MSGS: A Bit of Hope, A Lot of Money

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Right. So, February 17th, 2026. Another day, another SEC filing. Apparently, Tabor Asset Management decided to add to their MSGS (Madison Square Garden Sports) holdings. 29,985 shares. Honestly, it’s a bit like deciding you need another pair of black boots. You know you probably don’t, but… well, you just do. The position is now 43,778 shares. Which, if you think about it, is a substantial commitment. Like, seriously-considering-a-long-term-relationship substantial.

It’s increased the overall portfolio to 4.57% of Tabor’s 13F reportable AUM. Which, translated into normal human terms, means they’re putting a lot of eggs in the Knicks and Rangers basket. Speaking of baskets… my attempts at basket weaving are still… suboptimal. But I digress.

Here’s the current top five holdings, for those keeping score (I am, naturally):

  • NASDAQ: FIVE: $18.05 million (7.3% of AUM)
  • NASDAQ: LZ: $17.51 million (7.1% of AUM)
  • NYSE: W: $16.94 million (6.8% of AUM)
  • NYSE: MHK: $16.86 million (6.8% of AUM)
  • NYSE: CCL: $13.77 million (5.6% of AUM)

As of February 13th, MSGS shares were at $291.48. Up 38.1% over the year. Which is… good. Really good, actually. Outperforming the S&P 500 by 26.36 percentage points. I mean, I’m not saying I predicted this, but I did once correctly guess the number of jelly beans in a jar. It’s a gift.

Let’s break down the numbers, shall we? Because numbers are comforting. They’re… predictable. Unlike people.

Metric Value
Price (as of market close February 13, 2026) $291.48
Market capitalization $7.51 billion
Revenue (TTM) $1.07 billion
Net income (TTM) $-16.56 million

So, a slight loss on the net income side. But hey, who’s counting? (I am, obviously. It’s my job). MSGS owns the Knicks, the Rangers, the Hartford Wolf Pack, and Westchester Knicks. They’re also dipping their toes into esports with Knicks Gaming and Counter Logic Gaming. It’s all very…diversified. Which is what you’re supposed to do, right? Diversify? I’m trying. It’s just that all the shiny new things keep distracting me.

The idea is they leverage these iconic brands and a loyal fanbase. Media rights, sponsorships, merchandising…it’s all about recurring revenue. Which, let’s be honest, is what we all want, isn’t it? A nice, predictable stream of income. I’m still waiting for my royalty check from that limerick I wrote about a particularly grumpy pigeon.

Here’s the thing. Professional sports teams are weird. They’re not like normal companies. Their value isn’t just about earnings reports. It’s about scarcity. There are only so many NBA and NHL franchises. And the Knicks and Rangers? They’re…well, they’re the Knicks and Rangers. Global brands. Which means they’re going to keep appreciating, regardless of whether they actually win anything. (A cynical thought? Perhaps. A realistic one? Definitely.)

Team valuations have been steadily rising for decades. Global broadcast demand, sponsorship growth, wealthy buyers… it’s a perfect storm. The question is, can this continue? Can the franchise values keep outpacing the underlying business performance? If media rights and fan monetization keep expanding, MSGS might be valued more as a scarce asset than as a conventional operating company. Which is…a comforting thought. It means I might actually be making sensible investment decisions. Or at least, not completely disastrous ones.

Units of Cryptocurrency Lost: 12. Hours Spent Watching Charts: 9. Number of Panicked Texts to Friends: 24. But hey, at least MSGS is looking…promising. Now, if you’ll excuse me, I need to go research the resale value of vintage basketball cards. Just in case.

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2026-03-13 06:42