The New York Knicks kick off the 2026 Eastern Conference Finals against the Cleveland Cavaliers on Tuesday night, eight wins away from winning its first NBA Championship in 53 years. Win or lose, Madison Square Garden Sports shares could be ready to break out with the company considering a major move. • Madison Square Garden stock is showing upward bias. What should traders watch with MSGS?New York Knicks, New York Rangers Ownership SplitMadison Square Garden Sports, which is controlled by the James Dolan family, has owned the NBA's Knicks, NHL's Rangers and several other sports assets for years. The company is considering splitting off these ownership stakes into two companies.Announced months ago that the company was exploring a move, Madison Square Garden Sports provided an update on its progress this week.The spin-off would see the New York Rangers and New York Knicks split into two publicly traded companies. The Rangers and minor league hockey team, the Hartford Wolf Pack, would be one of the companies. The Knicks and NBA G League affiliate Westchester Knicks would be the other.Investors looking at the math of a potential spin-off and team valuations should be excited.Why Investors Are Looking AtStripping out that arena valuation, the Rangers are worth $2.8 billion.The New York Knicks are valued at $9.75 billion by Forbes. This valuation consists of the following: