MSG shareholders have sued New York Knicks owner James Dolan for his excessive salary.
According to the statement made by MSG to Agenda, per Pitchfork.com, Dolan “works at MSG only part time.” The shareholder feel he's more focused on his duties as frontman and guitarist of the band JD & the Straight Shot.
More specifically, the complaint alleges the band “travels and performs extensively domestically and internationally.”
The shareholders filed the lawsuit in a Delaware court in late March 2019. MSG considers it “nothing more than corporate harassment.” The Agenda report goes into more specific detail:
Over the last three fiscal years, MSG paid Dolan $75.6 million, according to company filings.
‘By comparison, MSG's peer companies paid their CEOs an average of $17 million for the same three-year period,' the complaint says.
‘The highest-paid peer CEO received $32.4 million, over $43 million less than James.' The lawsuit claims Dolan's pay is ‘excessive' and ‘far from fair.'
The Dolan family issued a separate statement. They also told Agenda “these [law] firms represent the worst in our legal system” and considered their course of action against James Dolan “corporate extortion.” The family experts expressed confidence they will defend Dolan successfully.
MSG owns Madison Square Garden, the New York Knicks, Radio City Music Hall, the Boston Calling Music Festival, and other entertainment entities.
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