Madison Square Garden Sports Corp.

The business is overwhelmingly centered in the New York City metropolitan area, with home games at Madison Square Garden in Manhattan and team operations tied to the local market. It also has operating assets in Connecticut and New York state through the Hartford Wolf Pack, Westchester Knicks, and the training center in Greenburgh. Revenue exposure is concentrated in a single market, which strengthens brand relevance but increases sensitivity to New York-area economic, regulatory, and public-safety conditions.

The business depends heavily on the popularity and competitiveness of the Knicks and Rangers, so weaker team performance can quickly reduce ticketing, sponsorship, and in-venue spending. It is also exposed to local media rights concentration, public assembly safety, and New York-specific regulatory and economic conditions, all of which can affect attendance and monetization. Because revenue is seasonal and tied to live events, disruptions such as public-health events, labor issues, or arena access problems can create sharp quarterly volatility.