v3.26.1
Related Party Transactions
 12 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
Related Party Transactions Related Party Transactions
As of June 30, 2026, certain members of the Dolan family, including certain trusts for the benefit of members of the Dolan family (collectively, the “Dolan Family Group”), for purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended, collectively beneficially owned 100% of the Company’s outstanding Class B common stock and approximately 3.9% of the Company’s outstanding Class A common stock (inclusive of options exercisable within 60 days of June 30, 2026). Such shares of Class A common stock and Class B common stock, collectively, represent approximately 64.3% of the aggregate voting power of Company’s outstanding common stock. Members of the Dolan family are also the controlling stockholders of Sphere Entertainment, MSG Sports and AMC Global Media Inc. (formerly known as AMC Networks Inc., “AMC Global Media”).
Current Related Party Arrangements
The Company is party to the following agreements and/or arrangements with MSG Sports:
•Sponsorship sales and service representation agreements, entered into in April 2020 (the “Sponsorship Sales and Service Representation Agreements”) pursuant to which the Company has the exclusive right and obligation to sell MSG Sports’ sponsorships for an initial stated term of ten years for a commission;
•A team sponsorship allocation agreement, pursuant to which MSG Sports receives an allocation of sponsorship and signage revenues associated with the sponsorship agreements;
•Arena License Agreements, entered into in April 2020, pursuant to which the Company (i) provides MSG Sports the right to use The Garden for games of the Knicks and Rangers until 2055 in exchange for venue license fees, (ii) shares revenues collected for suite licenses, (iii) operates and manages the sale of the sports teams merchandise at The Garden for a commission, (iv) operates and manages the sale of food and beverage sales and catering services during the Knicks and Rangers games for a portion of net profits (as defined under the Arena License Agreements), (v) provides day of game services, and (vi) provides other general services within The Garden;
•A services agreement pursuant to which the Company provides certain corporate and other services to MSG Sports, such as information technology, executive support, accounts receivable, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing and facilities-related functions, in exchange for service fees. MSG Sports also provides certain services to the Company, including certain communications and legal services, in exchange for service fees;
•A sublease agreement, pursuant to which the Company subleases office space to MSG Sports;
•A group ticket sales representation agreement, pursuant to which the Company appointed MSG Sports as its sales and service representative to sell group ticket packages related to the Company’s events in exchange for a commission;
•A single night rental commission agreement, pursuant to which MSG Sports may, from time to time, sell (or make referrals for sales of) licenses for the use of suites at The Garden for individual Company events in exchange for a commission;
•Aircraft arrangements (discussed below);
•Arrangements pursuant to which MSG Sports provides certain services associated with the management of ticketing, premium hospitality sales, sponsorship sales and other business operations services to the Company; and
•Other agreements such as a trademark license agreement and certain other arrangements.
The Company is party to the following agreements and/or arrangements with Sphere Entertainment:
•A services agreement pursuant to which the Company provides certain corporate and other services to Sphere Entertainment, such as information technology, executive support, accounts receivable, accounts payable, payroll, tax, certain legal functions, human resources, insurance and risk management, government affairs, investor relations, corporate communications, benefit plan administration and reporting, and internal audit functions as well as certain marketing and facilities-related functions and certain booking services, in exchange for service fees. Sphere Entertainment also provides certain services to the Company, including certain legal functions, in exchange for service fees;
•A marketing partnership allocation agreement, pursuant to which Sphere Entertainment receives an allocation of sponsorship revenues associated with the sponsorship agreements;
•Arrangements pursuant to which the Company provides certain sponsorship account management services to Sphere Entertainment in exchange for service fees in addition to certain advertising sales and representation services to MSG Networks in exchange for a commission and certain cost reimbursements;
•A sublease agreement, pursuant to which the Company subleases office space to Sphere Entertainment;
•Arrangements pursuant to which Sphere Entertainment, through its Holoplot business, is providing certain technology services to the Company’s venues. For the twelve months ended June 30, 2026, gross capital additions associated with these arrangements were approximately $2,800 and are reported in Property and equipment, net in the consolidated balance sheets;
•Aircraft arrangements (discussed below); and
•Other agreements with Sphere Entertainment entered into in connection with the MSGE Distribution such as a distribution agreement, a tax disaffiliation agreement, an employee matters agreement, a trademark license agreement and certain other arrangements.
The Company was also party to the DDTL Facility, which provided for a $65,000 senior unsecured delayed draw term loan facility to Sphere Entertainment, which was fully drawn on July 14, 2023 and repaid by Sphere Entertainment on August 9, 2023. See Note 10. Commitments and Contingencies for more information regarding the DDTL.
Further, the Company shares certain executive support costs, including office space, executive assistants, security and transportation costs, for (i) the Company’s Executive Chairman and Chief Executive Officer with Sphere Entertainment and MSG Sports and (ii) the Company’s Vice Chairman with Sphere Entertainment, MSG Sports and AMC Global Media.
The Company is a party to various aircraft arrangements:
•Pursuant to certain Aircraft Support Services Agreements, the Company provides (or provided, in the case of Charles F. Dolan) certain aircraft support services to (i) Charles F. Dolan, a former director, and certain of his children, including James L. Dolan, the Company’s Executive Chairman, Chief Executive Officer and a director, Deborah Dolan-Sweeney, Patrick F. Dolan, Marianne Dolan Weber (a director of the Company), and Kathleen M. Dolan, and (ii) an entity controlled by Patrick F. Dolan, the brother of James L. Dolan.
•The Company was party to reciprocal time sharing/dry lease agreements with Charles F. Dolan and Sterling2k LLC (collectively, “CFD”), an entity owned and controlled by Deborah Dolan-Sweeney, the sister of James L. Dolan, pursuant to which the Company had agreed from time to time to make its aircraft available to CFD and CFD had agreed from time to
time to make its aircraft available to the Company. Pursuant to the terms of the agreements, CFD could lease on a non-exclusive, “time sharing” basis, certain Company aircraft. Both of these agreements were terminated in July 2025.
•The Company is also party to a dry lease agreement and a time sharing agreement with Brighid Air, LLC (“Brighid Air”), a company owned and controlled by Patrick F. Dolan, the brother of James L. Dolan, pursuant to which Brighid Air has agreed from time to time to make its Bombardier BD100-1A10 Challenger 350 aircraft (the “Challenger”) available to the Company on a non-exclusive basis. In connection with the dry lease agreement, the Company also entered into a Flight Crew Services Agreement with Dolan Family Office, LLC (“DFO”), an entity owned and controlled by the estate of Charles F. Dolan, pursuant to which the Company may utilize pilots employed by DFO for purposes of flying the Challenger when the Company is leasing that aircraft under the Company’s dry lease agreement with Brighid Air.
•The Company is party to various arrangements with each of Sphere Entertainment and MSG Sports, pursuant to which (i) Sphere Entertainment and MSG Sports each have the right to lease on a non-exclusive (“dry-lease”) and time-sharing basis, as applicable, certain aircraft to which the Company has access, (ii) the Company has the right to dry lease an aircraft leased by MSG Sports and (iii) the Company provides certain aircraft support services. The Company is also party to various arrangements with AMC Global Media pursuant to which AMC Global Media has the right to lease on a “time-sharing” basis certain aircraft to which the Company has access. Additionally, the Company, Sphere Entertainment, MSG Sports and AMC Global Media have agreed on an allocation of the costs of certain personal aircraft and helicopter use by their shared executives.
In the third quarter of Fiscal Year 2024, the Company entered into a commercial agreement with Oak View Group’s Crown Properties Collection, LLC (“CPC"), under which CPC provided sponsorship sales services. The Company recorded commission expense of $4,205, $4,897, and $1,507 for the years ended June 30, 2026, 2025 and 2024, respectively. As of June 30, 2026 and 2025, prepaid expenses associated with this arrangement were $3,669 and $6,062, respectively, and are recorded in Prepaid expenses and other current assets, and Other non-current assets in the consolidated balance sheets. As of June 30, 2026 and 2025, accrued expenses associated with this arrangement were $2,076 and $1,614, respectively, and are recorded in Accounts payable, accrued and other current liabilities in the consolidated balance sheets. The Company provided a notice of termination with respect to the commercial agreement in the first quarter of Fiscal Year 2025 and subsequently negotiated a wind down. On June 2, 2025, CPC repurchased the Company’s equity interest in CPC, and as a result, CPC is no longer considered to be a related party.
Revenues and Operating Expenses
The following table summarizes the composition and amounts of the transactions with the Company’s related parties. These amounts are reflected in revenues and operating expenses in the consolidated statements of operations for Fiscal Years 2026, 2025 and 2024:
Years Ended June 30,
202620252024
Revenues:
Revenues under Arena License Agreements$68,068 $68,068 $68,068 
Revenues under sponsorship sales and service representation agreements with MSG Sports
21,119 20,523 19,481 
Merchandise sharing revenues with MSG Sports11,197 7,292 7,200 
Sublease revenue from related parties10,481 11,282 3,758 
Other revenues3,176 2,610 $3,328 
Total revenues$114,041 $109,775 $101,835 
Operating credits (expenses):
Revenue sharing expenses (a)
(23,580)(21,306)(21,567)
Reimbursement under Arena License Agreements31,670 29,559 25,107 
Cost reimbursement from MSG Sports40,163 37,243 37,409 
Cost reimbursement from Sphere Entertainment 62,106 78,534 108,767 
Other operating credits (expenses), net5,816 (1,210)824 
Total operating credits, net (b)
$116,175 $122,820 $150,540 
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(a)    Amounts exclude revenue sharing expenses of $137,260, $125,702 and $115,026 related to MSG Sports suites revenue sharing for Fiscal Years 2026, 2025 and 2024, respectively, and are recorded in Direct operating expenses in the consolidated statements of operations.
(b)    Of the total operating credits (expenses), net, $4,661, $5,866 and $(1,453) of net credits (expenses) for Fiscal Years 2026, 2025 and 2024, respectively, are recorded in Direct operating expenses in the consolidated statements of operations, and $111,514, $116,954 and $151,993 of net credits for Fiscal Years 2026, 2025 and 2024, respectively, are recorded in Selling, general and administrative expenses in the consolidated statements of operations.