Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
RATNER HANK
  2. Issuer Name and Ticker or Trading Symbol
Madison Square Garden, Inc. [MSG]
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President & CEO
(Last)
(First)
(Middle)
2 PENN PLAZA
3. Date of Earliest Transaction (Month/Day/Year)
05/11/2010
(Street)

NEW YORK, NY 10121
4. If Amendment, Date Original Filed(Month/Day/Year)
6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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 05/11/2010   M   5,954.5 A $ 3.8 272,581.5 (1) D  
Class A Common Stock 05/11/2010   S   5,954.5 D $ 21.7 266,627 (1) D  
Class A Common Stock 05/11/2010   M   5,954 (6) A $ 3.8 272,581 (1) D  
Class A Common Stock               1,392 I 401(K)
Class A Common Stock               375 I (2) By Daughter
Class A Common Stock               375 I (3) By Son
Class A Common Stock               414 I (3) By Son

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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 Underlying Securities
(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 of Derivative Security: 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 Rights $ 3.8 05/11/2010   M     5,954.5 (4) 02/24/2010 05/31/2010 Class A Common Stock 5,954.5 $ 0 0 D  
Options (Right to Buy) $ 3.8 05/11/2010   M     5,954 (5) (6) 02/24/2010 05/31/2010 Class A Common Stock 5,954 $ 0 0 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
RATNER HANK
2 PENN PLAZA
NEW YORK, NY 10121
      President & CEO  

Signatures

 /s/ Hank J. Ratner   05/12/2010
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Includes shares of restricted stock held by the Reporting Person.
(2) Reporting Person disclaims beneficial ownership of all shares of MSG beneficially owned and deemed to be beneficially owned by his daughter and this filing shall not be deemed an admission that Reporting Person is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.
(3) Reporting Person disclaims beneficial ownership of all shares of MSG beneficially owned and deemed to be beneficially owned by his son and this filing shall not be deemed an admission that Reporting Person is, for the purposes of Section 16 or for any other purpose, the beneficial owner of such securities.
(4) Exercise of stock appreciation rights under the Employee Stock Plan, exempt under Rule 16b-3.
(5) Exercise of options under the Employee Stock Plan, exempt under Rule 16b-3.
(6) Reporting Person exercised options and retained shares upon exercise.

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