Investors will get a chance to bet directly on the fortunes of the New York Knicks and Rangers and their home arena, Madison Square Garden, beginning today.

Cablevision Systems is splitting into two, returning the company to its roots as mainly a provider of subscription TV. The newly separate Madison Square Garden Inc. will include the arena, the basketball and hockey teams, regional sports channels and famed theaters such as Radio City Music Hall.

The move also figures to make it easier for 83-year-old Cablevision founder Charles Dolan or his heirs to eventually sell either company. Members of the Dolan family will own about one-fifth of Madison Square Garden but control 70 percent of the shareholder votes — similar to their stake in Cablevision.