Two trusts affiliated with Kevyn A. Dolan and Tara E. Dolan filed a joint Form 4 with the SEC on October 28, 2026, reporting changes in beneficial ownership of MSG Rangers Corp. securities resulting from a spin-off distribution completed on October 26, 2026.

Key Highlights

  • Issuer and ticker: MSG Rangers Corp. trades under NASDAQ:MSGR, formerly known as MSGS Spinco, Inc.
  • Spin-off source: MSGR was spun off from MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp.), referred to in the filing as "MSGK."
  • Recapitalization date: On October 20, 2026, MSGR's outstanding common stock was recapitalized into Class A Common Stock and Class B Common Stock, reported as exempt under Rule 16b-7.
  • Distribution ratio: On October 26, 2026, 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.
  • Class A shares disposed: The CFD 2021 GC Trust FBO Kevyn A. Dolan reported disposing of 9,794,568 shares of MSGR Class A Common Stock on October 26, 2026, leaving a beneficial ownership of 0 shares held indirectly by MSG Knickerbockers Corp. and its subsidiaries.
  • Class B shares received: Each reporting trust received 5,500 shares of MSGR Class B Common Stock in the Distribution, held directly, as reported in Table II.
  • Group filing: The two trusts are described as members of a "group" for Section 13(d) purposes; each disclaims beneficial ownership of the other's securities.

MSG Rangers Corp. Spin-Off: How the Dolan Trusts' Holdings Changed

According to the filing, the transactions reported stem entirely from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp. The filing explains that 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 exempt under Rule 16b-7." This recapitalization is reflected in Table I, which shows 100 shares of MSGR Common Stock disposed of and 9,794,568 shares of Class A Common Stock acquired on that date, both held indirectly through MSG Knickerbockers Corp. and its subsidiaries.

On October 26, 2026, the Distribution was completed. The filing states that MSGK distributed one share of MSGR Class A Common Stock and one share of MSGR Class B Common Stock to its stockholders for every two shares of the corresponding MSGK share class, "in a transaction exempt under Rule 16a-9." Following the Distribution, the 9,794,568 Class A shares and 2,264,754 Class B shares previously held indirectly through MSGK were reported as disposed of, each leaving a balance of 0 held in that indirect capacity. Separately, each trust directly received 5,500 shares of MSGR Class B Common Stock in connection with the Distribution, also reported as exempt under Rule 16a-9, and those shares were reflected as a direct holding under Rule 16a-13.

The filing notes that Class B Common Stock is convertible at the option of the holder into Class A Common Stock on a share-for-share basis. The two reporting persons - CFD 2021 GC Trust FBO Kevyn A. Dolan and CFD 2021 GC Trust FBO Tara E. Dolan, both care of the Dolan Family Office at 340 Crossways Park Drive, Woodbury, New York - are identified as members of a Section 13(d) group, with each trust disclaiming beneficial ownership of the securities solely owned by the other.

What Was Disclosed

This joint Form 4 filing discloses changes in MSGR securities held by two Dolan family trusts arising from the October 2026 spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp., including recapitalization and distribution transactions, all reported as exempt under applicable SEC rules.