SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* Sweeney Brian (Last) (First) (Middle) 2 PENN PLAZA (Street) NEW YORK NY 10121 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol Madison Square Garden, Inc. [ MSG ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X Director 10% Owner Officer (give title below) Other (specify below)
	3. Date of Earliest Transaction (Month/Day/Year) 05/18/2010
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) Form filed by One Reporting Person X Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	05/18/2010		M		3,423.75	A	$3.8	24,906.75(1)	D(2)
Class A Common Stock	05/18/2010		S		3,423.75	D	$21.89	21,483(1)	D(2)
Class A Common Stock	05/18/2010		M		3,423(5)	A	$3.8	24,906(1)	D(2)
Class A Common Stock								3,647	I(3)	By Spouse
Class A Common Stock								4,000	I(4)	By Trusts

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Right	$3.8	05/18/2010		M			3,423.75(6)	02/24/2010	05/31/2010	Class A Common Stock	3,423.75	$0	0	D(2)
Options (Right to Buy)	$3.8	05/18/2010		M			3,423(5)(7)	02/24/2010	05/31/2010	Class A Common Stock	3,423	$0	0	D(2)

1. Name and Address of Reporting Person* Sweeney Brian (Last) (First) (Middle) 2 PENN PLAZA (Street) NEW YORK NY 10121 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) Other (specify below)

1. Name and Address of Reporting Person* DOLAN-SWEENEY DEBORAH A (Last) (First) (Middle) 2 PENN PLAZA (Street) NEW YORK NY 10121 (City) (State) (Zip) Relationship of Reporting Person(s) to Issuer X Director 10% Owner Officer (give title below) X Other (specify below) Member of 13(d) Group

Explanation of Responses:

1. Includes restricted shares.

2. Ms. Dolan-Sweeney disclaims beneficial ownership of all shares of Madison Square Garden, Inc. ("MSG") beneficially owned or deemed to be beneficially owned by her spouse (other than shares in which she has a direct pecuniary interest) and this filing shall not be deemed an admission that Ms. Dolan-Sweeney is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

3. Mr. Sweeney disclaims beneficial ownership of all shares of MSG beneficially owned or deemed to be beneficially owned by his spouse (other than shares in which he has a direct pecuniary interest) and this filing shall not be deemed an admission that Mr. Sweeney is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

4. Reporting Persons disclaim beneficial ownership of all shares of MSG beneficially owned or deemed to be benefically owned by trusts for their children and this filing shall not be deemed an admission that Reporting Persons are, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.

5. Reporting Person exercised options and retained shares upon exercise.

6. Exercise of stock appreciation rights under the 2010 Stock Plan for Non-Employee Directors, exempt under Rule 16b-3.

7. Exercise of stock options under the 2010 Stock Plan for Non-Employee Directors, exempt under Rule 16b-3.

	/s/ Brian G. Sweeney	05/19/2010
	/s/ Brian G. Sweeney, Attorney-in-fact for Deborah A. Dolan-Sweeney	05/19/2010
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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