Paul Joseph Dolan filed a Form 4 with the SEC on October 28, 2026, reporting changes in beneficial ownership of MSG Rangers Corp. securities arising from the spin-off of MSG Rangers Corp. from MSG Knickerbockers Corp., with key transactions dated October 20 and October 26, 2026.

Key Highlights

  • Spin-off completed: MSG Rangers Corp. (formerly MSGS Spinco, Inc.) was spun off from MSG Knickerbockers Corp. (formerly Madison Square Garden Sports Corp.), with the distribution occurring on October 26, 2026.
  • Recapitalization on October 20, 2026: The outstanding common stock of MSG Rangers Corp. was recapitalized into Class A Common Stock and Class B Common Stock in a transaction reported as exempt under Rule 16b-7.
  • Distribution ratio: According to the filing, MSGK distributed one share of Class A Common Stock and one share of Class B Common Stock for every two shares of the corresponding MSGK class of stock.
  • Indirect Class A shares after distribution: 9,794,568 Class A Common Stock shares held indirectly by MSG Knickerbockers Corp. and its subsidiaries were disposed of on October 26, 2026, reducing that indirect holding to 0.
  • Direct Class A shares acquired: Dolan directly acquired 2,656 shares of Class A Common Stock on October 26, 2026, in connection with vested MSGK restricted stock units under the MSGR 2026 Stock Plan for Non-Employee Directors.
  • Class B convertible security: 2,264,754 shares of Class B Common Stock, which are convertible at the holder's option on a share-for-share basis into Class A Common Stock, were disposed of indirectly on October 26, 2026, reducing that position to 0.
  • Reporting person's role: Dolan is identified in the filing as a "Trustee of 13(d) Group Member," not as a director or officer of MSG Rangers Corp.

Dolan's Beneficial Ownership Changes in the MSG Rangers Spin-Off

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 previously issued common stock was recapitalized into Class A Common Stock and Class B Common Stock. On the same date, 9,794,568 shares of Class A Common Stock and 2,264,754 shares of Class B Common Stock were acquired indirectly through MSG Knickerbockers Corp. and its subsidiaries, each in transactions described as exempt under Rule 16b-7.

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 for every two shares of the corresponding class of MSGK stock held by stockholders, in a transaction exempt under Rule 16a-9. Following the distribution, the indirect holdings of 9,794,568 Class A shares and 2,264,754 Class B shares through MSG Knickerbockers Corp. and its subsidiaries were each reduced to 0.

Separately, the filing discloses that Dolan directly received 2,656 shares of Class A Common Stock on October 26, 2026, in connection with vested MSGK restricted stock units, at a ratio of one share of MSGR Class A Common Stock per every two vested MSGK RSUs. The filing notes these shares were granted under the MSGR 2026 Stock Plan for Non-Employee Directors. Also on October 20, 2026, 100 shares of Common Stock (par value $0.01 per share) were disposed of indirectly in connection with the recapitalization. The filing was signed by Brian G. Sweeney as attorney-in-fact for Paul J. Dolan on October 28, 2026. MSG Rangers Corp. trades on NASDAQ:MSGR.

What Was Disclosed

The filing disclosed changes in Paul Joseph Dolan's beneficial ownership of MSG Rangers Corp. securities resulting from the company's spin-off from MSG Knickerbockers Corp., including a recapitalization, a stock distribution, and the receipt of Class A shares from vested RSUs.