What happened: MSG Sports board approved separating the Knicks and Rangers into two publicly traded companies. The transaction completes Oct. 26, with separate listings to begin trading Oct. 27.

Why it matters: The move puts the NBA and NHL franchises on distinct balance sheets with separate shareholder bases. Former Knicks president Isiah Thomas will sit on the Knicks company board of directors.

What to watch: The separate boards take their seats at completion on Oct. 26.