The Madison Square Garden Co. said late Tuesday that its board of directors had approved the spinoff of its sports and entertainment businesses. Madison Square Garden stock gained 1.7% during the extended session. The company said it expected the spinoff to completed in mid April. Madison Square Garden also said it was suspending construction of a venue in Las Vegas called MSG Sphere as a result of the COVID-19 pandemic. Madison Square Garden executive chairman James Dolan has tested positive for the coronavirus and is in self-isolation, according to the Associated Press.