The Charles F. Dolan Children Trust FBO Thomas C. Dolan filed a Form 4 on October 28, 2026, reporting changes in beneficial ownership of MSG Rangers Corp. securities resulting from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp.

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.), listed as NASDAQ:MSGR.
  • Recapitalization on October 20, 2026: Outstanding common stock of MSG Rangers Corp. was recapitalized into Class A Common Stock and Class B Common Stock in a transaction exempt under Rule 16b-7.
  • Distribution on October 26, 2026: MSG Knickerbockers Corp. 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, in a transaction exempt under Rule 16a-9.
  • Class A shares received: The trust received 6,647 shares of Class A Common Stock directly in connection with the Distribution, with a resulting direct beneficial ownership of 6,647 shares.
  • Class B shares received: The trust received 154,493 shares of Class B Common Stock directly in connection with the Distribution, with resulting direct beneficial ownership of 154,493 shares.
  • Class B 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 Corp. Spin-Off: Trust Ownership Changes Explained

According to the Form 4 filed with the SEC, the Charles F. Dolan Children Trust FBO Thomas C. Dolan, whose address is listed c/o Dolan Family Office at 340 Crossways Park Drive, Woodbury, New York 11797, reported multiple transactions tied to the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp. The reporting person is identified as a member of a 13(d) Group (MSGK) and not a director or officer of the issuer.

The filing describes a two-step process. On October 20, 2026, the outstanding common stock of MSGR was recapitalized into Class A Common Stock and Class B Common Stock in a transaction the filing describes as exempt under Rule 16b-7. At that time, the trust held, indirectly through MSG Knickerbockers Corp. and its subsidiaries, 9,794,568 shares of Class A Common Stock and 2,264,754 shares of Class B Common Stock (the latter as a derivative security convertible into Class A Common Stock on a share-for-share basis). Those indirect holdings were then disposed of on October 26, 2026, in connection with the Distribution, reducing those indirect positions to zero, in transactions the filing describes as exempt under Rule 16a-9.

Simultaneously on October 26, 2026, the trust received directly 6,647 shares of Class A Common Stock and 154,493 shares of Class B Common Stock in connection with the Distribution, also described as exempt under Rule 16a-9. The filing notes that this reflects "a transfer of shares previously owned directly by MSGK and its subsidiaries exempt under Rule 16a-13." Following these transactions, the trust holds 6,647 shares of Class A Common Stock and 154,493 shares of Class B Common Stock directly, with no remaining indirect holdings through MSG Knickerbockers Corp.

What Was Disclosed

The filing reported ownership changes for the Charles F. Dolan Children Trust FBO Thomas C. Dolan in NASDAQ:MSGR securities, stemming from the October 2026 spin-off and distribution by MSG Knickerbockers Corp., resulting in direct holdings of 6,647 Class A shares and 154,493 Class B shares.