Gabelli Fund Cites Knicks, Rangers in Madison Square Garden Sports Case

Gabelli Value 25 Fund identified Madison Square Garden Sports (NYSE: MSGS) as a way for investors to access the New York Knicks and Rangers. The fund listed the company at 7.9% of net assets as of June 30, 2026, in its second-quarter investor letter.

Gabelli said sports franchises have appreciated significantly and can serve as stores of value in an inflationary environment. In May, MSGS confirmed plans to separate the Knicks and Rangers, which the letter said would widen strategic options for each.

The letter also pointed to the Knicks' June NBA championship, their first since 1973. Gabelli said the title could expand and solidify the team's long-term fanbase, while noting it was not a direct driver of team value.

As of 16:52 UTC on Sept. 30, MSGS shares traded at $415.24, up 0.34% since the previous close.

The fund's Class I shares gained 7.16% in Q2, compared with 15.20% for the S&P 500. Its one-year return was 26.11%, versus 22.32% for the index.