Madison Square Garden Sports Corp.’s board of directors approved a plan to explore spinning off the NBA’s New York Knicks and NHL’s New York Rangers, a move that would make it easier to attract investors to the teams. 

Bloomberg's Randall Williams has the details and joined Tom Keene and Paul Sweeney on Bloomberg Surveillance.

Randall notes that few sports conglomerates are worth more than the combined value of the Knicks and Rangers, who both play at Madison Square Garden, one of the most famous arenas in the world. Sportico values the Knicks at $9.85 billion, third in the NBA. The Rangers are worth $3.65 billion, second in the NHL behind the Toronto Maple Leafs.