MSGS reports $31.14 million net loss for fiscal Q1 2027

Cover page 24 changes

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For the fiscal year ended June 30 , 2026

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

For the quarterly period ended September 30, 2026

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MADISON SQUARE GARDEN SPORTS CORP.

MSG KNICKERBOCKERS CORP.

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

incorporation or organization) (I.R.S. Employer

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Registrant's telephone number, including area code: ( 212 ) 465-4111 465-6300

MADISON SQUARE GARDEN SPORTS CORP.

(Former name, former address and former fiscal year, if changed since last report)

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Securities registered pursuant to Section 12(g) of the Act: None.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes o No ☑

Class A Common Stock MSGS MSGK New York Stock Exchange

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Indicate by check mark whether each 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.

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Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to § 240.10D-1(b). ☐

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Aggregate market value of the voting and non-voting common equity held by non-affiliates of Madison Square Garden Sports Corp. computed by reference to the price at which the common equity was last sold on New York Stock Exchange as of December 31, 2025, the last business day of the registrant's most recently completed second fiscal quarter, was approximately $ 4.9 billion.

Number of shares of common stock outstanding as of July 31, October 30, 2026:

Class A Common Stock par value $0.01 per share — 19,550,424 19,589,501

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Documents incorporated by reference — Certain information required for Part III of this report is incorporated herein by reference to the proxy statement for the 2026 annual meeting of the Company's stockholders, expected to be filed within 120 days after the close of our fiscal year.

MSG KNICKERBOCKERS CORP.

PART I. FINANCIAL INFORMATION

Financial statements 148 changes

The Financial Statements required by this Item 8 appear beginning on page F-1 of this Annual Report on Form 10-K, and are incorporated by reference herein.

MSG KNICKERBOCKERS CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

Cash and cash equivalents $ 40,046 $ 164,511

Accounts receivable, net of allowance for doubtful accounts of $ 0 as of September 30, 2026 and June 30, 2026

Net related party receivables 65,333 36,103

Prepaid expenses 96,905 43,104

Other current assets 23,968 27,388

Total current assets 285,849 323,290

Property and equipment, net of accumulated depreciation and amortization of $ 56,653 and $ 55,873 as of September 30, 2026 and June 30, 2026, respectively

Right-of-use lease assets 738,526 740,576

Indefinite-lived intangible assets 103,644 103,644

Goodwill 226,523 226,523

Investments 63,763 65,618

Deferred tax assets, net 31,034 28,773

Other assets 50,073 22,065

Total assets $ 1,526,541 $ 1,537,652

See accompanying notes to consolidated financial statements.

MSG KNICKERBOCKERS CORP.

CONSOLIDATED BALANCE SHEETS (Continued)

(in thousands, except per share data)

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable $ 5,929 $ 18,411

Net related party payables 5,411 4,964

Accrued liabilities:

Employee-related costs 58,994 159,940

League-related accruals 130,860 209,926

Other accrued liabilities 9,972 9,444

Operating lease liabilities, current 58,682 57,834

Deferred revenue 366,415 165,416

Total current liabilities 652,763 642,435

Long-term debt 282,000 242,000

Operating lease liabilities, noncurrent 831,373 843,975

Other employee-related costs 67,324 71,984

Deferred revenue, noncurrent 526 554

Total liabilities 1,833,986 1,800,948

Commitments and contingencies (see Note 12)

MSG Knickerbockers Corp. Stockholders' Equity:

Class A Common Stock, par value $ 0.01 , 120,000 shares authorized; 19,590 and 19,547 shares outstanding as of September 30, 2026 and June 30, 2026, respectively

Class B Common Stock, par value $ 0.01 , 30,000 shares authorized; 4,530 shares outstanding as of September 30, 2026 and June 30, 2026

Preferred stock, par value $ 0.01 , 15,000 shares authorized; none outstanding as of September 30, 2026 and June 30, 2026

Additional paid-in capital — 17,090

Treasury stock, at cost, 865 and 908 shares as of September 30, 2026 and June 30, 2026, respectively ( 142,652 ) ( 149,858 )

Accumulated deficit ( 164,127 ) ( 129,861 )

Accumulated other comprehensive loss ( 915 ) ( 916 )

Total equity ( 307,445 ) ( 263,296 )

Total liabilities and equity $ 1,526,541 $ 1,537,652

See accompanying notes to consolidated financial statements.

MSG KNICKERBOCKERS CORP.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Three Months Ended September 30,

Direct operating expenses (b)

Selling, general and administrative expenses (c)

Depreciation and amortization 781 811

Restructuring charges 579 —

Operating loss ( 25,457 ) ( 27,425 )

Other income (expense):

Interest income 473 578

Interest expense ( 4,699 ) ( 5,591 )

Miscellaneous (expense) income, net ( 3,663 ) 15,085

Loss before income taxes ( 33,346 ) ( 17,353 )

Income tax benefit 2,209 8,555

Net loss $ ( 31,137 ) $ ( 8,798 )

Basic loss per common share attributable to MSG Knickerbockers Corp.'s stockholders $ ( 1.29 ) $ ( 0.37 )

Diluted loss per common share attributable to MSG Knickerbockers Corp.'s stockholders $ ( 1.29 ) $ ( 0.37 )

Weighted-average number of common shares outstanding:

Diluted 24,179 24,116

(a) Includes revenues from related parties of $ 6,902 and $ 6,760 for the three months ended September 30, 2026 and 2025, respectively.

(b) Includes net charges from related parties of $ 2,854 and $ 2,454 for the three months ended September 30, 2026 and 2025, respectively.

(c) Includes net charges from related parties of $ 15,300 and $ 14,732 for the three months ended September 30, 2026 and 2025, respectively.

See accompanying notes to consolidated financial statements.

MSG KNICKERBOCKERS CORP.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

Three Months Ended September 30,

Net loss $ ( 31,137 ) $ ( 8,798 )

Other comprehensive income, before income taxes:

Amounts reclassified from accumulated other comprehensive loss:

and 68 more changes in the filing

Note 1: Description of Business and Basis of Presentation 12 changes

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MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp. and referred to herein together with its subsidiaries, collectively, as "we," "us," "our," "MSG Sports," Knicks," or the "Company"), owns and operates a portfolio of assets featuring some one of the most recognized teams storied franchises in all of professional sports, including the New York Knickerbockers ("Knicks") of the National Basketball Association ("NBA") and, prior to the Rangers Distribution (as defined below), owned and operated 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 Company also includes the Westchester Knicks of the NBA G League, teams — and prior to the Rangers Distribution, 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." Prior to the Rangers Distribution, the Company also operates operated a professional sports team performance center — the Madison Square Garden Training Center in Greenburgh, NY.

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On April 17, 2020, the "Sphere Distribution Date"), the Company distributed all of the outstanding common stock of Sphere Entertainment Co. (formerly Madison Square Garden Entertainment Corp. and referred to herein as ("Sphere Entertainment") to its stockholders (the "Sphere Distribution").

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On April 20, 2023 (the "MSGE Distribution Date"), Sphere Entertainment distributed approximately 67 % of the issued and outstanding shares of common stock of Madison Square Garden Entertainment Corp. (referred to herein as "MSG Entertainment") to its stockholders (the "MSGE Distribution"). All agreements between the Company and MSG Entertainment described herein were between the Company and Sphere Entertainment prior to the MSGE Distribution (except agreements entered into after the MSGE Distribution Date).

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On February 18, 2026, the Company's board of directors (the "Board of Directors") authorized management to explore a potential spin-off that would separate the Company's Rangers business from its Knicks business, creating two distinct publicly traded companies. On April 28, 2026, the Company incorporated MSGS Spinco, Inc., a Nevada corporation and direct, wholly owned subsidiary of the Company ("Spinco"), to hold the Rangers business. If the Company proceeds with the spin-off transaction, the spin-off is expected to be structured as a tax-free distribution to all Company stockholders and upon completion of the contemplated separation, it is expected that each record holder of Company Class A common stock would receive one share of Spinco Class A common stock for every two shares of Company Class A common stock held, and each record holder of Company Class B common stock would receive one share of Spinco Class B common stock for every two shares of Company Class B Common Stock held, representing a pro-rata distribution of 100 % of the common stock of Spinco. The Company refers to the potential spin-off as the "Rangers Distribution". There can be no assurance that the Rangers Distribution will be completed in the manner described above, or at all. Completion of the Rangers Distribution would be subject to various conditions, including final approval by the Board of Directors, league approval, receipt of a tax opinion and the filing with the Securities and Exchange Commission ("SEC") and effectiveness of the Form 10 registration statement. The Company will

MADISON SQUARE GARDEN SPORTS CORP.

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.

Potential Spin-off Transaction

On October 26, 2026 (the "Distribution Date"), the Company distributed 100 % of the outstanding common stock of MSG Rangers Corp. ("MSG Rangers", formerly MSGS Spinco, Inc.) to its stockholders (the "Rangers Distribution"). MSG Rangers owns the New York Rangers business previously owned and operated by the Company. In the Rangers Distribution, stockholders of the Company received (a) one share of MSG Rangers' Class A common stock, par value $ 0.01 per share, for every two shares of the Company's Class A common stock, par value $ 0.01 per share ("Class A Common Stock"), held of record as of the close of business, New York City time, on October 20, 2026 (the "Record Date"), and (b) one share of MSG Rangers' Class B common stock, par value $ 0.01 per share, for every two shares of the Company's Class B common stock, par value $ 0.01 per share, held of record as of the close of business, New York City time, on the Record Date. In connection with the Rangers Distribution, the Company contributed $ 19,095 of cash to MSG Rangers.

The accompanying unaudited consolidated interim financial statements include the financial results of the Company's Rangers business in continuing operations for all periods presented. Beginning with the Company's Quarterly Report on Form 10-Q for the quarterly period ending December 31, 2026, the historical financial results of the Rangers business through the Distribution Date will be presented as discontinued operations under U.S. generally accepted accounting principles ("GAAP") for all periods presented.

Basis of Presentation

The accompanying unaudited consolidated interim financial statements (referred to as the "Financial Statements" herein) have been prepared in accordance with GAAP and Article 10 of Regulation S-X of the Securities and Exchange Commission for interim financial information, and should be read in conjunction with the Company's Annual Report on Form 10-K for the

MSG KNICKERBOCKERS CORP.

Note 3: Revenue Recognition 23 changes

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The Company recognizes revenue when, or as, performance obligations under the terms of a contract are satisfied, which generally occurs when, or as, control of promised goods or services are transferred to customers. Revenue is measured as the amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services ("transaction price"). To the extent the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the most likely amount to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company's judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and the determination of whether to include such estimated amounts in the transaction price are based largely on an assessment of the Company's anticipated performance and all information that is reasonably available. The Company accounts for taxes collected from customers and remitted to governmental authorities on a net basis and excludes these amounts from revenues.

In addition, the Company defers certain costs to fulfill the Company's contracts with customers to the extent such costs relate directly to the contracts, are expected to generate resources that will be used to satisfy the Company's performance obligations under the contracts, and are expected to be recovered through revenue generated under the contracts. Contract fulfillment costs are expensed as the Company satisfies the related performance obligations.

Arrangements with Multiple Performance Obligations

The Company has contracts with customers, including multi-year sponsorship agreements, that contain multiple performance obligations. Payment terms for such arrangements can vary by contract, but payments are generally due in installments throughout the contractual term. The performance obligations included in each sponsorship agreement vary and may include various advertising benefits such as, but not limited to, signage, digital advertising, event or property specific advertising, as well as non-advertising benefits such as suite licenses and event tickets. To the extent the Company's multi-year arrangements provide for performance obligations that are consistent over the multi-year contractual term, such performance obligations generally meet the definition of a series as provided for under the accounting guidance. If performance obligations meet the definition of a series, the contractual fees for all years during the contract term are aggregated and the related revenue is recognized proportionately as the underlying performance obligations are satisfied.

The timing of revenue recognition for each performance obligation is dependent upon the facts and circumstances surrounding the Company's satisfaction of its respective performance obligation. The Company allocates the transaction price for such arrangements to each performance obligation within the arrangement based on the estimated relative standalone selling price of the performance obligation. The Company's process for determining its estimated standalone selling prices involves management's judgment and considers multiple factors including company specific and market specific factors that may vary depending upon the unique facts and circumstances related to each performance obligation. Key factors considered by the Company in developing an estimated standalone selling price for its performance obligations include, but are not limited to, prices charged for similar performance obligations, the Company's ongoing pricing strategy and policies, and consideration of pricing of similar performance obligations sold in other arrangements with multiple performance obligations.

The Company may incur costs to obtain its multi-year sponsorship agreements. The Company assesses such costs for capitalization on a contract by contract basis. To the extent costs are capitalized, the Company estimates the useful life of the related contract asset which may be the underlying contract term or the estimated customer life depending on the facts and circumstances surrounding the contract. The contract asset is amortized over the estimated useful life.

MADISON SQUARE GARDEN SPORTS CORP.

All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers. in accordance with ASC Topic 606. For fiscal years the three months ended September 30, 2026, and 2025, the Company recorded impairment losses of $ 445 and $ 109 , respectively 901 on contract assets receivables arising from contracts with customers. For fiscal year 2024, the three months ended September 30, 2026, the Company did not have any record impairment losses on contract assets arising from contracts with customers. For fiscal years 2026, the three months ended September 30, 2025, and 2024, the Company did not have any record 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 Accounting Standards Codification ("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, 2026 and 2025:

Three Months Ended September 30,

Sponsorship, signage and suite licenses 5,126 4,655

League distributions and other 28,150 23,692

Total revenues from contracts with customers $ 45,489 $ 39,454 (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 from MSG Networks and (ii) revenue from distributions through league-wide national and international media contracts.

The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities in the consolidated balance sheets. The following table provides information about contract balances from the Company's contracts with customers as of September 30, 2026 and June 30, 2026:

September 30, June 30,

Receivables from contracts with customers, net (a)

Contract assets, current (b)

Deferred revenue, including non-current portion (c), (d)

(a) Receivables from contracts with customers, net, which are reported in Accounts receivable, net, Other assets 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, 2026 and June 30, 2026, the Company's receivables reported above included $ 1,337 and $ 1,409 , 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, exclude amounts recorded in Accounts receivable, net, associated with amounts due from the NBA and NHL related to escrow.

(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.

MSG KNICKERBOCKERS CORP.

Note 4: Computation of Earnings (Loss) per Common Share 14 changes

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Years Ended June 30,

Net income (loss) attributable to Madison Square Garden Sports Corp.'s stockholders $ 7,759 $ ( 22,438 ) $ 58,771

Three Months Ended September 30,

Net income loss allocable to common shares, basic and diluted (numerator):

Net loss $ ( 31,137 ) $ ( 8,798 )

1 unchanged paragraph

Net earnings loss allocable to common shares, basic and diluted (numerator): $ 7,735 $ ( 22,457 31,137 ) $ 58,771 ( 8,814 )

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Basic earnings (loss) per common share attributable to Madison Square Garden Sports Corp's stockholders $ 0.32 $ ( 0.93 ) $ 2.45

Weighted-average shares for basic EPS 24,154 24,089 24,011 24,179 24,116

Dilutive effect of shares issuable under share-based compensation plans 98 — 85 —

Weighted-average shares for diluted EPS 24,252 24,089 24,096 24,179 24,116

Weighted-average shares excluded from diluted earnings per share — 82 — EPS 125 80

Basic loss per common share attributable to MSG Knickerbockers Corp.'s stockholders $ ( 1.29 ) $ ( 0.37 )

Diluted loss per common share attributable to MSG Knickerbockers Corp.'s stockholders $ ( 1.29 ) $ ( 0.37 )

Diluted earnings (loss) per common share attributable to Madison Square Garden Sports Corp's stockholders $ 0.32 $ ( 0.93 ) $ 2.44 (a) Dividends to other-than-common stockholders consists consist 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: Restructuring Charges 6 changes

There were no restructuring charges for fiscal years 2025 and 2024.

During fiscal year the three months ended September 30, 2026, the Company recorded restructuring charges related to termination benefits provided as part of a voluntary exit program that the Company implemented during fiscal year 2026. As a result, the Company recognized restructuring charges to certain employees of $ 2,078 579 , which were recognized within accrued employee-related costs in the accompanying consolidated balance sheets.

There were no restructuring charges for the three months ended September 30, 2025.

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Restructuring charges 2,078

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Restructuring charges 579

September 30, 2026 $ 460

Note 6: Team Personnel Transactions 3 changes

MADISON SQUARE GARDEN SPORTS CORP.

Direct operating expenses in the accompanying consolidated statements of operations includes include net (credits) provisions for transactions relating to the Company's sports teams for waivers/contract termination costs, player trades and season-ending injuries ("Team personnel transactions"). Team personnel transactions were a net credit of $ 25 for fiscal year 2026 and a net provision of $ 49,148 3,064 and $ 781 2,382 for fiscal years 2025 the three months ended September 30, 2026 and 2024, 2025, respectively.

MSG KNICKERBOCKERS CORP.

Note 7: Cash, Cash Equivalents and Restricted Cash 5 changes

The following table provides a summary of the amounts recorded as cash, cash equivalents and restricted cash as of September 30, 2026, June 30, 2026 2025 and 2024: September 30, 2025:

1 unchanged paragraph

Cash and cash equivalents $ 164,511 $ 144,617 $ 89,136

Cash, cash equivalents and restricted cash in the consolidated statements of cash flows (a) See Note 2 for more information regarding the nature of restricted cash.

Cash and cash equivalents $ 40,046 $ 164,511 $ 48,634

Cash, cash equivalents and restricted cash on the consolidated statements of cash flows (a) Restricted cash as of September 30, 2025 included cash deposited in an escrow account (see Note 2 to the consolidated financial statements included in our 2026 Form 10-K for more information).

Note 8: Leases 12 changes

The Company's leases primarily consist of the lease of the Company's corporate offices under the Sublease Agreement (as defined below) with MSG Entertainment for the Company's principal executive offices at Two Pennsylvania Plaza in New York and a lease agreement for an aircraft. In addition, we are party to the Arena License Agreements, which are long term license agreements with MSG Entertainment that end June 30, 2055 that allow the Knicks and the Rangers to play their home games at The Garden. The Company accounts for the rights of use of The Garden pursuant to the Arena License Agreements as leases under the ASC Topic 842, Leases . The Company determines whether an arrangement contains a lease at the inception of the arrangement. If a lease is determined to exist, the lease term is assessed based on the date when the underlying asset is made available for the Company's use by the lessor. The Company's assessment of the lease term reflects the non-cancelable term of the lease, inclusive of any rent-free periods and/or periods covered by early-termination options which the Company is reasonably certain not to exercise, as well as periods covered by renewal options which the Company is reasonably certain of exercising. The Company also determines lease classification as either operating or finance at lease commencement, which governs the pattern of expense recognition and the presentation reflected in the consolidated statements of operations over the lease term.

For leases with a term exceeding 12 months, a lease liability is recorded in the consolidated balance sheet at lease commencement reflecting the present value of the fixed minimum payment obligations over the lease term. A corresponding ROU asset equal to the initial lease liability is also recorded, adjusted for any prepaid rent and/or initial direct costs incurred in connection with execution of the lease and reduced by any lease incentives received.

The Company includes fixed payment obligations related to non-lease components in the measurement of ROU assets and lease liabilities, as the Company has elected to account for lease and non-lease components together as a single lease component. ROU assets associated with finance leases, if any, are presented separate from operating lease ROU assets and are included within Property and equipment, net in the consolidated balance sheets. For purposes of measuring the present value of the Company's fixed payment obligations for a given lease, the Company uses its incremental borrowing rate, determined based on information available at lease commencement, as rates implicit in the underlying leasing arrangements are typically not readily determinable. The Company's incremental borrowing rate reflects the rate it would pay to borrow on a secured basis and incorporates the term and economic environment surrounding the associated lease.

For operating leases, fixed lease payments are recognized as lease expense on a straight-line basis over the lease term. For finance leases, the initial ROU asset is depreciated on a straight-line basis over the lease term, along with recognition of interest expense associated with accretion of the lease liability, which is ultimately reduced by the related fixed payments. For leases with a term of 12 months or less ("short-term leases"), any fixed lease payments are recognized on a straight-line basis over the lease term and are not recognized in the consolidated balance sheet. Variable lease costs for both operating and finance leases, if any, are recognized as incurred and such costs are excluded from lease balances recorded in the consolidated balance sheet.

The Company is party to the Sublease Agreement for the Company's principal executive offices at Two Pennsylvania Plaza in New York. The sublease ROU assets and liabilities are recorded in the balance sheet at lease commencement based on the present value of minimum base rent and other fixed payments over the reasonably certain lease term.

In November 2021, Sphere Entertainment entered into a new lease for principal executive offices at Two Pennsylvania Plaza in New York, which was assigned to MSG Entertainment in connection with the MSGE Distribution (the "New MSGE Lease Agreement"). In accordance with the terms of the Prior Sublease Agreement (as defined below) and the New MSGE Lease

MADISON SQUARE GARDEN SPORTS CORP.

As of September 30, 2026, the Company's leases primarily consisted of the lease of the Company's principal executive offices at Two Pennsylvania Plaza in New York under the Sublease Agreement with MSG Entertainment (as defined below) 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 ASC Topic 842, Leases . See Note 8 to the consolidated financial statements included in our 2026 Form 10-K for more information regarding the Company's accounting policies associated with its leases.

During the second quarter of fiscal year 2025, the Company amended and restated its prior sublease agreement with MSG Entertainment (the "Prior Sublease Agreement") to enter into a short-term lease for new principal executive offices through December 31, 2024.

In January 2025, the Company entered into a new sublease agreement with MSG Entertainment for new principal executive offices at Two Pennsylvania Plaza in New York with a lease term which ends January 31, 2046 (the "New Sublease Agreement" and together with the Prior Sublease Agreement, the "Sublease Agreement") and fixed lease payment obligations of $ 167,444 over the lease term. The Company recorded a lease right-of-use asset and liability based on the present value of minimum fixed lease payments over the lease term utilizing the Company's incremental borrowing rate as of the lease commencement date. In addition, the Company entered into a commitment whereby if MSG Entertainment's lease for principal executive offices at Two Pennsylvania Plaza in New York were terminated under certain circumstances, the Company would be required to enter into a new lease for executive offices at Two Pennsylvania Plaza directly with the landlord, with a consistent lease term ending January 31, 2046.

As of September 30, 2026, the Company's exis ting operating leases, which are recorded in the Financial Statements, have remaining lease terms ranging from 5 to 29 years. In certain ins tances, 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.

MSG KNICKERBOCKERS CORP.

Note 9: Goodwill and Intangible Assets 4 changes

During the first quarter of fiscal year 2026, 2027, the Company performed its annual impairment test of goodwill and determined that there were no impairments of goodwill identified as of the impairment test date. The Company's carrying amount of goodwill was $ 226,523 as of June September 30, 2026 and 2025. June 30, 2026.

The Company's indefinite-lived intangible assets as of June September 30, 2026 and 2025 June 30, 2026 were as follows:

2 unchanged paragraphs

MADISON SQUARE GARDEN SPORTS CORP.

During the first quarter of fiscal year 2026, 2027, 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 10: Investments 17 changes

The Company's Investments reported in the accompanying consolidated balance sheets consisted of the following as of June September 30, 2026 and 2025: June 30, 2026:

1 unchanged paragraph

Hard Carry Gaming, Inc. ("HCG") $ 5,330 5,084 $ 6,607 5,330

2 unchanged paragraphs

Xtract One Technologies Inc. ("Xtract One") common stock 12,337 14,046 9,290

Other equity investments with readily determinable fair values held in trust under the Company's Executive Deferred Compensation Plan 30,577 29,145 23,536

Equity investments without readily determinable fair values (b) (a)(b)

1 unchanged paragraph

Total investments $ 65,618 $ 54,720

(a) During fiscal year 2026, the Company recorded other than temporary impairments of $ 2,073 related to its other equity method investments in Miscellaneous income (expense), net within the accompanying consolidated statements of operations. During fiscal year 2025, the Company did not record any impairments related to its other equity method investments.

Xtract One warrants 1,752 3,498 1,604

Total investments $ 63,763 $ 65,618

(b) (a) During fiscal year the three months ended September 30, 2026 and 2025, the Company did not record any impairment charges or changes in carrying value of impairments related to its other equity securities without readily determinable fair values in the accompanying consolidated statements of operations. During fiscal year 2025, the Company recorded method investments or any impairment charges and reductions or changes in carrying value resulting from observable price changes of $ 894 related to its equity securities without readily determinable fair values in Miscellaneous income (expense), net within the accompanying consolidated statements of operations.

(b) During the three months ended September 30, 2026, the Company recognized income of $ 163 in Miscellaneous (expense) income, net within the accompanying consolidated statements of operations related to equity investments without readily determinable fair values. During the three months ended September 30, 2025, the Company recognized no income or loss related to equity investments without readily determinable fair values.

1 unchanged paragraph

The Company determined that it has the ability to exert significant influence over the investee and therefore accounts for these investments under the equity method of accounting.

In June 2025, the local telecast rights agreements between subsidiaries of MSG Networks, on the one hand, and Knicks LLC and Rangers LLC, on the other hand, were amended as further described in Note 3. Concurrent with the amendments to the local telecast rights agreements, MSG Networks issued penny warrants to the Company exercisable for 19.9 % of the equity interests in MSG Networks. The Company has accounted for the penny warrants issued to the Company as in-substance common stock in accordance with ASC Topic 323, Investments — Equity Method and Joint Ventures , and the Company determined that it has the ability to exert significant influence over the investee. The Company recorded the investment in MSG Networks penny warrants at fair value as an equity method investment. The Company estimated the fair value of the MSG Networks warrants based on a discounted cash flow model (income approach). This approach relied on numerous assumptions and judgments within the model that were subject to various risks and uncertainties. Principal assumptions utilized, all of which are considered Level III inputs under the fair value hierarchy, include the Company's estimates of future revenue, estimates of future operating cost, margin assumptions, terminal growth rates and the discount rate applied to estimated future cash flows.

MADISON SQUARE GARDEN SPORTS CORP.

The Company holds preferred shares of the capital stock of HCG, an online video production company. During fiscal years the three months ended September 30, 2026 2025 and 2024, 2025, the Company recognized its net share of income/(losses) income (losses) of $ 325 , $( 929 ) 246 and $( 4,412 274 ), respectively, in Miscellaneous income (expense) income, net within the accompanying consolidated statements of operations. As of June September 30, 2026 and 2025, June 30, 2026, the Company's ownership in HCG was approximately 25 %.

In June 2025, the local telecast rights agreements between subsidiaries of MSG Networks, on the one hand, and New York Knicks, LLC ("Knicks LLC") and New York Rangers, LLC ("Rangers LLC"), on the other hand, were amended as further described in Note 16. Concurrent with the amendments to the local telecast rights agreements, MSG Networks issued penny

MSG KNICKERBOCKERS CORP.

Note 11: Fair Value Measurements 22 changes

Warrants III 3,498 1,604

June 30, 2026 June 30, 2025

Expected volatility 73.89 % 70.78 %

The following table presents additional information about our assets as of June 30, 2026 and 2025 for which we utilize Level III inputs to determine fair value:

Years Ended June 30,

Balance at beginning of period $ 1,604 $ 6,995

Unrealized gains (losses) on warrants 1,894 ( 5,391 )

Balance at ending of period $ 3,498 $ 1,604

MADISON SQUARE GARDEN SPORTS CORP.

The following table presents the Company's assets that are measured at fair value on a recurring basis, which include cash equivalents, as of June September 30, 2026 and 2025: June 30, 2026:

Fair Value Hierarchy June September 30,

Money market accounts I $ 147,346 36,764 $ 95,367 147,346

Time deposits I 1,301 15,706 48,263

Equity investments I 42,914 43,191 32,826

Warrants III 1,752 3,498

Total assets measured at fair value $ 209,741 82,731 $ 178,060 209,741

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 11 10 for further details regarding equity investments.

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 income (expense) income, net within 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 June September 30, 2026 and 2025: June 30, 2026:

Expected term 0.80 0.68 years 1.30 0.80 years

Expected volatility 62.36 % 73.89 %

Risk-free interest rate 3.98 4.39 % 3.85 3.98 %

MSG KNICKERBOCKERS CORP.

Note 12: Commitments and Contingencies 16 changes

Contractual Obligations and Off-Balance Sheet Arrangements

The Company has certain future cash payments required under contracts entered into by the Company in the normal course of business.

As of June 30, 2026, future cash payments required under contracts entered into by the Company in the normal course of business in excess of one year are as follows:

Off-Balance Sheet Commitments (a)

Fiscal year ending June 30, 2027 $ 288,035 $ 120,050 $ 408,085

Fiscal year ending June 30, 2028 276,989 15,473 292,462

Fiscal year ending June 30, 2029 146,037 3,697 149,734

Fiscal year ending June 30, 2030 70,802 1,886 72,688

Fiscal year ending June 30, 2031 31,319 1,886 33,205

(a) Consist primarily of the Company's obligations under employment agreements that the Company has with its sports teams' personnel that are generally guaranteed regardless of employee injury or termination.

(b) Contractual obligations reflected in the balance sheet consist principally of the Company's obligations under employment agreements that the Company has with certain of its professional sports teams' personnel where services have been fully performed and that are being paid on a deferred basis.

(c) Pension obligations have been excluded from the table above as the timing of the future cash payments is uncertain. See Note 15 for further information on the Company's pension obligations. In addition, see Note 8 for information on the contractual obligations related to future lease payments, which are reflected in the accompanying consolidated balance sheet as lease liabilities as of June 30, 2026.

See Note 14 for further details of the outstanding balances under the Knicks Revolving Credit Facility, the Rangers Revolving Credit Facility and the Rangers NHL Advance Agreement (as defined below).

MADISON SQUARE GARDEN SPORTS CORP.

As more fully described in Note 13 to the consolidated financial statements included in our 2026 Form 10-K, 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 8 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 2026, other than activities in the ordinary course of business, except for the related party agreements entered into in connection with the Rangers Distribution as further described in Note 16.

The Company is a defendant in various lawsuits. Although the outcome of these lawsuits cannot be predicted (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 13: Debt 9 changes

3 unchanged paragraphs

On November 6, 2025, Knicks LLC entered into Amendment No. 1 to the 2021 Knicks Credit Agreement, which amended and restated the 2021 Knicks Credit Agreement (as amended and restated, the "2025 Knicks Credit Agreement").

The 2025 Knicks Credit Agreement provides for a senior secured revolving credit facility of up to $ 425,000 (the "Knicks Revolving Credit Facility") to fund working capital needs and for general corporate purposes. The maturity date of the 2025 Knicks Credit Agreement is November 6, 2030. 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. Borrowings under the 2025 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 0.375 % 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 1.375 % 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. During fiscal year 2026, the Company made principal repayments of $ 25,000 under the Knicks Revolving Credit Facility. The outstanding balance under the Knicks Revolving Credit Facility was $ 242,000 as of June 30, 2026, which was recorded as Long-term debt in the accompanying consolidated balance sheet. The interest rate on the Knicks Revolving Credit Facility as of June 30, 2026 was 4.99 %. During fiscal years 2026, 2025 and 2024, the Company made interest payments of $ 13,793 , $ 16,747 and $ 18,481 , respectively, in respect of the Knicks Revolving Credit Facility. In addition, on July 22, 2026, the Company borrowed an additional $ 20,000 under 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 2025 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 June 30, 2026, Knicks LLC was in compliance with this financial covenant .

MADISON SQUARE GARDEN SPORTS CORP.

MSG KNICKERBOCKERS CORP.

Notes to the financial statements 205 changes

Report of Independent Registered Public Accounting Firm

To the stockholders and the Board of Directors of Madison Square Garden Sports Corp.

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Madison Square Garden Sports Corp. and subsidiaries (the "Company") as of June 30, 2026 and 2025, the related consolidated statements of operations, comprehensive income (loss), cash flows, and equity, for each of the three years in the period ended June 30, 2026, and the related notes and the consolidated financial statement Schedule II listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of June 30, 2026 and 2025, and the results of its operations and its cash flows for each of the three years in the period ended June 30, 2026, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated August 13, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

Related Party Transactions — Refer to Note 18 to the financial statements

Critical Audit Matter Description

Certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family are the majority beneficial owner of the Company, Sphere Entertainment Co., Madison Square Garden Entertainment Corp., AMC Global Media Inc., and other related entities. In addition, there are overlapping directors and executive officers between the entities. Each of these companies has been identified as a related party at June 30, 2026. The Company had entered into a number of transactions with related parties, including, but not limited to agreements for use of the Madison Square Garden Arena, media rights, sales and service representation, team sponsorship allocation, sublease of office space, and other services, as well as certain shared executive support costs for the Company's Executive Chairman and Chief Executive Officer, the Company's Vice Chairman, and the Company's Executive Vice President.

We identified the evaluation of the Company's identification of related parties and related party transactions as a critical audit matter. This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management's procedures performed to identify related parties and related party transactions of the Company.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the Company's identification of related parties and related party transactions included the following:

• We tested the effectiveness of internal controls over the Company's related party process, including controls over the identification of the Company's related party relationships and transactions;

• Inquired with executive officers including the Company's internal legal counsel, key members of management, including non-finance and non-accounting personnel, and the Audit Committee of the Board of Directors regarding related party relationships and transactions;

• With the assistance of our data specialists, we analyzed the general ledger detail to identify potential unidentified transactions with related parties;

• Compared the Company's reconciliation of applicable accounts to related parties' records of transactions and balances;

• Received confirmations from related parties, and, in certain cases third parties, and compared responses to the Company's records;

• Performed the following procedures to identify information related to potential unidentified transactions between the Company and related parties that may also include third parties:

◦ Read the Company's minutes from meetings of the Board of Directors and related committees of the Board of Directors;

◦ Read agreements and contracts with and between related parties and, in certain cases third parties;

◦ Inspected annual compliance questionnaires completed by the Company's directors and officers;

◦ Read publicly available sources including the Company's public filings and press releases as well as certain analyst and industry reports; and

◦ Listened to, or read transcripts of, the Company's earnings calls.

/s/ Deloitte & Touche LLP

We have served as the Company's auditor since 2020.

Report of Independent Registered Public Accounting Firm

To the stockholders and the Board of Directors of Madison Square Garden Sports Corp.

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Madison Square Garden Sports Corp. and subsidiaries (the "Company") as of June 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of June 30, 2026, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended June 30, 2026 of the Company and our report dated August 13, 2026, expressed an unqualified opinion on those financial statements.

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control over Financial Reporting

A company's internal control over financial reporting is a process designed 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. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

/s/ Deloitte & Touche LLP

MADISON SQUARE GARDEN SPORTS CORP.

CONSOLIDATED BALANCE SHEETS

(in thousands, except per share data)

Cash and cash equivalents $ 164,511 $ 144,617

Restricted cash — 8,571

Accounts receivable, net 52,184 25,855

Net related party receivables 36,103 3,582

Prepaid expenses 43,104 43,417

Other current assets 27,388 25,053

Total current assets 323,290 251,095

Property and equipment, net 27,163 28,962

Right-of-use lease assets 740,576 760,456

Indefinite-lived intangible assets 103,644 103,644

Goodwill 226,523 226,523

Investments 65,618 54,720

Deferred tax assets, net 28,773 34,821

Other assets 22,065 12,753

Total assets $ 1,537,652 $ 1,472,974

See accompanying notes to consolidated financial statements.

MADISON SQUARE GARDEN SPORTS CORP.

CONSOLIDATED BALANCE SHEETS (Continued)

(in thousands, except per share data)

LIABILITIES AND EQUITY

Current Liabilities:

Accounts payable $ 18,411 $ 9,336

Net related party payables 4,964 4,807

Accrued liabilities:

Employee-related costs 159,940 98,924

League-related accruals 209,926 196,567

Other accrued liabilities 9,444 13,093

Operating lease liabilities, current 57,834 52,618

Deferred revenue 165,416 164,178

Total current liabilities 642,435 563,523

Long-term debt 242,000 267,000

Operating lease liabilities, noncurrent 843,975 841,050

Other employee-related costs 71,984 82,178

Deferred revenue, noncurrent 554 662

Total liabilities 1,800,948 1,754,413

Commitments and contingencies (see Note 13)

Madison Square Garden Sports Corp. Stockholders' Equity:

Class A Common Stock, par value $ 0.01 , 120,000 shares authorized; 19,547 and 19,488 shares outstanding as of June 30, 2026 and 2025, respectively

and 125 more changes in the filing

Note 14: Share-based Compensation 16 changes

Under the Employee Stock Plan, the Company is authorized to grant incentive stock options, non-qualified stock options, restricted shares, restricted stock units ("RSUs"), performance RSUs ("PSUs"), stock appreciation rights and other equity-based awards. The Company may grant awards for up to 2,650 shares of the Company's Class A Common Stock (subject to certain adjustments). Options and stock appreciation rights under the Employee Stock Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Employee Stock Plan, including vesting and exercisability, are determined by the Compensation Committee of the Board of Directors ("Compensation Committee") and may include terms or conditions based upon performance criteria. RSUs that were awarded under the Employee Stock Plan generally vest ratably over three years , with PSUs generally subject to three-year cliff vesting, subject to certain performance conditions. RSUs and PSUs that were awarded by the Company to its employees will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or, at the option of the Compensation Committee, in cash.

Under the Non-Employee Director Plan, the Company is authorized to grant non-qualified stock options, restricted shares, restricted stock units, stock appreciation rights and other equity-based awards. The Company may grant awards for up to 260 shares of the Company's Class A Common Stock (subject to certain adjustments). Options under the Non-Employee Director Plan must be granted with an exercise price of not less than the fair market value of a share of the Company's Class A Common Stock on the date of grant and must expire no later than 10 years from the date of grant (or up to one additional year in the case of the death of a holder). The terms and conditions of awards granted under the Non-Employee Director Plan, including vesting and exercisability, are determined by the Compensation Committee. Unless otherwise provided in an applicable award agreement, options granted under this plan will be fully vested and exercisable upon the date of grant. Unless otherwise provided in an applicable award agreement, restricted stock units granted under this plan will be fully vested, upon the date of grant and will settle in shares of the Company's Class A Common Stock (either from treasury or with newly issued shares), or,

MADISON SQUARE GARDEN SPORTS CORP.

See Note 16 to the Company has two share-based compensation plans: consolidated financial statements included in our 2026 Form 10-K for more information regarding the Company's 2015 Employee Stock Plan, as amended (the "Employee Stock Plan") and the its 2015 Stock Plan for Non-Employee Directors (as amended, the "Non-Employee Director Plan").

Share-based compensation expense was recognized in the accompanying consolidated statements of operations as a component of selling, general and administrative expenses. Share-based compensation expense was $ 3,953 and $ 4,844 for the three months ended September 30, 2026 and 2025, respectively. There were no costs related to share-based compensation that were capitalized for the three months ended September 30, 2026 and 2025.

Restricted Stock Units Award Activity

The following table summarizes activity related to the Company's restricted stock units ("RSUs") and performance restricted stock units ("PSUs"), held by employees of the Company, Sphere Entertainment and MSG Entertainment, for the three months ended September 30, 2026:

Number of Weighted-Average

Unvested award balance, June 30, 2026 93 126 $ 196.38

Granted 21 19 $ 404.23

Vested ( 52 ) ( 40 ) $ 187.59

Forfeited / Cancelled ( 1 ) ( 1 ) $ 224.46

Unvested award balance, September 30, 2026 61 104 $ 250.81

The fair value of RSUs and PSUs that vested during the three months ended September 30, 2026 was $ 36,097 . Upon delivery, RSUs and PSUs granted under the Employee Stock Plan were net share-settled to cover the required statutory tax withholding obligations. To fulfill the employees' statutory minimum tax withholding obligations for the applicable income and other employment taxes, 43 of these RSUs and PSUs, with an aggregate value of $ 16,966 , inclusive of $ 866 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 financing activity in the accompanying consolidated statement of cash flows for the three months ended September 30, 2026.

The fair value of RSUs and PSUs that vested during the three months ended September 30, 2025 was $ 21,962 . The weighted-average fair value per share at grant date of RSUs and PSUs granted during the three months ended September 30, 2025 was $ 195.27 .

MSG KNICKERBOCKERS CORP.

Note 15: Stock Repurchase Program 2 changes

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. 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 matter 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 fiscal year the three months ended September 30, 2026 and 2025, the Company did not repurchase any shares under its share repurchase program. As of June September 30, 2026, the Company had $ 184,639 of availability remaining under its stock repurchase authorization . The program was reauthorized by the Board of Directors on September 30, 2026.

Note 16: Related Party Transactions 6 changes

MADISON SQUARE GARDEN SPORTS CORP.

As of June September 30, 2026, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family, for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially own owned 100 % of the Company's outstanding Class B Common Stock, par value $ 0.01 per share ("Class B Common Stock") and beneficially owned approximately 3.1 % 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, represent approximately 70.7 % of the aggregate voting power of the Company's outstanding common stock. Members of the Dolan family are also the controlling stockholders of MSG Rangers, Sphere Entertainment, MSG Entertainment and AMC Global Media Inc. ("AMC Global Media").

Related Party Arrangements as of September 30, 2026

The Company was party to the following agreements and/or arrangements with MSG Entertainment as of September 30, 2026:

• 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 ending June 30, 2055 in exchange for arena license fees, (ii) shares revenues collected for suite and club licenses, (iii)

MSG KNICKERBOCKERS CORP.

Note 17: Income Taxes 35 changes

Income (loss) before income taxes for fiscal years 2026, 2025 and 2024 was comprised of the following components:

Years Ended June 30,

Domestic $ 17,983 $ ( 17,272 ) $ 105,668

Income (loss) before income taxes $ 17,983 $ ( 17,272 ) $ 105,668

Income tax expense for fiscal years 2026, 2025 and 2024 was comprised of the following components:

Years Ended June 30,

Federal $ 1,100 $ 30,094 $ 27,605

State and local 2,990 26,720 26,285

Deferred expense (benefit):

Federal 3,239 ( 27,976 ) ( 3,506 )

State and local 2,815 ( 23,793 ) ( 3,629 )

Income tax expense $ 10,224 $ 5,166 $ 46,897

The income tax expense differs from the amount derived by applying the statutory federal rate to pre-tax income (loss) for fiscal years 2026, 2025 and 2024 principally due to the effect of the following items:

Years Ended June 30,

Amount % Amount % Amount %

Income (loss) before income taxes $ 17,983 $ ( 17,272 ) $ 105,668

Federal tax expense (benefit) at statutory federal rate $ 3,776 21 % $ ( 3,627 ) 21 % $ 22,190 21 %

State and local income taxes, net of federal benefit (a)

Nontaxable or nondeductible items:

Nondeductible officers' compensation 3,909 22 % 5,291 ( 31 ) % 5,899 6 %

Nondeductible meals and entertainment 1,105 6 % 453 ( 3 ) % 534 1 %

Nondeductible player life and disability premiums expense 1,853 10 % 1,710 ( 10 ) % 1,349 1 %

Other nondeductible expenses 215 1 % 106 ( 1 ) % 97 — %

Dividends received deduction ( 3,052 ) ( 17 ) % ( 1,159 ) 7 % ( 814 ) ( 1 ) %

Federal tax credits ( 1,673 ) ( 9 ) % ( 573 ) 3 % ( 673 ) ( 1 ) %

Prior Year Return to Provision Adjustments — — % 484 ( 3 ) % — — %

Valuation allowance 103 — % 113 — % 916 1 %

Excess tax (expense) benefit related to shared based-payments awards ( 407 ) ( 2 ) % ( 298 ) 2 % ( 169 ) — %

Other adjustments ( 39 ) — % 85 — % ( 678 ) ( 1 ) %

Income tax expense $ 10,224 57 % $ 5,166 ( 30 ) % $ 46,897 44 % (a) State and local taxes in New York and New York City made up the majority (greater than 50 percent) of the tax effect in this category.

MADISON SQUARE GARDEN SPORTS CORP.

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 effective tax rate differs from the statutory federal tax rate of 21 % primarily due to state and local taxes, nondeductible officers' compensation, and players' disability insurance premiums expense.

Income tax benefit for the three months ended September 30, 2026 of $ 2,209 reflects an effective tax rate of 7 %.

Income tax benefit for the three months ended September 30, 2025 of $ 8,555 reflects an effective tax rate of 49 %.

During the three months ended September 30, 2026 and 2025, the Company made income tax payments, net of refunds, of $ 4,389 and $ 11,836 , respectively.

Note 18: Additional Financial Information 15 changes

Concentration of Risk

Financial instruments that may potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents and accounts receivable. Cash and cash equivalents are invested in money market accounts and time deposits. The Company monitors the financial institutions and money market funds where it invests its cash and cash equivalents with diversification among counterparties to mitigate exposure to any single financial institution. The Company's emphasis is primarily on safety of principal and liquidity and secondarily on maximizing the yield on its investments.

The following individual non-related parties accounted for the following percentages of the Company's consolidated receivable balances recorded in Accounts receivable, net and Other assets in the accompanying consolidated balance sheets as of June 30, 2026 and 2025:

The following individual non-related parties accounted for the following percentages of the Company's consolidated revenue balances for fiscal years 2026, 2025 and 2024:

Years Ended June 30,

Entity A 16 % 14 % 13 %

MADISON SQUARE GARDEN SPORTS CORP.

Prepaid expenses as of June September 30, 2026 and 2025 June 30, 2026 consisted of the following:

Prepaid employee-related costs $ 29,616 61,437 $ 34,850 29,616

Other prepaid expenses 35,468 13,488 8,567

Total prepaid expenses $ 43,104 96,905 $ 43,417 43,104

Other current assets as of September 30, 2026 and June 30, 2026 consisted of the following:

Inventory $ 14,854 $ 10,395

Other current assets 9,114 16,993

and 1 more change in the filing

Note 19: Segment Information 23 changes

and 23 more changes in the filing

MD&A 279 changes

5 unchanged paragraphs

8 unchanged paragraphs

6 unchanged paragraphs

2 unchanged paragraphs

2 unchanged paragraphs

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

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4 unchanged paragraphs

1 unchanged paragraph

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1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

1 unchanged paragraph

2 unchanged paragraphs

1 unchanged paragraph

6 unchanged paragraphs

1 unchanged paragraph

8 unchanged paragraphs

and 279 more changes in the filing

Market risk 3 changes

1 unchanged paragraph

and 3 more changes in the filing

Controls and procedures 9 changes

and 9 more changes in the filing

Exhibits 42 changes

and 42 more changes in the filing