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Revenue Recognition
 9 Months Ended
Mar. 31, 2025
Revenue Recognition [Abstract]  
Revenue Recognition Revenue Recognition
Contracts with Customers
All revenue recognized in the consolidated statements of operations is considered to be revenue from contracts with customers. For the three months ended March 31, 2025, the Company did not have any impairment losses on contract assets arising from contracts with customers. For the nine months ended March 31, 2025, the Company recorded impairment losses of $109 on contract assets arising from contracts with customers. For the three and nine months ended March 31, 2025, the Company did not have any impairment losses on receivables arising from contracts with customers. For the three and nine months ended March 31, 2024, the Company did not have any impairment losses on receivables or contract assets arising from contracts with customers.
Disaggregation of Revenue
The following table disaggregates the Company’s revenues by type of goods or services in accordance with the disclosure requirements set forth in ASC Subtopic 280-10-50-38 to 40 and the disaggregation of revenue required disclosures in accordance with ASC Subtopic 606-10-50-5 for the three and nine months ended March 31, 2025 and 2024:
Three Months EndedNine Months Ended
March 31,March 31,
2025202420252024
Event-related (a)
$176,756 $177,826 $322,211 $306,096 
Media rights (b)
123,544 139,579 257,799 269,345 
Sponsorship, signage and suite licenses113,701 101,402 198,302 176,032 
League distributions and other10,196 11,147 56,951 48,425 
Total revenues from contracts with customers$424,197 $429,954 $835,263 $799,898 
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(a)Consists of (i) ticket sales and other ticket-related revenues, and (ii) food, beverage and merchandise sales at The Garden.
(b)Consists of (i) local media rights fees, (ii) revenue from the distribution through league-wide national television contracts, and (iii) other local radio rights fees. Revenues from media rights for the three and nine months ended March 31, 2025 reflect a reduction in expected revenues from local media rights fees for the 2024-25 season as a result of proposed amendments to the Knicks’ and Rangers’ local media rights agreements with MSG Networks contemplated in the Transaction Support Agreement (as defined below).
Contract Balances
The timing of revenue recognition, billings and cash collections results in billed receivables, contract assets and contract liabilities on the consolidated balance sheets. The following table provides information about contract balances from the Company’s contracts with customers as of March 31, 2025 and June 30, 2024:
March 31,June 30,
20252024
Receivables from contracts with customers, net (a)
$91,448 $19,930 
Contract assets, current (b)
28,059 14,054 
Deferred revenue, including non-current portion (c), (d)
166,641 149,825 
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(a)Receivables from contracts with customers, net, which are reported in Accounts receivable, net and Net related party receivables in the accompanying consolidated balance sheets, represent the Company’s unconditional rights to consideration under its contracts with customers. As of March 31, 2025 and June 30, 2024, the Company’s receivables reported above included $30,532 and $0, respectively, related to contracts with customers that are related parties. See Note 16 for further details on these related party arrangements. Receivables from contracts with customers, net, excludes amounts recorded in Accounts receivable, net, associated with amounts due from the NBA and NHL related to escrow and player compensation recoveries and luxury tax payments. As of March 31, 2025 and June 30, 2024, the Company had receivable balances related to escrow and player compensation recoveries of $14,667 and $0, respectively, recorded in Accounts receivable, net.
(b)Contract assets, current, which are reported as Other current assets in the accompanying consolidated balance sheets, primarily relate to the Company’s rights to consideration for goods or services transferred to the customer, for which the Company does not have an unconditional right to bill as of the reporting date. Contract assets are transferred to accounts receivable once the Company’s right to consideration becomes unconditional. The Company had contract assets related to local media rights of $6,507 and $0 as of March 31, 2025 and June 30, 2024, respectively. See Note 16 for further details on these related party arrangements.
(c)Deferred revenue, including non-current portion, primarily relates to the Company’s receipt of consideration from customers, inclusive of sales tax collected, or billing customers in advance of the Company’s transfer of goods or services to those customers. Deferred revenue is reduced and the related revenue is recognized once the underlying goods or services are transferred to a customer.
(d)Revenue recognized for the nine months ended March 31, 2025 relating to the deferred revenue balance as of June 30, 2024 was $115,264.
Transaction Price Allocated to the Remaining Performance Obligations
The following table depicts the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of March 31, 2025. In developing the estimated revenue, the Company applies the allowable practical expedient and does not disclose information about remaining performance obligations that have original expected durations of one year or less. Additionally, the Company has elected to exclude variable consideration from its disclosure related to the remaining performance obligations under its local media rights arrangements with MSG Networks, league-wide national and international television contracts, and certain other arrangements with variable consideration.
Fiscal year ending June 30, 2025 (remainder)$23,903 
Fiscal year ending June 30, 2026153,698 
Fiscal year ending June 30, 202796,694 
Fiscal year ending June 30, 202858,905 
Fiscal year ending June 30, 202946,842 
Thereafter34,870 
$414,912