What happened: The parent company finalized its previously approved spinoff on Tuesday, placing the NBA and NHL franchises under independent stock listings. James Dolan remains CEO of both standalone companies following the corporate separation.

Why it matters: Carving out the two teams allows public-market investors to buy direct equity in either franchise rather than holding a combined parent stock. Separate listings establish independent market valuations and capital structures for the basketball and hockey operations.

What to watch: On the court, the Knicks are scheduled for tipoff Tuesday at 8:00 PM ET.