Madison Square Garden Sports Corp. announced that Andrew Lustgarten, MSG Sports' President and Chief Executive Officer, is stepping down from his position at the end of the calendar year, and will join MSG Sports' Board of Directors, effective January 1, 2023. During his successful, 8-year tenure, Mr. Lustgarten has led both MSG's sports and entertainment companies, playing a critical role in overseeing MSG's assets and in helping to spearhead strategic initiatives and transactions throughout an unprecedented period of change.

In 2020, this included leading the spin-off of MSG Entertainment from MSG Sports, the latter of which he then quickly positioned as one of the world's leading sports organizations. His commitment to driving and enhancing MSG Sports' operations, while continuing to navigate through the COVID-19 pandemic, helped the Company achieve record financial results for fiscal year 2022. As part of MSG Sports' Board of Directors, Mr. Lustgarten will continue to utilize his expertise to further the overall advancement of the Company.

Over his eight years with the MSG family of companies, Mr. Lustgarten has held several important leadership positions. In addition to President and CEO of MSG Sports, Mr. Lustgarten simultaneously served as President of MSG Entertainment for two years and, prior to that, served as President of The Madison Square Garden Company, during which time he oversaw all of the company's operations, including the bookings business for all of MSG's iconic venues and the Radio City Rockettes. Mr. Lustgarten also served on both the NBA and NHL Board of Governors.

Mr. Lustgarten has also played a critical role in overseeing various transactions that have helped shape the MSG companies, including the 2020 spin-off of MSG Entertainment from MSG Sports, which established brand-new Arena License Agreements between the Madison Square Garden Arena and the Knicks and Rangers, and the 2015 spin-off of The Madison Square Garden Company from MSG Networks, which was highlighted by 20-year media deals for the Knicks and Rangers. Mr. Lustgarten also helped spearhead the sale of the Forum arena in Inglewood, California for $400 million and MSG's acquisition of a controlling interest in Tao Group Hospitality, which was later merged with Hakkasan Group, bringing together two world-renowned hospitality groups. Other transactions designed to help diversify the Company's sports and entertainment portfolio have included investments in Boston Calling Events, which produces the Boston Calling Music Festival, and Counter Logic Gaming, a North American esports organization.

Mr. Lustgarten played an important role in marketing partnerships, helping to forge several expansive deals with numerous marquee companies and driving participation in innovative new opportunities, including the newly emerging New York sports gaming market. One example is the integral role Mr. Lustgarten played in driving the Company's investment in and partnership with DraftKings. Mr. Lustgarten is Chairman of the Board of the Lustgarten Foundation for Pancreatic Cancer Research, the nation's largest private supporter of pancreatic cancer research, which James Dolan, who serves as Vice Chairman, and the MSG companies also proudly support.