New York Knicks, Rangers officially split into separate publicly traded companies

New York Knicks fans can now buy a piece of their beloved team without owning a slice of the Rangers — and Blueshirts fans can do the same.The two Madison Square Garden franchises officially split into separate publicly traded companies on Tuesday, giving investors a chance to put their money behind either team.The Knicks’ parent company now trades on the New York Stock Exchange under the ticker MSGK, while the Rangers have their own stock under the symbol MSGR.James Dolan, who is retaining control of both, collected a $10 million cash bonus for his efforts in pulling off the breakup.The one-time award, approved Friday and paid Monday, recognized his “significant efforts and leadership” in completing the spinoff, according to a securities filing.The payout was approved by a three-member compensation committee whose members have no Dolan family ties, according to the document.The split is aimed at closing a stubborn valuation gap that has at times left the combined company trading at a roughly 50% discount to estimates of what the two franchises are worth on the private market, according to investment bank BTIG.Forbes has valued the Knicks at a whopping $12.6 billion and the Rangers at $4 billion — a combined $16.6 billion, although those estimates don’t necessarily reflect what investors are willing to pay for shares in the teams.The Rangers generated $337.3 million in revenue during the fiscal year ended June 30 but posted an $18.9 million adjusted operating loss, according to securities filings.By comparison, the remaining Knicks-side business had an implied $816.6 million in revenue and $77.7 million in adjusted operating income, based on subtracting the Rangers’ results from the former parent company’s consolidated figures.Those calculations include the Westchester Knicks and corporate items in addition to the NBA franchise, which earlier this year captured its first world championship in more than 50 years.Shareholders in the former combined com...