rangers”) of the National Hockey League (“NHL”). Both the Knicks and the Rangers play their home games in Madison Square Garden Arena (“The Garden”). The Company’s other professional sports franchises include two development league teams — the Hartford Wolf Pack of the American Hockey League and the Westchester Knicks of the NBA G League. These professional sports franchises are collectively referred to herein as the “sports teams” or the “teams.” The Company also operates a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.
The Company operates and reports financial information in one segment. The Company’s decision to organize as one operating segment and report in one segment is based upon its internal organizational structure; the manner in which its operations are managed; and the criteria used by the Company’s Executive Chairman and Chief Executive Officer, its Chief Operating Decision Maker (“CODM”), to evaluate segment performance. The Company’s CODM reviews total company operating results to assess overall performance and allocate resources.
The Company was incorporated on March 4, 2015 as an indirect, wholly-owned subsidiary of MSG Networks Inc. (“MSG Networks”). All the outstanding common stock of the Company was distributed to MSG Networks stockholders (the “MSGS Distribution”) on September 30, 2015.
On April 17, 2020, the Company distributed all of the outstanding common stock of Sphere Entertainment Co. (“Sphere Entertainment”) to its stockholders (the “Sphere Distribution”).
On July 9, 2021, MSG Networks merged with a subsidiary of Sphere Entertainment and became a wholly-owned subsidiary of Sphere Entertainment. Accordingly, agreements between the Company and MSG Networks are now effectively agreements with Sphere Entertainment on a consolidated basis.
Unless the context otherwise requires, all references to Madison Square Garden Entertainment Corp. (“MSG Entertainment”), Sphere Entertainment and MSG Networks refer to such entity, together with its direct and indirect subsidiaries.
Basis of Presentation
The accompanying unaudited consolidated interim financial statements (referred to as the “Financial Statements” herein) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”) for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“fiscal year 2024”). The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, the Financial Statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full fiscal year. The dependence of MSG Sports on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company’s fiscal year, which is when the majority of the sports teams’ games are played.
v3.24.3
Accounting Policies
 3 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Accounting Policies Accounting Policies
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of Madison Square Garden Sports Corp. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
The preparation of the accompanying Financial Statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, other current assets, goodwill, intangible assets, other long-lived assets, fair value of investments, deferred tax valuation allowance, tax accruals, and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow and excluding playoffs), luxury tax expense, income tax expense (benefit), performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the Financial Statements to be reasonable.
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods.
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of Accounting Standards Codification (“ASC”) 842, Leases that apply to arrangements between related parties under common control. The Company adopted this standard as of the beginning of the fiscal year ending June 30, 2025 (“fiscal year 2025”) and the adoption did not have an impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for fiscal year 2025 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its segment disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual disclosures related to the effective income tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2026 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its income tax disclosures.
v3.24.3
Revenue Recognition
 3 Months Ended
Sep. 30, 2024
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Contracts with Customers
All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers. For the three months ended September 30, 2024 and 2023, the Company did not have any impairment losses on receivables or contract assets arising from contracts with customers.
Disaggregation of Revenue
The following table disaggregates the Company’s revenues by type of goods or services in accordance with the disclosure requirements set forth in ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2024 and 2023:
Three Months Ended
September 30,
20242023
Event-related (a)
$6,085 $5,821 
Media rights (b)
7,353 7,219 
Sponsorship, signage and suite licenses5,188 5,314 
League distributions and other34,681 24,692 
Total revenues from contracts with customers$53,307 $43,046 
_________________
(a)Consists of (i) ticket sales and other ticket-related revenues, and (ii) food, beverage and merchandise sales at The Garden.
(b)Consists of (i) local media rights fees, (ii) revenue from the distribution through league-wide national television contracts, and (iii) other local radio rights fees.
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2024 and June 30, 2024:
September 30,June 30,
20242024
Receivables from contracts with customers, net (a)
$45,210 $19,930 
Contract assets, current (b)
9,333 14,054 
Deferred revenue, including non-current portion (c), (d)
307,959 149,825 
_________________
(a)Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Net related party receivables in the accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2024 and June 30, 2024, the Company’s receivables reported above included $235 and $0, respectively, related to contracts with customers that are related parties. See Note 16 for further details on these related party arrangements. Receivables from contracts with customers, net, excludes amounts recorded in Accounts receivable, net, associated with amounts due from the NBA related to luxury tax payments.
(b)Contract assets, current, which are reported as Other current assets in the accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to the customer, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
(c)Deferred revenue, including non-current portion, primarily relates to the Company’s receipt of consideration from customers, inclusive of sales tax collected, or billing customers in advance of the Company’s transfer of goods or services to those customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. The Company’s deferred revenue related to local media rights was $34,241 and $0 as of September 30, 2024 and June 30, 2024, respectively. See Note 16 for further details on these related party arrangements.
(d)Revenue recognized for the three months ended September 30, 2024 relating to the deferred revenue balance as of June 30, 2024 was $16,713.
Transaction Price Allocated to the Remaining Performance Obligations
The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2024. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has elected to exclude variable consideration from its disclosure related to the remaining performance obligations under its local media rights arrangements with MSG Networks, league-wide national and international television contracts, and certain other arrangements with variable consideration.
Fiscal year ending June 30, 2025 (remainder)$161,652 
Fiscal year ending June 30, 2026110,059 
Fiscal year ending June 30, 202770,484 
Fiscal year ending June 30, 202839,724 
Fiscal year ending June 30, 202929,480 
Thereafter19,616 
$431,015 
v3.24.3
Computation of Earnings (Loss) per Common Share
 3 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Computation of Earnings (Loss) per Common Share Computation of Earnings (Loss) per Common Share
The following table presents a reconciliation of loss allocated to common shares and a reconciliation of weighted-average shares used in the calculations of basic and diluted loss per common share attributable to the Company’s stockholders (“EPS”) and the number of shares excluded from diluted loss per common share, as they were anti-dilutive.
Three Months Ended
 September 30,
 20242023
Net loss allocable to common shares, basic and diluted (numerator):
Net loss$(7,542)$(18,821)
Less: Dividends to other-than-common stockholders (a)
8 6 
Net earnings allocable to common shares, basic and diluted (numerator):$(7,550)$(18,827)
Weighted-average shares (denominator):
Weighted-average shares for basic EPS24,049 23,971 
Dilutive effect of shares issuable under share-based compensation plans— — 
Weighted-average shares for diluted EPS24,049 23,971 
Weighted-average shares excluded from diluted EPS92 94 
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
_________________
(a)Dividends to other-than-common stockholders consists of forfeitable rights to dividends declared and payable to holders of the Company’s unvested restricted stock units and performance restricted stock units.
v3.24.3
Team Personnel Transactions
 3 Months Ended
Sep. 30, 2024
Team Personnel Transactions [Abstract]  
Team Personnel Transactions Team Personnel Transactions
Direct operating and selling, general and administrative expenses in the accompanying consolidated statements of operations include a net provision or credit for transactions relating to the Company’s sports teams for waiver/contract termination costs, player trades and season-ending injuries (“Team personnel transactions”). Team personnel transactions were a net provision of $833 for the three months ended September 30, 2024. There were no Team personnel transactions for the three months ended September 30, 2023.
v3.24.3
Cash, Cash Equivalents and Restricted Cash
 3 Months Ended
Sep. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2024		June 30,
2024		September 30,
2023
Captions on the consolidated balance sheets:
Cash and cash equivalents$52,252 $89,136 $51,208 
Restricted cash (a)
5,832 5,771 1,211 
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows
$58,084 $94,907 $52,419 
_________________
(a)Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
v3.24.3
Leases
 3 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases Leases
The Company’s leases primarily consist of the lease of the Company’s principal executive offices under the Sublease Agreement with MSG Entertainment (the “Sublease Agreement”) and a lease agreement for an aircraft. In addition, the Company accounts for the rights of use of The Garden pursuant to the Arena License Agreements (as defined below) as leases under the ASC Topic 842, Leases. See Note 7 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s accounting policies associated with its leases.
As of September 30, 2024, the Company’s existing operating leases, which are recorded in the accompanying financial statements, have remaining lease terms ranging from 1 month to 31 years. In certain instances, leases include options to renew, with varying option terms. The exercise of lease renewals, if available under the lease options, is generally at the Company’s discretion and is considered in the Company’s assessment of the respective lease term. The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.
The following table summarizes the right-of-use assets and lease liabilities recorded in the accompanying consolidated balance sheets as of September 30, 2024 and June 30, 2024:
Line Item in the Company’s Consolidated Balance SheetSeptember 30,
2024		June 30,
2024
Right-of-use assets:
Operating leases
Right-of-use lease assets$692,412 $694,566 
Lease liabilities:
Operating leases, current (a)
Operating lease liabilities, current$49,799 $50,267 
Operating leases, noncurrent (a)
Operating lease liabilities, noncurrent738,555 749,952 
Total lease liabilities$788,354 $800,219 
_________________
(a)As of September 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,220 and $705,233, respectively, that are payable to MSG Entertainment. As of June 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,689 and $715,507, respectively, that are payable to MSG Entertainment.
The following table summarizes the activity recorded within the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Line Item in the Company’s Consolidated Statement of OperationsThree Months Ended September 30,
20242023
Operating lease costDirect operating expenses$1,311 $1,311 
Operating lease cost
Selling, general and administrative expenses
2,471 2,320 
Total lease cost$3,782 $3,631 
Supplemental Information
For the three months ended September 30, 2024 and 2023, cash paid for amounts included in the measurement of lease liabilities was $13,493 and $13,072, respectively.
The weighted average remaining lease term for operating leases recorded in the accompanying consolidated balance sheet as of September 30, 2024 was 29.6 years. The weighted average discount rate was 7.1% as of September 30, 2024 and represented the Company’s estimated incremental borrowing rate, assuming a secured borrowing, based on the remaining lease term at the time of either (i) adoption of the standard or (ii) the period in which the lease term expectation commenced or was modified.
Maturities of operating lease liabilities as of September 30, 2024 were as follows:
Fiscal year ending June 30, 2025 (remainder)$38,387 
Fiscal year ending June 30, 202652,155 
Fiscal year ending June 30, 202753,516 
Fiscal year ending June 30, 202854,919 
Fiscal year ending June 30, 202956,363 
Thereafter1,985,246 
Total lease payments2,240,586 
Less imputed interest(1,452,232)
Total lease liabilities$788,354 
v3.24.3
Goodwill and Intangible Assets
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible Assets Goodwill and Intangible Assets
During the first quarter of fiscal year 2025, the Company performed its annual impairment test of goodwill and determined that there were no impairments identified as of the impairment test date. The carrying amount of goodwill as of September 30, 2024 and June 30, 2024 was $226,523.
The Company’s indefinite-lived intangible assets as of September 30, 2024 and June 30, 2024 were as follows:
Sports franchises$102,564 
Photographic related rights1,080 
$103,644 
During the first quarter of fiscal year 2025, the Company performed its annual impairment test of identifiable indefinite-lived intangible assets and determined that there were no impairments identified as of the impairment test date.
v3.24.3
Investments
 3 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s Investments reported in the accompanying consolidated balance sheets, consisted of the following:
September 30,
2024		June 30,
2024
Equity method investments:
NRG$7,306 $7,536 
Other equity method investments4,846 5,038 
Equity investments with readily determinable fair values:
Xtract One Technologies Inc. (“Xtract One”) common stock16,847 17,380 
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan21,939 18,837 
Equity investments without readily determinable fair values (a)
7,561 6,757 
Derivative instruments:
Xtract One warrants5,951 6,995 
Total investments$64,450 $62,543 
_________________
(a)For the three months ended September 30, 2024 and 2023, the Company did not record any impairment charges or changes in carrying value of its equity securities without readily determinable fair values in the accompanying consolidated statements of operations.
Equity Method Investments
NRG
In April 2023, the Company sold its controlling interest in Counter Logic Gaming (“CLG”), a North American esports organization, to Hard Carry Gaming, Inc. (“NRG”), a professional gaming and entertainment company, in exchange for a noncontrolling equity interest in the combined NRG/CLG company. The Company received preferred shares representing approximately 25% of the capital stock of NRG. The Company deconsolidated the CLG business and recorded the investment in NRG at fair value as an equity method investment in the fourth quarter of fiscal year 2023. During the three months ended September 30, 2024 and 2023, the Company recognized its net share of losses of $230 and $415, respectively, in Miscellaneous expense, net within the Company’s consolidated statements of operations. As of September 30, 2024 and June 30, 2024, the Company’s ownership in NRG was approximately 25%.
Equity Investments with Readily Determinable Fair Values
The Company holds investments in equity instruments with readily determinable fair value:
•Xtract One, a technology-driven threat detection and security solution company that is listed on the Toronto Stock Exchange under the symbol “XTRA”. The Company holds common stock of Xtract One and holds warrants entitling the Company to acquire additional shares of common stock of Xtract One which are considered derivative instruments. Refer to Note 10 for further details regarding the Company’s warrants, including the inputs used in determining the fair value of the warrants.
•Other equity investments held in trust under the Company’s Executive Deferred Compensation Plan. Refer to Note 13 for further details regarding the plan.
The fair value of the Company’s investments in common stock of Xtract One and other investments held in trust are determined based on quoted market prices in active markets, which are classified within Level I of the fair value hierarchy.
The cost basis and carrying value of equity investments with readily determinable fair values are as follows:
September 30, 2024June 30, 2024
Cost BasisCarrying Value/Fair ValueCost BasisCarrying Value/Fair Value
Xtract One common stock$7,221 $16,847 $7,721 $17,380 
Other equity investments with readily determinable fair values18,647 21,939 16,510 18,837 
$25,868 $38,786 $24,231 $36,217 
The following table summarizes the realized and unrealized gains (losses) on equity investments with readily determinable fair values, recorded within Miscellaneous expense, net within the Company’s consolidated statements of operations, for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Unrealized loss - Xtract One common stock$(533)$(6,553)
Unrealized gain (loss) - other equity investments with readily determinable fair values965 (130)
Realized gain - other equity investments with readily determinable fair values— 26 
$432 $(6,657)
v3.24.3
Fair Value Measurements
 3 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following table presents the Company’s assets that are measured at fair value on a recurring basis, which include cash equivalents:
Fair Value HierarchySeptember 30,
2024		June 30,
2024
Assets:
Money market accountsI$22,523 $37,594 
Time depositsI27,066 49,510 
Equity investmentsI38,786 36,217 
WarrantsIII5,951 6,995 
Total assets measured at fair value$94,326 $130,316 
Level I Inputs
Assets that are classified within Level I of the fair value hierarchy are valued using observable inputs that reflect quoted prices for identical assets in active markets. The carrying amount of the Company’s money market accounts and time deposits approximates fair value due to their short-term maturities. Refer to Note 9 for further details regarding equity investments.
Level III Inputs
The Company’s level III assets consist of warrants entitling the Company to acquire additional common stock of Xtract One. The Company’s warrants are included within Investments in the accompanying consolidated balance sheets. Changes in the fair value of derivative instruments are measured at each reporting date and are recorded within Miscellaneous expense, net in the accompanying consolidated statements of operations. The fair value of the Company’s warrants in Xtract One were determined using the Black-Scholes option pricing model. The following are key assumptions used to calculate the fair value of the warrants as of September 30, 2024 and June 30, 2024:
September 30,
2024		June 30,
2024
Expected term1.68 years1.80 years
Expected volatility60.51 %64.15 %
Risk-free interest rate3.77 %4.73 %
The following table presents additional information about our assets for which we utilize Level III inputs to determine fair value:
Three Months Ended September 30,
20242023
Balance at beginning of period$6,995 $13,098 
Unrealized losses on warrants(1,044)(5,418)
Balance at end of period$5,951 $7,680 
The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets are as follows:
September 30, 2024June 30, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities
Debt, current (a)
$30,000 $30,000 $30,000 $30,000 
Long-term debt (b)
$275,000 $275,000 $275,000 $275,000 
_________________
(a)The Company’s debt, current is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s debt, current is the same as its carrying amount based on valuation of similar securities. See Note 12 for further details.
(b)The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s long-term debt is the same as its carrying amount as the debt bears interest at a variable rate indexed to current market conditions. See Note 12 for further details.
v3.24.3
Commitments and Contingencies
 3 Months Ended
Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
As more fully described in Note 12 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024, the Company’s commitments consist primarily of the Company’s obligations under employment agreements that the Company has with its professional sports teams’ personnel that are generally guaranteed regardless of employee injury or termination. In addition, see Note 7 for more information on the contractual obligations related to future lease payments. The Company did not have any material changes in its contractual obligations, including off-balance sheet commitments, since the end of fiscal year 2024 other than activities in the ordinary course of business.
Legal Matters
The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted with certainty (including the extent of available insurance, if any), management does not believe that resolution of these lawsuits will have a material adverse effect on the Company.
v3.24.3
Debt
 3 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Debt Debt
Knicks Revolving Credit Facility
On September 30, 2016, New York Knicks, LLC (“Knicks LLC”), a wholly owned subsidiary of the Company, entered into a credit agreement (the “2016 Knicks Credit Agreement”) with a syndicate of lenders providing for a senior secured revolving credit facility of up to $200,000 with a term of five years to fund working capital needs and for general corporate purposes.
On November 6, 2020, the Company amended and restated the 2016 Knicks Credit Agreement in its entirety (the “2020 Knicks Credit Agreement”). On December 14, 2021, Knicks LLC entered into Amendment No. 2 to the 2020 Knicks Credit Agreement, which amended and restated the 2020 Knicks Credit Agreement (as amended and restated, the “Knicks Credit Agreement”).
The Knicks Credit Agreement provides for a senior secured revolving credit facility of up to $275,000 (the “Knicks Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the Knicks Credit Agreement is December 14, 2026. Amounts borrowed may be distributed to the Company except during an event of default.
All borrowings under the Knicks Revolving Credit Facility are subject to the satisfaction of certain customary conditions, including a representation as to the absence of a bankruptcy or insolvency event (as set forth in the Knicks Credit Agreement) with respect to the obligor (including MSG Networks) under any local media rights agreement. Borrowings under the Knicks Credit Agreement bear interest at a floating rate, which at the option of Knicks LLC may be either (i) a base rate plus a margin ranging from 0.250% to 0.500% per annum or (ii) term Secured Overnight Financing Rate (“SOFR”) plus a credit spread adjustment of 0.100% per annum plus a margin ranging from 1.250% to 1.500% per annum depending on the credit rating applicable to the NBA’s league-wide credit facility. Knicks LLC is required to pay a commitment fee ranging from 0.250% to 0.300% per annum in respect of the average daily unused commitments under the Knicks Revolving Credit Facility. The
outstanding balance under the Knicks Revolving Credit Facility was $275,000 as of September 30, 2024, which was recorded as Long-term debt in the accompanying consolidated balance sheet. The interest rate on the Knicks Revolving Credit Facility as of September 30, 2024 was 6.22%. During the three months ended September 30, 2024 the Company made interest payments of $4,793 in respect of the Knicks Revolving Credit Facility.
All obligations under the Knicks Revolving Credit Facility are secured by a first lien security interest in certain of Knicks LLC’s assets, including, but not limited to, (i) the Knicks LLC’s membership rights in the NBA, (ii) revenues to be paid to Knicks LLC by the NBA pursuant to certain U.S. national broadcast agreements, and (iii) revenues to be paid to Knicks LLC pursuant to local media contracts.
Subject to customary notice and minimum amount conditions, Knicks LLC may voluntarily prepay outstanding loans under the Knicks Revolving Credit Facility at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to SOFR-based loans). Knicks LLC is required to make mandatory prepayments in certain circumstances, including without limitation if the maximum available amount under the Knicks Revolving Credit Facility is greater than 350% of qualified revenues.
In addition to the financial covenant described above, the Knicks Credit Agreement and related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Knicks Revolving Credit Facility contains certain restrictions on the ability of Knicks LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Knicks Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Knicks Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any Knicks LLC’s collateral.
The Knicks Revolving Credit Facility requires Knicks LLC to comply with a debt service ratio of at least 1.5:1.0 over a trailing four quarter period. As of September 30, 2024, Knicks LLC was in compliance with this financial covenant.
Rangers Revolving Credit Facility
On January 25, 2017, New York Rangers, LLC (“Rangers LLC”), a wholly owned subsidiary of the Company, entered into a credit agreement (the “2017 Rangers Credit Agreement”) with a syndicate of lenders providing for a senior secured revolving credit facility of up to $150,000 with a term of five years to fund working capital needs and for general corporate purposes.
On November 6, 2020, the Company amended and restated the 2017 Rangers Credit Agreement in its entirety (the “2020 Rangers Credit Agreement”). On December 14, 2021, Rangers LLC entered into Amendment No. 3 to the 2020 Rangers Credit Agreement, which amended and restated the 2020 Rangers Credit Agreement (as amended and restated, the “Rangers Credit Agreement”).
The Rangers Credit Agreement provides for a senior secured revolving credit facility of up to $250,000 (the “Rangers Revolving Credit Facility”) to fund working capital needs and for general corporate purposes. The maturity date of the Rangers Credit Agreement is December 14, 2026. Amounts borrowed may be distributed to the Company except during an event of default.
All borrowings under the Rangers Revolving Credit Facility are subject to the satisfaction of certain customary conditions, including a representation as to the absence of a bankruptcy or insolvency event (as set forth in the Rangers Credit Agreement) with respect to the obligor (including MSG Networks) under any local media rights agreement. Borrowings under the Rangers Revolving Credit Facility bear interest at a floating rate, which at the option of Rangers LLC may be either (i) a base rate plus a margin ranging from 0.500% to 1.000% per annum or (ii) term SOFR plus a credit spread adjustment of 0.100% per annum plus a margin ranging from 1.500% to 2.000% per annum depending on the credit rating applicable to the NHL’s league-wide credit facility. Rangers LLC is required to pay a commitment fee ranging from 0.375% to 0.625% per annum in respect of the average daily unused commitments under the Rangers Revolving Credit Facility. There were no borrowings under the Rangers Revolving Credit Facility as of September 30, 2024 and accordingly the Company did not make any interest payments during the three months ended September 30, 2024 in respect of the Rangers Revolving Credit Facility.
All obligations under the Rangers Revolving Credit Facility are, subject to the Rangers NHL Advance Agreement (as defined below), secured by a first lien security interest in certain of Rangers LLC’s assets, including, but not limited to, (i) Rangers LLC’s membership rights in the NHL, (ii) revenues to be paid to Rangers LLC by the NHL pursuant to certain U.S. and Canadian national broadcast agreements, and (iii) revenues to be paid to Rangers LLC pursuant to local media contracts.
Subject to customary notice and minimum amount conditions, Rangers LLC may voluntarily prepay outstanding loans under the Rangers Revolving Credit Facility at any time, in whole or in part, without premium or penalty (except for customary breakage costs with respect to SOFR-based loans). Rangers LLC is required to make mandatory prepayments in certain circumstances, including without limitation if qualified revenues are less than 17% of the maximum available amount under the Rangers Credit Agreement.
In addition to the financial covenant described above, the Rangers Credit Agreement and related security agreement contain certain customary representations and warranties, affirmative covenants and events of default. The Rangers Revolving Credit Facility contains certain restrictions on the ability of Rangers LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Rangers Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Rangers Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any of Rangers LLC’s assets securing the obligations under the Rangers Revolving Credit Facility.
The Rangers Credit Agreement includes an event of default that is implicated by a bankruptcy or insolvency event with respect to a material media rights counterparty, including MSG Networks.
The Rangers Revolving Credit Facility requires Rangers LLC to comply with a debt service ratio of at least 1.5:1.0 over a trailing four quarter period. As of September 30, 2024, Rangers LLC was in compliance with this financial covenant.
Rangers NHL Advance Agreement
On March 19, 2021, Rangers LLC, Rangers Holdings, LLC and MSG NYR Holdings LLC entered into an advance agreement with the NHL (the “Rangers NHL Advance Agreement”) pursuant to which the NHL advanced $30,000 to Rangers LLC. The advance is required to be utilized solely and exclusively to pay for Rangers LLC operating expenses.
All obligations under the Rangers NHL Advance Agreement are senior to and shall have priority over all secured and other indebtedness of Rangers LLC, Rangers Holdings, LLC and MSG NYR Holdings LLC. All borrowings under the Rangers NHL Advance Agreement were made on a non-revolving basis and bear interest at 3.00% per annum, ending on the date any such advances are fully repaid. Advances received under the Rangers NHL Advance Agreement are payable upon demand by the NHL. It is expected that the advanced amount will be set off against funds that would otherwise be paid, distributed or transferred by the NHL to Rangers LLC. The outstanding balance under the Rangers NHL Advance Agreement was $30,000 as of September 30, 2024 and was recorded as Debt in the accompanying consolidated balance sheet. During the three months ended September 30, 2024 the Company made interest payments of $225.
Deferred Financing Costs
The following table summarizes deferred financing costs, net of amortization, related to the Company’s credit facilities as reported in the accompanying consolidated balance sheets:
September 30,
2024		June 30,
2024
Other current assets$1,145 $1,145 
Other assets1,379 1,665 
v3.24.3
Benefit Plans
 3 Months Ended
Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Benefit Plans Benefit Plans
Defined Benefit Pension Plans
The Company sponsors the MSG Sports, LLC Excess Cash Balance Plan (the “Excess Cash Balance Plan”), an unfunded non-contributory, non-qualified excess cash balance plan and the MSG Sports, LLC Excess Retirement Plan, an unfunded non-contributory, non-qualified defined benefit pension plan for the benefit of certain employees (collectively referred to as the “Pension Plans”). All benefits in the Company’s Pension Plans are frozen and participants are not able to earn benefits for future service under these plans, and no employee of the Company who was not already a participant as of the date the respective plan was frozen may become a participant in the Pension Plans. Existing account balances under the Excess Cash Balance Plan are credited with monthly interest in accordance with the terms of the plan.
The following table presents components of net periodic benefit cost for the Pension Plans included in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023. Components of net periodic benefit cost are reported in Miscellaneous expense, net:
Three Months Ended
September 30,
20242023
Interest cost$63 $68 
Recognized actuarial loss20 9 
Net periodic benefit cost$83 $77 
Defined Contribution Plans
MSG Sports employees participate in The Madison Square Garden 401(k) Savings Plan (the “401(k) Plan”), which is a multiple employer plan sponsored by MSG Entertainment Holdings, LLC, a wholly owned subsidiary of MSG Entertainment. In addition, the Company sponsors the MSG Sports LLC, Excess Savings Plan (the “Excess Savings Plan”), which provides non-qualified retirement benefits to eligible MSG Sports employees.
Expense related to the 401(k) Plan and Excess Savings Plan for the three months ended September 30, 2024 and 2023 was $1,283 and $1,294, respectively.
Executive Deferred Compensation Plan
See Note 14 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s Executive Deferred Compensation Plan (the “Deferred Compensation Plan”).
The Company recorded compensation expense/(compensation cost credits) of $965 and $(104) for the three months ended September 30, 2024 and 2023, respectively, within Selling, general and administrative expenses to reflect the remeasurement of the Deferred Compensation Plan liability. In addition, the Company recorded gains/(losses) of $965 and $(104) for the three months ended September 30, 2024 and 2023, respectively, within Miscellaneous expense, net to reflect the remeasurement of the fair value of assets under the Deferred Compensation Plan.
The following table summarizes amounts recognized related to the Deferred Compensation Plan in the consolidated balance sheets:
September 30,
2024		June 30,
2024
Non-current assets (included in investments)$21,939 $18,837 
Current liabilities (included in accrued employee related costs)(1,318)(1,233)
Non-current liabilities (included in other employee related costs)(20,621)(17,604)
v3.24.3
Share-based Compensation
 3 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-based Compensation Share-based Compensation
See Note 15 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information regarding the Company’s 2015 Employee Stock Plan (the “Employee Stock Plan”) and its 2015 Stock Plan for Non-Employee Directors.
Share-based compensation expense is recognized in the consolidated statements of operations as a component of Selling, general and administrative expenses. Share-based compensation expense was $4,268 and $4,149 for the three months ended September 30, 2024 and 2023, respectively. There were no costs related to share-based compensation that were capitalized for the three months ended September 30, 2024 and 2023.
Restricted Stock Units Award Activity
The following table summarizes activity related to the Company’s restricted stock units and performance restricted stock units, collectively referred to as “RSUs,” held by current and former employees of the Company and non-employee directors, for the three months ended September 30, 2024:
 Number of
Weighted-Average
Fair Value 
Per Share at
Date of Grant (a)
 Nonperformance
Based Vesting
RSUs		Performance
Based Vesting
RSUs
Unvested award balance, June 30, 2024105 153 $170.61 
Granted43 46 $205.31 
Vested(44)(59)$164.24 
Forfeited / Cancelled(1)(2)$170.43 
Unvested award balance, September 30, 2024103 138 $186.26 
_____________________
(a)Weighted-average fair value per share at date of grant does not reflect any adjustments to awards granted prior to the Sphere Distribution.
The fair value of RSUs that vested during the three months ended September 30, 2024 was $21,227. Upon delivery, RSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the Company’s current and former employees’ required statutory tax withholding obligations for the applicable income and other employment taxes, 39 of these RSUs, with an aggregate value of $7,951, inclusive of $24 related to the Company’s former employees (who vested in the Company’s RSUs), were retained by the Company and the taxes paid are reflected as a financing activity in the accompanying consolidated statement of cash flows for the three months ended September 30, 2024.
The fair value of RSUs that vested during the three months ended September 30, 2023 was $16,637. The weighted-average fair value per share at grant date of RSUs granted during the three months ended September 30, 2023 was $178.45.
Stock Options Award Activity
The following table summarizes activity related to the Company’s stock options for the three months ended September 30, 2024:
Number of
Time Vesting Options		Weighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (In Years)Aggregate Intrinsic Value
Balance as of June 30, 202494 $138.78 
Granted— $— 
Cancelled— $— 
Balance as of September 30, 202494 $138.78 3.21$6,519 
Exercisable as of September 30, 202494 $138.78 3.21$6,519 
v3.24.3
Stock Repurchase Program
 3 Months Ended
Sep. 30, 2024
Stock Repurchase Program [Abstract]  
Stock Repurchase Program Stock Repurchase Program
Effective as of October 1, 2015, the Company’s board of directors authorized the repurchase of up to $525,000 of the Company’s Class A Common Stock (“Class A Common Stock”). Under the authorization, shares of Class A Common Stock may be purchased from time to time in open market or private transactions, block trades or such other manner as the Company may determine, in accordance with applicable insider trading and other securities laws and regulations. The timing and amount of purchases will depend on market conditions and other factors.
During the three months ended September 30, 2024 and 2023, the Company did not repurchase any shares under its share repurchase program. As of September 30, 2024, the Company had $184,639 of availability remaining under its stock repurchase authorization.
v3.24.3
Related Party Transactions
 3 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
As of September 30, 2024, certain members of the Dolan family, including certain trusts for members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B Common Stock and approximately 3.0% of the Company’s outstanding Class A Common Stock. Such shares of the Company’s Class A Common Stock and Class B Common Stock, collectively, represented approximately 70.9% of the aggregate voting power of the Company’s outstanding common stock as of September 30, 2024. Members of the Dolan family are also the controlling stockholders of Sphere Entertainment, MSG Entertainment and AMC Networks Inc. (“AMC Networks”).
The Company was party to the following agreements and/or arrangements with MSG Entertainment as of September 30, 2024:
•Arena license agreements, entered into in April 2020 (the “Arena License Agreements”), pursuant to which MSG Entertainment (i) provides the right to use The Garden for games of the Knicks and the Rangers for a 35-year term in exchange for arena license fees, (ii) shares revenues collected for suite and club licenses, (iii) operates and manages the sale of the sports teams’ merchandise at The Garden for a commission, (iv) operates and manages the sales of food and beverage concessions in exchange for 50% of net profits from sales and catering services during Knicks and Rangers home games, (v) shares revenues collected for the sale of venue indoor signage space and sponsorship rights at The Garden that are not specific to our sports teams, (vi) provides day of game services, and (vii) provides other general services within The Garden;
•Sponsorship sales and service representation agreements pursuant to which MSG Entertainment has the exclusive right and obligation to sell the Company’s sponsorships for an initial stated term of 10 years for a commission. In addition, under these agreements, the Company is charged by MSG Entertainment for sales and service staff and overhead associated with the sales of sponsorship assets;
•Team sponsorship allocation agreement with MSG Entertainment, pursuant to which the sports teams receive an allocation of sponsorship and signage revenues associated with sponsorship agreements that include the assets of both the Company and MSG Entertainment;
•Services agreement (the “Services Agreement”) pursuant to which the Company (i) receives certain services from MSG Entertainment, such as information technology, accounts payable, payroll, human resources, and other corporate functions, and executive support services, in exchange for service fees and (ii) provides certain services to MSG Entertainment, such as certain communications, legal and ticketing services, in exchange for service fees;
•Arrangements pursuant to which the Company provides MSG Entertainment certain services associated with the management of premium hospitality sales and other business operations services;
•The Sublease Agreement, pursuant to which the Company leases office space from MSG Entertainment;
•Group ticket sales representation agreement, pursuant to which MSG Entertainment appointed the Company as its sales and service representative to sell group ticket packages related to MSG Entertainment events in exchange for a commission and reimbursement for sales and service staff and overhead associated with ticket sales on behalf of MSG Entertainment;
•Single night rental commission agreement, pursuant to which the Company may, from time to time, sell (or make referrals for sales of) licenses for the use of suites at The Garden for individual MSG Entertainment events in exchange for a commission; and
•Other agreements with MSG Entertainment entered into in connection with the Sphere Distribution, including a trademark license agreement and certain other arrangements.
The Company was also party to the following agreements and/or arrangements with Sphere Entertainment (including through its subsidiary MSG Networks) as of September 30, 2024:
•Media rights agreements between the Company and MSG Networks, entered into in July 2015 with stated terms of 20 years, providing MSG Networks with local telecast rights for Knicks and Rangers games in exchange for media rights fees;
•Arrangements with MSG Networks pursuant to which the Knicks and the Rangers have allocated revenues with MSG Networks related to virtual advertising inventory;
•Arrangements pursuant to which the Company provides Sphere Entertainment with certain business operations services;
•Other agreements with Sphere Entertainment in connection with the Sphere Distribution, including a distribution agreement, a tax disaffiliation agreement and an employee matters agreement and certain other arrangements; and
•Other agreements with MSG Networks entered into in connection with the MSGS Distribution, including an employee matters agreement, agreements related to audio-only distribution rights for Knicks and Rangers games, and certain other arrangements.
Prior to April 1, 2024, the Company was also party to arrangements with MSG Entertainment and Sphere Entertainment pursuant to which the Company provided certain sponsorship services to MSG Entertainment and Sphere Entertainment in exchange for services fees.
The Company is also party to time-sharing and dry lease arrangements with MSG Entertainment in connection with aircraft leased by the Company and MSG Entertainment, as well as arrangements with MSG Entertainment and Sphere Entertainment pursuant to which the three companies have agreed to allocate expenses in connection with the use by each company of such aircraft.
In addition, the Company shares certain executive support costs, including office space, executive assistants, security and transportation costs for: (i) the Company’s Executive Chairman and Chief Executive Officer with MSG Entertainment and Sphere Entertainment, (ii) the Company’s Vice Chairman with MSG Entertainment, Sphere Entertainment, and AMC Networks, and (iii) the Company’s Executive Vice President with Sphere Entertainment and AMC Networks. Additionally, the Company, MSG Entertainment, Sphere Entertainment, and AMC Networks allocate the costs of certain personal aircraft and helicopter usage by their shared executives.
Revenues and Operating Expenses (Credits)
The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Revenues (a)
$8,904 $8,817 
Operating expenses:
Expense pursuant to the Services Agreement$8,477 $9,887 
Rent expense pursuant to Sublease Agreement894 750 
Costs associated with the Sponsorship sales and service representation agreements2,612 2,601 
Operating lease expense associated with the Arena License Agreements1,311 1,311 
Other costs associated with the Arena License Agreements1,013 804 
Other operating credits, net(150)(612)
___________________
(a)Primarily consist of local media rights recognized from the licensing of team-related programming under the media rights agreements covering the Knicks and the Rangers.
v3.24.3
Income Taxes
 3 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
In general, the Company is required to use an estimated annual effective tax rate to measure the tax benefit or tax expense recognized in an interim period. The estimated annual effective tax rate exceeds the statutory federal tax rate of 21% primarily due to state taxes, nondeductible officers’ compensation, and players’ disability insurance premiums expense. The estimated annual effective tax rate is revised on a quarterly basis.
Income tax benefit for the three months ended September 30, 2024 of $7,048 reflects an effective tax rate of 48%.
Income tax benefit for the three months ended September 30, 2023 of $15,144 reflects an effective tax rate of 45%.
During the three months ended September 30, 2024, the Company made income tax payments, net of refunds, of $10,280.
v3.24.3
Accounting Policies (Policies)
 3 Months Ended
Sep. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited consolidated interim financial statements (referred to as the “Financial Statements” herein) have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and Article 10 of Regulation S-X of the Securities and Exchange Commission (the “SEC”) for interim financial information, and should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 (“fiscal year 2024”). The Financial Statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, the Financial Statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The results of operations for the periods presented are not necessarily indicative of the results that might be expected for future interim periods or for the full fiscal year. The dependence of MSG Sports on revenues from its NBA and NHL sports teams generally means it earns a disproportionate share of its revenues in the second and third quarters of the Company’s fiscal year, which is when the majority of the sports teams’ games are played.
Principles of Consolidation
Principles of Consolidation
The consolidated financial statements of the Company include the accounts of Madison Square Garden Sports Corp. and its subsidiaries. All significant intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates
Use of Estimates
The preparation of the accompanying Financial Statements in conformity with GAAP requires management to make estimates and assumptions about future events. These estimates and the underlying assumptions affect the amounts of assets and liabilities reported, disclosures about contingent assets and liabilities, and reported amounts of revenues and expenses. Such estimates include the valuation of accounts receivable, other current assets, goodwill, intangible assets, other long-lived assets, fair value of investments, deferred tax valuation allowance, tax accruals, and other liabilities. In addition, estimates are used in revenue recognition, revenue sharing expense (net of escrow and excluding playoffs), luxury tax expense, income tax expense (benefit), performance and share-based compensation, depreciation and amortization, litigation matters and other matters. Management believes its use of estimates in the Financial Statements to be reasonable.
Management evaluates its estimates on an ongoing basis using historical experience and other factors, including the general economic environment and actions it may take in the future. The Company adjusts such estimates when facts and circumstances dictate. However, these estimates may involve significant uncertainties and judgments and cannot be determined with precision. In addition, these estimates are based on management’s best judgment at a point in time and, as such, these estimates may ultimately differ from actual results. Changes in estimates resulting from weakness in the economic environment or other factors beyond the Company’s control could be material and would be reflected in the Company’s financial statements in future periods.
Recent Accounting Pronouncements
Recent Accounting Pronouncements
Recently Adopted Accounting Pronouncements
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-01, Leases (Topic 842): Common Control Arrangements. This ASU amends certain provisions of Accounting Standards Codification (“ASC”) 842, Leases that apply to arrangements between related parties under common control. The Company adopted this standard as of the beginning of the fiscal year ending June 30, 2025 (“fiscal year 2025”) and the adoption did not have an impact on the Company’s consolidated financial statements.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the CODM and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. All disclosure requirements under ASU 2023-07 are also required for public entities with a single reportable segment. The ASU is effective for the Company’s Annual Report on Form 10-K for fiscal year 2025 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its segment disclosures.
In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The ASU enhances annual disclosures related to the effective income tax rate reconciliation and income taxes paid. The ASU is effective for the Company’s Annual Report on Form 10-K for the fiscal year ending June 30, 2026 and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact this standard will have on its income tax disclosures.
Revenue, Remaining Performance Obligation In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has elected to exclude variable consideration from its disclosure related to the remaining performance obligations under its local media rights arrangements with MSG Networks, league-wide national and international television contracts, and certain other arrangements with variable consideration.
Fair Value Measurement
The fair value of the Company’s investments in common stock of Xtract One and other investments held in trust are determined based on quoted market prices in active markets, which are classified within Level I of the fair value hierarchy.
Valuation of Warrants The Company’s level III assets consist of warrants entitling the Company to acquire additional common stock of Xtract One. The Company’s warrants are included within Investments in the accompanying consolidated balance sheets. Changes in the fair value of derivative instruments are measured at each reporting date and are recorded within Miscellaneous expense, net in the accompanying consolidated statements of operations. The fair value of the Company’s warrants in Xtract One were determined using the Black-Scholes option pricing model.
v3.24.3
Revenue Recognition (Tables)
 3 Months Ended
Sep. 30, 2024
Revenue Recognition [Abstract]  
Schedule of Disaggregation of Revenue
The following table disaggregates the Company’s revenues by type of goods or services in accordance with the disclosure requirements set forth in ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three months ended September 30, 2024 and 2023:
Three Months Ended
September 30,
20242023
Event-related (a)
$6,085 $5,821 
Media rights (b)
7,353 7,219 
Sponsorship, signage and suite licenses5,188 5,314 
League distributions and other34,681 24,692 
Total revenues from contracts with customers$53,307 $43,046 
_________________
(a)Consists of (i) ticket sales and other ticket-related revenues, and (ii) food, beverage and merchandise sales at The Garden.
(b)Consists of (i) local media rights fees, (ii) revenue from the distribution through league-wide national television contracts, and (iii) other local radio rights fees.
Schedule of Contract Balances The following table provides information about contract balances from the Company’s contracts with customers as of September 30, 2024 and June 30, 2024:
September 30,June 30,
20242024
Receivables from contracts with customers, net (a)
$45,210 $19,930 
Contract assets, current (b)
9,333 14,054 
Deferred revenue, including non-current portion (c), (d)
307,959 149,825 
_________________
(a)Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Net related party receivables in the accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2024 and June 30, 2024, the Company’s receivables reported above included $235 and $0, respectively, related to contracts with customers that are related parties. See Note 16 for further details on these related party arrangements. Receivables from contracts with customers, net, excludes amounts recorded in Accounts receivable, net, associated with amounts due from the NBA related to luxury tax payments.
(b)Contract assets, current, which are reported as Other current assets in the accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to the customer, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
(c)Deferred revenue, including non-current portion, primarily relates to the Company’s receipt of consideration from customers, inclusive of sales tax collected, or billing customers in advance of the Company’s transfer of goods or services to those customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. The Company’s deferred revenue related to local media rights was $34,241 and $0 as of September 30, 2024 and June 30, 2024, respectively. See Note 16 for further details on these related party arrangements.
(d)Revenue recognized for the three months ended September 30, 2024 relating to the deferred revenue balance as of June 30, 2024 was $16,713.
Schedule of Estimated Revenue Expected to be Recognized in the Future Related to Performance Obligations
The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 30, 2024. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has elected to exclude variable consideration from its disclosure related to the remaining performance obligations under its local media rights arrangements with MSG Networks, league-wide national and international television contracts, and certain other arrangements with variable consideration.
Fiscal year ending June 30, 2025 (remainder)$161,652 
Fiscal year ending June 30, 2026110,059 
Fiscal year ending June 30, 202770,484 
Fiscal year ending June 30, 202839,724 
Fiscal year ending June 30, 202929,480 
Thereafter19,616 
$431,015 
v3.24.3
Computation of Earnings (Loss) per Common Share (Tables)
 3 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Reconciliation of Earnings (Loss) Allocated to Common Shares and Weighted-Average Shares
The following table presents a reconciliation of loss allocated to common shares and a reconciliation of weighted-average shares used in the calculations of basic and diluted loss per common share attributable to the Company’s stockholders (“EPS”) and the number of shares excluded from diluted loss per common share, as they were anti-dilutive.
Three Months Ended
 September 30,
 20242023
Net loss allocable to common shares, basic and diluted (numerator):
Net loss$(7,542)$(18,821)
Less: Dividends to other-than-common stockholders (a)
8 6 
Net earnings allocable to common shares, basic and diluted (numerator):$(7,550)$(18,827)
Weighted-average shares (denominator):
Weighted-average shares for basic EPS24,049 23,971 
Dilutive effect of shares issuable under share-based compensation plans— — 
Weighted-average shares for diluted EPS24,049 23,971 
Weighted-average shares excluded from diluted EPS92 94 
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders$(0.31)$(0.79)
_________________
(a)Dividends to other-than-common stockholders consists of forfeitable rights to dividends declared and payable to holders of the Company’s unvested restricted stock units and performance restricted stock units.
v3.24.3
Cash, Cash Equivalents and Restricted Cash (Tables)
 3 Months Ended
Sep. 30, 2024
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2024		June 30,
2024		September 30,
2023
Captions on the consolidated balance sheets:
Cash and cash equivalents$52,252 $89,136 $51,208 
Restricted cash (a)
5,832 5,771 1,211 
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows
$58,084 $94,907 $52,419 
_________________
(a)Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
Schedule of Restricted Cash
The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash.
As of
September 30,
2024		June 30,
2024		September 30,
2023
Captions on the consolidated balance sheets:
Cash and cash equivalents$52,252 $89,136 $51,208 
Restricted cash (a)
5,832 5,771 1,211 
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows
$58,084 $94,907 $52,419 
_________________
(a)Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
v3.24.3
Leases (Tables)
 3 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Supplemental Balance Sheet Information
The following table summarizes the right-of-use assets and lease liabilities recorded in the accompanying consolidated balance sheets as of September 30, 2024 and June 30, 2024:
Line Item in the Company’s Consolidated Balance SheetSeptember 30,
2024		June 30,
2024
Right-of-use assets:
Operating leases
Right-of-use lease assets$692,412 $694,566 
Lease liabilities:
Operating leases, current (a)
Operating lease liabilities, current$49,799 $50,267 
Operating leases, noncurrent (a)
Operating lease liabilities, noncurrent738,555 749,952 
Total lease liabilities$788,354 $800,219 
_________________
(a)As of September 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,220 and $705,233, respectively, that are payable to MSG Entertainment. As of June 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,689 and $715,507, respectively, that are payable to MSG Entertainment.
Supplemental Income Statement Information
The following table summarizes the activity recorded within the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Line Item in the Company’s Consolidated Statement of OperationsThree Months Ended September 30,
20242023
Operating lease costDirect operating expenses$1,311 $1,311 
Operating lease cost
Selling, general and administrative expenses
2,471 2,320 
Total lease cost$3,782 $3,631 
Schedule of Maturities of Operating Lease Liabilities
Maturities of operating lease liabilities as of September 30, 2024 were as follows:
Fiscal year ending June 30, 2025 (remainder)$38,387 
Fiscal year ending June 30, 202652,155 
Fiscal year ending June 30, 202753,516 
Fiscal year ending June 30, 202854,919 
Fiscal year ending June 30, 202956,363 
Thereafter1,985,246 
Total lease payments2,240,586 
Less imputed interest(1,452,232)
Total lease liabilities$788,354 
v3.24.3
Goodwill and Intangible Assets (Tables)
 3 Months Ended
Sep. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Indefinite-Lived Intangible Assets
The Company’s indefinite-lived intangible assets as of September 30, 2024 and June 30, 2024 were as follows:
Sports franchises$102,564 
Photographic related rights1,080 
$103,644 
v3.24.3
Investments (Tables)
 3 Months Ended
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]  
Schedule of Investments
The Company’s Investments reported in the accompanying consolidated balance sheets, consisted of the following:
September 30,
2024		June 30,
2024
Equity method investments:
NRG$7,306 $7,536 
Other equity method investments4,846 5,038 
Equity investments with readily determinable fair values:
Xtract One Technologies Inc. (“Xtract One”) common stock16,847 17,380 
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan21,939 18,837 
Equity investments without readily determinable fair values (a)
7,561 6,757 
Derivative instruments:
Xtract One warrants5,951 6,995 
Total investments$64,450 $62,543 
_________________
(a)For the three months ended September 30, 2024 and 2023, the Company did not record any impairment charges or changes in carrying value of its equity securities without readily determinable fair values in the accompanying consolidated statements of operations.
Schedule of Debt Securities, Trading, and Equity Securities, FV-NI
The cost basis and carrying value of equity investments with readily determinable fair values are as follows:
September 30, 2024June 30, 2024
Cost BasisCarrying Value/Fair ValueCost BasisCarrying Value/Fair Value
Xtract One common stock$7,221 $16,847 $7,721 $17,380 
Other equity investments with readily determinable fair values18,647 21,939 16,510 18,837 
$25,868 $38,786 $24,231 $36,217 
The following table summarizes the realized and unrealized gains (losses) on equity investments with readily determinable fair values, recorded within Miscellaneous expense, net within the Company’s consolidated statements of operations, for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Unrealized loss - Xtract One common stock$(533)$(6,553)
Unrealized gain (loss) - other equity investments with readily determinable fair values965 (130)
Realized gain - other equity investments with readily determinable fair values— 26 
$432 $(6,657)
v3.24.3
Fair Value Measurements (Tables)
 3 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
The following table presents the Company’s assets that are measured at fair value on a recurring basis, which include cash equivalents:
Fair Value HierarchySeptember 30,
2024		June 30,
2024
Assets:
Money market accountsI$22,523 $37,594 
Time depositsI27,066 49,510 
Equity investmentsI38,786 36,217 
WarrantsIII5,951 6,995 
Total assets measured at fair value$94,326 $130,316 
Fair Value Measurement Inputs and Valuation Techniques The following are key assumptions used to calculate the fair value of the warrants as of September 30, 2024 and June 30, 2024:
September 30,
2024		June 30,
2024
Expected term1.68 years1.80 years
Expected volatility60.51 %64.15 %
Risk-free interest rate3.77 %4.73 %
Schedule of Additional Information of Assets of Level III Inputs
The following table presents additional information about our assets for which we utilize Level III inputs to determine fair value:
Three Months Ended September 30,
20242023
Balance at beginning of period$6,995 $13,098 
Unrealized losses on warrants(1,044)(5,418)
Balance at end of period$5,951 $7,680 
Schedule of Carrying Value and Fair Value of Debt
The carrying value and fair value of the Company’s debt reported in the accompanying consolidated balance sheets are as follows:
September 30, 2024June 30, 2024
Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Liabilities
Debt, current (a)
$30,000 $30,000 $30,000 $30,000 
Long-term debt (b)
$275,000 $275,000 $275,000 $275,000 
_________________
(a)The Company’s debt, current is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s debt, current is the same as its carrying amount based on valuation of similar securities. See Note 12 for further details.
(b)The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s long-term debt is the same as its carrying amount as the debt bears interest at a variable rate indexed to current market conditions. See Note 12 for further details.
v3.24.3
Debt (Tables)
 3 Months Ended
Sep. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Deferred Financing Costs
The following table summarizes deferred financing costs, net of amortization, related to the Company’s credit facilities as reported in the accompanying consolidated balance sheets:
September 30,
2024		June 30,
2024
Other current assets$1,145 $1,145 
Other assets1,379 1,665 
v3.24.3
Benefit Plans (Tables)
 3 Months Ended
Sep. 30, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract]  
Schedule of Net Periodic Benefit Cost
The following table presents components of net periodic benefit cost for the Pension Plans included in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023. Components of net periodic benefit cost are reported in Miscellaneous expense, net:
Three Months Ended
September 30,
20242023
Interest cost$63 $68 
Recognized actuarial loss20 9 
Net periodic benefit cost$83 $77 
Schedule of Deferred Compensation Plan
The following table summarizes amounts recognized related to the Deferred Compensation Plan in the consolidated balance sheets:
September 30,
2024		June 30,
2024
Non-current assets (included in investments)$21,939 $18,837 
Current liabilities (included in accrued employee related costs)(1,318)(1,233)
Non-current liabilities (included in other employee related costs)(20,621)(17,604)
v3.24.3
Share-based Compensation (Tables)
 3 Months Ended
Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of RSU and PSU Activity
The following table summarizes activity related to the Company’s restricted stock units and performance restricted stock units, collectively referred to as “RSUs,” held by current and former employees of the Company and non-employee directors, for the three months ended September 30, 2024:
 Number of
Weighted-Average
Fair Value 
Per Share at
Date of Grant (a)
 Nonperformance
Based Vesting
RSUs		Performance
Based Vesting
RSUs
Unvested award balance, June 30, 2024105 153 $170.61 
Granted43 46 $205.31 
Vested(44)(59)$164.24 
Forfeited / Cancelled(1)(2)$170.43 
Unvested award balance, September 30, 2024103 138 $186.26 
_____________________
(a)Weighted-average fair value per share at date of grant does not reflect any adjustments to awards granted prior to the Sphere Distribution.
Schedule of Stock Options Award Activity
The following table summarizes activity related to the Company’s stock options for the three months ended September 30, 2024:
Number of
Time Vesting Options		Weighted-Average Exercise Price Per ShareWeighted-Average Remaining Contractual Term (In Years)Aggregate Intrinsic Value
Balance as of June 30, 202494 $138.78 
Granted— $— 
Cancelled— $— 
Balance as of September 30, 202494 $138.78 3.21$6,519 
Exercisable as of September 30, 202494 $138.78 3.21$6,519 
v3.24.3
Related Party Transactions (Tables)
 3 Months Ended
Sep. 30, 2024
Related Party Transactions [Abstract]  
Schedule of Related Party Transactions
The following table summarizes the composition and amounts of the transactions with the Company’s affiliates. These amounts are reflected in revenues and operating expenses in the accompanying consolidated statements of operations for the three months ended September 30, 2024 and 2023:
Three Months Ended September 30,
20242023
Revenues (a)
$8,904 $8,817 
Operating expenses:
Expense pursuant to the Services Agreement$8,477 $9,887 
Rent expense pursuant to Sublease Agreement894 750 
Costs associated with the Sponsorship sales and service representation agreements2,612 2,601 
Operating lease expense associated with the Arena License Agreements1,311 1,311 
Other costs associated with the Arena License Agreements1,013 804 
Other operating credits, net(150)(612)
___________________
(a)Primarily consist of local media rights recognized from the licensing of team-related programming under the media rights agreements covering the Knicks and the Rangers.
v3.24.3
Description of Business and Basis of Presentation (Details)
 3 Months Ended
Sep. 30, 2024
segment
team
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of development league teams | team 2
Number of operating segments 1
Number of reportable segments 1
v3.24.3
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers [1] $ 53,307 $ 43,046
Event-related    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers [2] 6,085 5,821
Media rights    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers [3] 7,353 7,219
Sponsorship, signage and suite licenses    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers 5,188 5,314
League distributions and other    
Disaggregation of Revenue [Line Items]    
Total revenues from contracts with customers $ 34,681 $ 24,692
[1] Includes revenues from related parties of $8,904 and $8,817 for the three months ended September 30, 2024 and 2023, respectively.
[2] Consists of (i) ticket sales and other ticket-related revenues, and (ii) food, beverage and merchandise sales at The Garden.
[3] Consists of (i) local media rights fees, (ii) revenue from the distribution through league-wide national television contracts, and (iii) other local radio rights fees.
v3.24.3
Revenue Recognition - Schedule of Contract Balances (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Contract Assets and Liabilities [Line Items]    
Receivables from contracts with customers, net [1] $ 45,210 $ 19,930
Contract assets, current [2] 9,333 14,054
Deferred revenue, including non-current portion [3],[4] 307,959 149,825
Contract with customer, deferred revenue, revenue recognized 16,713  
Related Party    
Contract Assets and Liabilities [Line Items]    
Receivables from contracts with customers, net 235 0
Deferred revenue, including non-current portion $ 34,241 $ 0
[1] Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Net related party receivables in the accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of September 30, 2024 and June 30, 2024, the Company’s receivables reported above included $235 and $0, respectively, related to contracts with customers that are related parties. See Note 16 for further details on these related party arrangements. Receivables from contracts with customers, net, excludes amounts recorded in Accounts receivable, net, associated with amounts due from the NBA related to luxury tax payments.
[2] Contract assets, current, which are reported as Other current assets in the accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to the customer, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional.
[3] Revenue recognized for the three months ended September 30, 2024 relating to the deferred revenue balance as of June 30, 2024 was $16,713.
[4] Deferred revenue, including non-current portion, primarily relates to the Company’s receipt of consideration from customers, inclusive of sales tax collected, or billing customers in advance of the Company’s transfer of goods or services to those customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer. The Company’s deferred revenue related to local media rights was $34,241 and $0 as of September 30, 2024 and June 30, 2024, respectively. See Note 16 for further details on these related party arrangements.
v3.24.3
Revenue Recognition - Schedule of Estimated Revenue Expected to be Recognized in the Future Related to Performance Obligations (Details)
$ in Thousands
Sep. 30, 2024
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 431,015
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 161,652
Remaining performance obligation period 9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 110,059
Remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 70,484
Remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 39,724
Remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 29,480
Remaining performance obligation period 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-07-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 19,616
Remaining performance obligation period
v3.24.3
Computation of Earnings (Loss) per Common Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Net loss allocable to common shares, basic and diluted (numerator):    
Net loss $ (7,542) $ (18,821)
Less: dividends to other-than-common stockholders [1] 8 6
Net earnings allocable to common shares, basic (7,550) (18,827)
Net earnings allocable to common shares, diluted $ (7,550) $ (18,827)
Weighted-average shares (denominator):    
Weighted-average shares for basic EPS (in shares) 24,049 23,971
Dilutive effect of shares issuable under share-based compensation plans (in shares) 0 0
Weighted-average shares for diluted EPS (in shares) 24,049 23,971
Weighted-average shares excluded from diluted EPS (in shares) 92 94
Basic loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders (in USD per share) $ (0.31) $ (0.79)
Diluted loss per common share attributable to Madison Square Garden Sports Corp.’s stockholders (in USD per share) $ (0.31) $ (0.79)
[1] Dividends to other-than-common stockholders consists of forfeitable rights to dividends declared and payable to holders of the Company’s unvested restricted stock units and performance restricted stock units.
v3.24.3
Team Personnel Transactions (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Team Personnel Transactions [Abstract]    
Team personnel transactions net provision $ 833,000 $ 0
v3.24.3
Cash, Cash Equivalents and Restricted Cash (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Sep. 30, 2023
Jun. 30, 2023
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract]        
Cash and cash equivalents $ 52,252 $ 89,136 $ 51,208  
Restricted cash [1] 5,832 5,771 1,211  
Cash, cash equivalents and restricted cash on the consolidated statements of cash flows $ 58,084 $ 94,907 $ 52,419 $ 40,459
[1] Restricted cash as of September 30, 2024, June 30, 2024 and September 30, 2023 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2024 for more information).
v3.24.3
Leases - Narrative (Details)
 3 Months Ended
Sep. 30, 2024
Lessee, Lease, Description [Line Items]  
Description of option to extend In certain instances, leases include options to renew, with varying option terms. The exercise of lease renewals, if available under the lease options, is generally at the Company’s discretion and is considered in the Company’s assessment of the respective lease term.
Description of guarantees or covenants The Company’s lease agreements do not contain material residual value guarantees or material restrictive covenants.
Minimum  
Lessee, Lease, Description [Line Items]  
Operating lease term 1 month
Maximum  
Lessee, Lease, Description [Line Items]  
Operating lease term 31 years
v3.24.3
Leases - Supplemental Balance Sheet Information (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Lessee, Lease, Description [Line Items]    
Right-of-use lease assets $ 692,412 $ 694,566
Operating lease liabilities, current [1] 49,799 50,267
Operating lease liabilities, noncurrent [1] 738,555 749,952
Total lease liabilities 788,354 800,219
MSG Entertainment    
Lessee, Lease, Description [Line Items]    
Operating lease liabilities, current 43,220 43,689
Operating lease liabilities, noncurrent $ 705,233 $ 715,507
[1] As of September 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,220 and $705,233, respectively, that are payable to MSG Entertainment. As of June 30, 2024, Operating lease liabilities, current and Operating lease liabilities, noncurrent included balances of $43,689 and $715,507, respectively, that are payable to MSG Entertainment.
v3.24.3
Leases - Supplemental Income Statement Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Lessee, Lease, Description [Line Items]    
Total lease cost $ 3,782 $ 3,631
Direct operating expenses    
Lessee, Lease, Description [Line Items]    
Operating lease cost 1,311 1,311
Selling, general and administrative expenses    
Lessee, Lease, Description [Line Items]    
Operating lease cost $ 2,471 $ 2,320
v3.24.3
Leases - Supplemental Information (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Leases [Abstract]    
Operating lease payments $ 13,493 $ 13,072
Operating lease, weighted average remaining term 29 years 7 months 6 days  
Operating lease, weighted average discount rate (as a percent) 7.10%  
Assumption and judgments, discount rate, description the Company’s estimated incremental borrowing rate, assuming a secured borrowing, based on the remaining lease term at the time of either (i) adoption of the standard or (ii) the period in which the lease term expectation commenced or was modified.  
v3.24.3
Leases - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Leases [Abstract]    
Fiscal year ending June 30, 2025 (remainder) $ 38,387  
Fiscal year ending June 30, 2026 52,155  
Fiscal year ending June 30, 2027 53,516  
Fiscal year ending June 30, 2028 54,919  
Fiscal year ending June 30, 2029 56,363  
Thereafter 1,985,246  
Total lease payments 2,240,586  
Less imputed interest (1,452,232)  
Total lease liabilities $ 788,354 $ 800,219
v3.24.3
Goodwill and Intangible Assets - Narrative (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Goodwill impairment $ 0  
Goodwill 226,523,000 $ 226,523,000
Impairment of indefinite-lived intangible assets $ 0  
v3.24.3
Goodwill and Intangible Assets - Schedule of Indefinite-Lived Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Indefinite-lived Intangible Assets by Major Class [Line Items]    
Indefinite-lived intangible assets $ 103,644 $ 103,644
Sports franchises    
Indefinite-lived Intangible Assets by Major Class [Line Items]    
Indefinite-lived intangible assets 102,564 102,564
Photographic related rights    
Indefinite-lived Intangible Assets by Major Class [Line Items]    
Indefinite-lived intangible assets $ 1,080 $ 1,080
v3.24.3
Investments - Schedule of Investments (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Schedule of Investments [Line Items]    
Equity investments with readily determinable fair values $ 38,786 $ 36,217
Equity investments without readily determinable fair values [1] 7,561 6,757
Xtract One warrants 5,951 6,995
Total investments 64,450 62,543
NRG    
Schedule of Investments [Line Items]    
Equity method investments 7,306 7,536
Other equity method investments    
Schedule of Investments [Line Items]    
Equity method investments 4,846 5,038
Xtract One Technologies Inc. (“Xtract One”) common stock    
Schedule of Investments [Line Items]    
Equity investments with readily determinable fair values 16,847 17,380
Other equity investments with readily determinable fair values held in trust under the Company’s Executive Deferred Compensation Plan    
Schedule of Investments [Line Items]    
Equity investments with readily determinable fair values $ 21,939 $ 18,837
[1] For the three months ended September 30, 2024 and 2023, the Company did not record any impairment charges or changes in carrying value of its equity securities without readily determinable fair values in the accompanying consolidated statements of operations.
v3.24.3
Investments - Narrative (Details) - NRG - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Apr. 30, 2023
Schedule of Equity Method Investments [Line Items]        
Ownership percentage 25.00%   25.00% 25.00%
Losses from equity method investments $ 230 $ 415    
v3.24.3
Investments - Schedule of Cost Basis and Carrying Value of Equity Investments with Readily Determinable Fair Values (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Schedule of Equity Method Investments [Line Items]    
Cost Basis $ 25,868 $ 24,231
Equity securities with readily determinable fair values 38,786 36,217
Xtract One Technologies Inc. (“Xtract One”) common stock    
Schedule of Equity Method Investments [Line Items]    
Cost Basis 7,221 7,721
Equity securities with readily determinable fair values 16,847 17,380
Other equity investments with readily determinable fair values    
Schedule of Equity Method Investments [Line Items]    
Cost Basis 18,647 16,510
Equity securities with readily determinable fair values $ 21,939 $ 18,837
v3.24.3
Investments - Schedule of Realized and Unrealized Gains (Losses) on Equity Investments with Readily Determinable Fair Values (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Schedule of Equity Method Investments [Line Items]    
Gain (loss) on equity investments $ 432 $ (6,657)
Xtract One Technologies Inc. (“Xtract One”) common stock    
Schedule of Equity Method Investments [Line Items]    
Unrealized gain (loss) (533) (6,553)
Other equity investments with readily determinable fair values    
Schedule of Equity Method Investments [Line Items]    
Unrealized gain (loss) 965 (130)
Realized gain - other equity investments with readily determinable fair values $ 0 $ 26
v3.24.3
Fair Value Measurements - Schedule of Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets measured at fair value $ 94,326 $ 130,316
Level I | Money market accounts    
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets measured at fair value 22,523 37,594
Level I | Time deposits    
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets measured at fair value 27,066 49,510
Level I | Equity investments    
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets measured at fair value 38,786 36,217
Level 3 | Warrants    
Fair Value, Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]    
Total assets measured at fair value $ 5,951 $ 6,995
v3.24.3
Fair Value Measurements - Schedule of Key Assumptions Used to Calculate the Fair Value of Warrants (Details) - Level 3
Sep. 30, 2024
Jun. 30, 2024
Expected term    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding term 1 year 8 months 4 days 1 year 9 months 18 days
Expected volatility    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.6051 0.6415
Risk-free interest rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Warrants and rights outstanding, measurement input 0.0377 0.0473
v3.24.3
Fair Value Measurements - Schedule of Additional Information of Assets of Level III Inputs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance at beginning of period $ 6,995 $ 13,098
Unrealized losses on warrants (1,044) (5,418)
Balance at end of period $ 5,951 $ 7,680
v3.24.3
Fair Value Measurements - Schedule of Carrying Value and Fair Value of Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Carrying Value    
Schedule Of Financial Instruments [Line Items]    
Debt, current [1] $ 30,000 $ 30,000
Long-term debt [2] 275,000 275,000
Fair Value    
Schedule Of Financial Instruments [Line Items]    
Debt, current [1] 30,000 30,000
Long-term debt [2] $ 275,000 $ 275,000
[1] The Company’s debt, current is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s debt, current is the same as its carrying amount based on valuation of similar securities. See Note 12 for further details.
[2] The Company’s long-term debt is classified within Level II of the fair value hierarchy as it is valued using quoted indices of similar securities for which the inputs are readily observable. The fair value of the Company’s long-term debt is the same as its carrying amount as the debt bears interest at a variable rate indexed to current market conditions. See Note 12 for further details
v3.24.3
Debt - Knicks and Rangers Revolving Credit Facilities (Narrative) (Details) - Secured Debt
 3 Months Ended
Jan. 25, 2017
USD ($)
Sep. 30, 2016
USD ($)
Sep. 30, 2024
USD ($)
fiscal_quarter
Dec. 14, 2021
USD ($)
Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility amount outstanding     $ 275,000,000  
Effective interest rate     6.22%  
Interest payments     $ 4,793,000  
Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Line of credit facility amount outstanding     0  
Interest payments     $ 0  
Knicks | 2016 Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity   $ 200,000,000    
Debt instrument, term   5 years    
Knicks | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity       $ 275,000,000
Debt instrument collateral     All obligations under the Knicks Revolving Credit Facility are secured by a first lien security interest in certain of Knicks LLC’s assets, including, but not limited to, (i) the Knicks LLC’s membership rights in the NBA, (ii) revenues to be paid to Knicks LLC by the NBA pursuant to certain U.S. national broadcast agreements, and (iii) revenues to be paid to Knicks LLC pursuant to local media contracts.  
Subjective acceleration clause     Knicks LLC is required to make mandatory prepayments in certain circumstances, including without limitation if the maximum available amount under the Knicks Revolving Credit Facility is greater than 350% of qualified revenues.  
Mandatory prepayment clause - qualified revenues reference threshold (percent)     350.00%  
Restrictive covenants     The Knicks Revolving Credit Facility contains certain restrictions on the ability of Knicks LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Knicks Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Knicks Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any Knicks LLC’s collateral.  
Debt service ratio     1.5  
Debt service ratio, terms, number of trailing quarters | fiscal_quarter     4  
Covenant compliance     Knicks LLC was in compliance with this financial covenant.  
Knicks | Secured Overnight Financing Rate (SOFR) | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Credit spread adjustment     0.10%  
Knicks | Minimum | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Commitment fee percentage     0.25%  
Knicks | Minimum | Base Rate | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     0.25%  
Knicks | Minimum | Secured Overnight Financing Rate (SOFR) | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     1.25%  
Knicks | Maximum | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Commitment fee percentage     0.30%  
Knicks | Maximum | Base Rate | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     0.50%  
Knicks | Maximum | Secured Overnight Financing Rate (SOFR) | Knicks Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     1.50%  
Rangers | 2017 Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity $ 150,000,000      
Debt instrument, term 5 years      
Rangers | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Maximum borrowing capacity       $ 250,000,000
Debt instrument collateral     All obligations under the Rangers Revolving Credit Facility are, subject to the Rangers NHL Advance Agreement (as defined below), secured by a first lien security interest in certain of Rangers LLC’s assets, including, but not limited to, (i) Rangers LLC’s membership rights in the NHL, (ii) revenues to be paid to Rangers LLC by the NHL pursuant to certain U.S. and Canadian national broadcast agreements, and (iii) revenues to be paid to Rangers LLC pursuant to local media contracts.  
Subjective acceleration clause     Rangers LLC is required to make mandatory prepayments in certain circumstances, including without limitation if qualified revenues are less than 17% of the maximum available amount under the Rangers Credit Agreement.  
Restrictive covenants     The Rangers Revolving Credit Facility contains certain restrictions on the ability of Rangers LLC to take certain actions as provided in (and subject to various exceptions and baskets set forth in) the Rangers Revolving Credit Facility, including the following: (i) incurring additional indebtedness and contingent liabilities; (ii) creating liens on certain assets; (iii) making restricted payments during the continuance of an event of default under the Rangers Revolving Credit Facility; (iv) engaging in sale and leaseback transactions; (v) merging or consolidating; and (vi) taking certain actions that would invalidate the secured lenders’ liens on any of Rangers LLC’s assets securing the obligations under the Rangers Revolving Credit Facility.The Rangers Credit Agreement includes an event of default that is implicated by a bankruptcy or insolvency event with respect to a material media rights counterparty, including MSG Networks.  
Debt service ratio     1.5  
Debt service ratio, terms, number of trailing quarters | fiscal_quarter     4  
Covenant compliance     Rangers LLC was in compliance with this financial covenant  
Rangers | Secured Overnight Financing Rate (SOFR) | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Credit spread adjustment     0.10%  
Rangers | Minimum | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Commitment fee percentage     0.375%  
Rangers | Minimum | Base Rate | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     0.50%  
Rangers | Minimum | Secured Overnight Financing Rate (SOFR) | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     1.50%  
Rangers | Maximum | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Commitment fee percentage     0.625%  
Qualified revenues threshold, percentage of available credit facility     17.00%  
Rangers | Maximum | Base Rate | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     1.00%  
Rangers | Maximum | Secured Overnight Financing Rate (SOFR) | Rangers Revolving Credit Facility        
Line of Credit Facility [Line Items]        
Basis spread on variable rate     2.00%  
v3.24.3
Debt - Rangers NHL Advance Agreement (Narrative) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Jun. 30, 2024
Mar. 19, 2021
Short-Term Debt [Line Items]      
Debt $ 30,000 $ 30,000  
Secured Debt | Rangers | 2021 Rangers NHL Advance      
Short-Term Debt [Line Items]      
Maximum capacity     $ 30,000
Fixed interest rate 3.00%    
Short-term debt, terms Advances received under the Rangers NHL Advance Agreement are payable upon demand by the NHL.    
Debt $ 30,000    
Interest payments $ 225    
v3.24.3
Debt - Schedule of Deferred Financing Costs (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Other current assets    
Debt Instrument [Line Items]    
Debt issuance costs, net $ 1,145 $ 1,145
Other assets    
Debt Instrument [Line Items]    
Debt issuance costs, net $ 1,379 $ 1,665
v3.24.3
Benefit Plans - Schedule of Net Periodic Benefit Cost (Details) - Pension Plan - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Defined Benefit Plan Disclosure [Line Items]    
Interest cost $ 63 $ 68
Recognized actuarial loss 20 9
Net periodic benefit cost $ 83 $ 77
v3.24.3
Benefit Plans - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Defined Contribution Plan and Executive Deferred Compensation Plan Disclosures [Line Items]    
Deferred compensation arrangement with individual, compensation expense / (compensation cost credits) $ 965 $ (104)
Gains/(losses) recorded for the remeasurement of fair value of assets under the deferred compensation plan 965 (104)
Savings Plans    
Defined Contribution Plan and Executive Deferred Compensation Plan Disclosures [Line Items]    
Savings plan expense $ 1,283 $ 1,294
v3.24.3
Benefit Plans - Schedule of Deferred Compensation Plan (Details) - USD ($)
$ in Thousands
Sep. 30, 2024
Jun. 30, 2024
Retirement Benefits [Abstract]    
Non-current assets (included in investments) $ 21,939 $ 18,837
Current liabilities (included in accrued employee related costs) (1,318) (1,233)
Non-current liabilities (included in other employee related costs) $ (20,621) $ (17,604)
v3.24.3
Share-based Compensation - Narrative (Details) - USD ($)
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]    
Share-based compensation expense $ 4,268,000 $ 4,149,000
Share-based compensation capitalized in property and equipment $ 0 $ 0
v3.24.3
Share-based Compensation - Schedule of RSU and PSU Activity (Details) - Restricted Stock Units (RSUs) - $ / shares
shares in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]    
Unvested award, beginning balance (USD per share) [1] $ 170.61  
Granted (USD per share) 205.31 [1] $ 178.45
Vested (USD per share) [1] 164.24  
Forfeited / Cancelled (USD per share) [1] 170.43  
Unvested award, ending balance (USD per share) [1] $ 186.26  
Nonperformance Based Vesting RSUs    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Unvested award, beginning balance (in shares) 105  
Granted (in shares) 43  
Vested (in shares) (44)  
Forfeited / Cancelled (in shares) (1)  
Unvested award, ending balance (in shares) 103  
Performance Based Vesting RSUs    
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]    
Unvested award, beginning balance (in shares) 153  
Granted (in shares) 46  
Vested (in shares) (59)  
Forfeited / Cancelled (in shares) (2)  
Unvested award, ending balance (in shares) 138  
[1] Weighted-average fair value per share at date of grant does not reflect any adjustments to awards granted prior to the Sphere Distribution.
v3.24.3
Share-based Compensation - Restricted Stock Units Award Activity (Narrative) (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Payment for tax withholding $ 9,062 $ 6,633
Restricted Stock Units (RSUs)    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Instruments vested in period $ 21,227 $ 16,637
Shares withheld for tax withholding obligation, value (shares) 39  
Payment for tax withholding $ 7,951  
Granted (USD per share) $ 205.31 [1] $ 178.45
Restricted Stock Units (RSUs) | Related Party    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Payment for tax withholding $ 24  
[1] Weighted-average fair value per share at date of grant does not reflect any adjustments to awards granted prior to the Sphere Distribution.
v3.24.3
Share-based Compensation - Schedule of Stock Options Award Activity (Details) - Non-Performance Vesting
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
Sep. 30, 2024
USD ($)
$ / shares
shares
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding [Roll Forward]  
Beginning balance (in shares) | shares 94
Granted (in shares) | shares 0
Cancelled (in shares) | shares 0
Ending balance (in shares) | shares 94
Exercisable (in shares) | shares 94
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract]  
Beginning balance (USD per share) | $ / shares $ 138.78
Granted (USD per share) | $ / shares 0
Cancelled (USD per share) | $ / shares 0
Ending balance (USD per share) | $ / shares 138.78
Exercisable (USD per share) | $ / shares $ 138.78
Weighted average remaining contractual term 3 years 2 months 15 days
Exercisable, weighted-average remaining contractual term 3 years 2 months 15 days
Aggregate intrinsic value | $ $ 6,519
Exercisable, aggregate intrinsic value | $ $ 6,519
v3.24.3
Stock Repurchase Program (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Oct. 01, 2015
Stock Repurchase Program [Abstract]      
Stock repurchase program, authorized amount     $ 525,000
Repurchases of common stock (in shares) 0 0  
Stock repurchase program, remaining authorized amount $ 184,639    
v3.24.3
Related Party Transactions - Narrative (Details)
 3 Months Ended
Sep. 30, 2024
Related Party Transaction [Line Items]  
Aggregate voting power held by related party (as a percent) 70.90%
Arena License Agreements | MSG Entertainment  
Related Party Transaction [Line Items]  
License agreement term 35 years
Related party transaction, percentage of net profits from sales and catering services (as a percent) 50.00%
Sponsorship Sales and Service Representation Agreements | MSG Entertainment  
Related Party Transaction [Line Items]  
License agreement term 10 years
Media rights | MSG Networks  
Related Party Transaction [Line Items]  
License agreement term 20 years
Class B Common Stock  
Related Party Transaction [Line Items]  
Percentage of common stock owned by related party (as a percent) 100.00%
Class A Common Stock  
Related Party Transaction [Line Items]  
Percentage of common stock owned by related party (as a percent) 3.00%
v3.24.3
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Related Party Transaction [Line Items]    
Revenues [1] $ 53,307 $ 43,046
Related Party    
Related Party Transaction [Line Items]    
Revenues [2] 8,904 8,817
Expense pursuant to the Services Agreement 8,477 9,887
Rent expense pursuant to Sublease Agreement 894 750
Costs associated with the Sponsorship sales and service representation agreements 2,612 2,601
Operating lease expense associated with the Arena License Agreements 1,311 1,311
Other costs associated with the Arena License Agreements 1,013 804
Other operating credits, net $ (150) $ (612)
[1] Includes revenues from related parties of $8,904 and $8,817 for the three months ended September 30, 2024 and 2023, respectively.
[2] Primarily consist of local media rights recognized from the licensing of team-related programming under the media rights agreements covering the Knicks and the Rangers.
v3.24.3
Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Income Tax Disclosure [Abstract]    
Federal statutory income tax rate (as a percent) 21.00% 21.00%
Income tax benefit $ 7,048 $ 15,144
Effective income tax rate (as a percent) 48.00% 45.00%
Income taxes paid, net $ 10,280  
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