Madison Square Garden has offered buyouts to a number of employees this week, including some high-ranked executives, according to multiple people familiar with the matter.
The offers differ depending on years of service and title, said the people, who were granted anonymity because the details are private. That includes potential bonus payouts and accelerated vesting of company stock, per the sources.
“This is a voluntary program that supports a more efficient and nimble organization—this is not a restructuring or cost-saving measure,” an MSG spokesperson said in a statement. The group declined further comment.
It’s unclear exactly how many employees have been offered the buyouts, or what MSG plans to do in the aftermath of their decisions. It’s also unclear how the offers stretch across MSG’s multiple businesses, which include the New York Knicks and New York Rangers, the Garden itself, plus a number of other venues. There’s also another affiliated business that houses The Sphere and MSG’s media networks.
Madison Square Garden Sports Corp., which owns the NHL and NBA franchises, plus their development teams and training center, ended its most recent fiscal year with 514 full-time employees, plus another 493 part-time employees, according to SEC filings. The stock is up 22.3% in the past 12 months and is currently trading around all-time highs.
Meanwhile, Madison Square Garden Entertainment houses the group’s venues, including the Garden itself, Radio City Music Hall and the Beacon Theatre. That unit ended its most recent fiscal year with about 1,200 full-time employees and approximately 5,400 part-time employees, according to its SEC filings. That business’ share price has grown about 60% in the past 12 months and is also trading near all-time highs.
Sphere Entertainment Co. ended its most recent fiscal year with about 1,080 full-time employees and approximately 2,110 part-time employees, according to SEC filings.
Madison Square Garden underwent a restructuring in 2022, part of what The Athletic called “wider cost-cutting” around Jim Dolan’s assets.
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