In the long arc of professional sports as a financial enterprise, Madison Square Garden Sports Corp. has arrived at a rare inflection point — returning to profitability in fiscal year 2026 after a period of losses, buoyed by a championship victory and the approaching separation of its two storied franchises. The company's $1.15 billion in revenue and $7.76 million in net income signal not a resolution of its deeper tensions, but a moment of earned credibility in a business where passion and economics must ultimately reconcile. The impending spin-off of the New York Rangers invites investors to