Investors will soon be able to buy stock in the New York Knicks and New York Rangers separately. MSG Sports announced Wednesday that its board approved dividing the NBA and NHL franchises into two publicly traded companies, with the transaction expected to close Oct. 26.

The Knicks will belong to MSG Knickerbockers Corp., which will also own the G League's Westchester Knicks. MSG Rangers Corp. will hold the Rangers, the AHL's Hartford Wolf Pack and the MSG training facility.

Trading begins on October 27th. The Knicks company will use the ticker "MSGK," while the Rangers company will trade as "MSGR." James Dolan will serve as executive chairman and CEO of both.

Dolan outlined the reasoning in a statement.

"With our board's approval we are now one step closer to our goal of separating our Knicks and Rangers businesses into two distinct public companies," said Dolan. "Both teams have storied histories and large and passionate fan bases, and we believe each company will be well-positioned to generate long-term value for shareholders."

The split follows contrasting stretches for the two clubs. The Knicks captured the NBA championship in June. The Rangers are rebuilding after missing the playoffs in each of the past two seasons.

MSG Sports reported $1.153 billion in revenue and $59 million in profit for the fiscal year that ended June 30. The Knicks' title run boosted the bottom line. The franchise generated $66.9 million more in playoff revenue than the prior year, despite playing nine games at Madison Square Garden in both postseasons.

The company began exploring the separation earlier this year. Dolan previously moved the teams away from Madison Square Garden in a 2020 spin-off that placed the arena and franchises in different public companies. The Knicks signed a 35-year lease at the venue in 2021.

The Knicks and Rangers remain among the few professional sports franchises owned by a publicly traded company.