Five Charles F. Dolan 2009 Family Trusts filed a joint Form 4 with the SEC on October 28, 2026, disclosing beneficial ownership changes in MSG Rangers Corp. resulting 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.), with NASDAQ:MSGR as the trading symbol.
  • Distribution ratio: According to the filing, MSGK distributed one share of MSGR Class A Common Stock and one share of MSGR Class B Common Stock for every two shares of MSGK Class A and Class B common stock, respectively, on October 26, 2026.
  • Recapitalization date: On October 20, 2026, MSGR's issued and outstanding common stock was recapitalized into Class A and Class B common stock, described in the filing as a transaction exempt under Rule 16b-7.
  • Class A shares received in Distribution: Each of the five trusts received 2,215 shares of Class A Common Stock through the Distribution, in a transaction the filing describes as exempt under Rule 16a-9.
  • Class B shares received in Distribution: The five trusts received Class B Common Stock totaling 412,317, 209,030, 218,130, 7,782, and 195,483 shares respectively, also described as exempt under Rule 16a-9.
  • Convertibility: The filing states that Class B Common Stock is convertible at the option of the holder on a share-for-share basis into Class A Common Stock.
  • Group membership: The five trusts are described in the filing as members of a "group" for purposes of Section 13(d), with each trust disclaiming beneficial ownership of the other trusts' securities.

MSG Rangers Corp. Spin-Off Creates New Share Holdings for Dolan Family Trusts

According to the filing, the transactions stem from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp. The filing identifies five reporting persons, each a separate Charles F. Dolan 2009 Family Trust with a different beneficiary: James L. Dolan, Kathleen M. Dolan, Marianne Dolan Weber, Patrick F. Dolan, and Deborah A. Dolan-Sweeney. All five trusts are located at the Dolan Family Office, 340 Crossways Park Drive, Woodbury, New York 11797, and each is identified in the filing as "Other" in its relationship to the issuer, and as a member of a 13(d) Group.

The filing describes two key dates. On October 20, 2026, MSGR's outstanding common stock was recapitalized into Class A and Class B Common Stock, in a transaction the filing states was exempt under Rule 16b-7. Also on that date, 9,794,568 shares of Class A Common Stock and 2,264,754 shares of Class B Common Stock were acquired indirectly by the trusts through MSG Knickerbockers Corp. and its subsidiaries. On October 26, 2026, those indirectly held shares were disposed of and replaced through the Distribution, in which each trust received 2,215 shares of Class A Common Stock and varying amounts of Class B Common Stock directly, in transactions the filing describes as exempt under Rule 16a-9 and Rule 16a-13.

The filing notes that each reporting person disclaims beneficial ownership of the securities held by the other trusts, and states that the filing "shall not be deemed to be an admission that the other Reporting Persons are the beneficial owners of such securities for purposes of Section 16 of the Exchange Act or for any other purpose."

What Was Disclosed

Five Dolan family trusts disclosed changes in beneficial ownership of MSG Rangers Corp. (NASDAQ:MSGR) shares arising from a spin-off from MSG Knickerbockers Corp., involving a recapitalization on October 20, 2026, and a share distribution on October 26, 2026.