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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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

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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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