Madison Square Garden Company continues the process of spinning off an entertainment business from its sports businesses with the public release of a filing of a Form 10 Registration Statement with the U.S. Securities and Exchange Commission (“SEC”).
If successful, MSG will be split into two entities: MSG Sports and MSG Entertainment. Andrew Lustgarten is expected to be named President and Chief Executive Officer overseeing all business operations for the pure-play sports company, as well as serving as President of MSG Entertainment. This transaction remains subject to various conditions, including final league and MSG Board approval.
“We look forward to the pending separation of our sports and entertainment businesses, which will better enable the two companies to pursue their own unique strategies, while providing our shareholders with the ability to more clearly assess the value of each company,” said James Dolan, MSG’s Executive Chairman and Chief Executive Officer, in a press statement. “Over the last six years, Andy has helped guide MSG through an unprecedented period of change. I am confident that his considerable experience in developing strategic relationships and new opportunities will quickly help position the new sports company as one of the world’s leading sports organizations.”
Following the completion of the spin-off, Dolan is expected to serve as Executive Chairman of the sports company and as Executive Chairman and Chief Executive Officer of the entertainment company.
Lustgarten will set the Company’s business strategy and oversee all aspects of business operations for its collection of marquee professional sports franchises–the New York Knicks, New York Rangers, Westchester Knicks, Hartford Wolf Pack, Counter Logic Gaming and Knicks Gaming. Team operations for the Knicks and Rangers will continue to be overseen by Dolan. Previously, Lustgarten spent seven years at the National Basketball Association, where he served as Senior Vice President, Global Strategy, and before that, Special Assistant to the Commissioner.
On the venue front, MSG Entertainment will continue to development new venues in London and Las Vegas while operating several venues: New York’s Madison Square Garden, Hulu Theater at Madison Square Garden, Radio City Music Hall and Beacon Theatre; The Forum in Inglewood, Cal. (at least for now); and the Chicago Theatre.
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