Two trusts, CFD 2010 Grandchildren Trust FBO Descendants of Kathleen M. Dolan and CFD 2010 Grandchildren Trust FBO Descendants of Marianne E. Dolan Weber, filed a joint Form 4 on October 28, 2026, disclosing transactions in securities of MSG Rangers Corp. (NASDAQ:MSGR) arising from a spin-off distribution completed on October 26, 2026.

Key Highlights

  • Spin-off issuer: MSG Rangers Corp. (formerly MSGS Spinco, Inc.) was spun off from MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp.).
  • Recapitalization date: On October 20, 2026, MSGR's outstanding common stock was recapitalized into Class A Common Stock and Class B Common Stock, in a transaction the filing describes as exempt under Rule 16b-7.
  • Distribution ratio: On October 26, 2026, MSGK distributed one share of MSGR Class A Common Stock and Class B Common Stock to stockholders for every two shares of MSGK Class A and Class B common stock, respectively.
  • Class B shares received directly: The Kathleen M. Dolan trust received 11,953 shares of Class B Common Stock directly, and the Marianne E. Dolan Weber trust received 9,351 shares of Class B Common Stock directly, each in connection with the distribution.
  • Post-transaction indirect holdings: Following the reported transactions, both trusts report zero indirect beneficial ownership of Class A Common Stock or Class B Common Stock held through MSG Knickerbockers Corp. and its subsidiaries.
  • Reporting persons' relationship: Both trusts are identified as "Other" in relation to the issuer and as members of a Section 13(d) group with each other.
  • Convertibility: According to the filing, Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.

MSG Rangers Spin-Off Triggers Trust Ownership Changes on October 26, 2026

According to the filing, the transactions reported stem from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp. On October 20, 2026, MSGR's issued and outstanding common stock was recapitalized into Class A Common Stock and Class B Common Stock in a transaction the filing states was exempt under Rule 16b-7. At that point, the two trusts, acting through MSG Knickerbockers Corp. and its subsidiaries, acquired 9,794,568 shares of MSGR Class A Common Stock and 2,264,754 shares of MSGR Class B Common Stock indirectly.

On October 26, 2026, the distribution was completed. MSGK distributed one share of MSGR Class A Common Stock and one share of MSGR Class B Common Stock for every two shares of the corresponding MSGK class of common stock. The filing describes this distribution as exempt under Rule 16a-9. Following the distribution, the trusts' indirect holdings through MSG Knickerbockers Corp. and its subsidiaries fell to zero for both classes. Separately, the filing reports that the Kathleen M. Dolan trust directly received 11,953 shares of MSGR Class B Common Stock, and the Marianne E. Dolan Weber trust directly received 9,351 shares of MSGR Class B Common Stock, each in a transaction described as exempt under Rule 16a-9 and recorded as a Rule 16a-13 transfer of shares previously owned directly by MSGK and its subsidiaries.

The filing notes that each trust is a member of a Section 13(d) group with the other, but each trust disclaims beneficial ownership of the securities held solely by the other. The filing states that this report "shall not be deemed to be an admission that the other Reporting Person is the beneficial owner of such securities for purposes of Section 16 of the Exchange Act or for any other purpose."

What Was Disclosed

The filing disclosed share transactions by two Dolan family trusts in NASDAQ:MSGR resulting from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp., including a recapitalization on October 20, 2026, and a distribution on October 26, 2026.