New York Knicks owner James Dolan is reportedly facing a lawsuit that claims he makes too much money for the amount of work he puts in as the executive chairman and CEO of the Madison Square Garden Company. According to Marc Hogan of Pitchfork, the Norton C. Willcox Testamentary Trust filed the lawsuit on behalf of all the company’s shareholders which alleges he makes much more than his peers in the industry even though he only does half the work.
James Dolan, the executive chairman and CEO of Madison Square Garden Company, is staggeringly overpaid, a new lawsuit brought by shareholders of the sports and entertainment company claims. As head of MSG, which owns its namesake arena in addition to Radio City Music Hall, the New York Knicks, the Boston Calling Music Festival, and several other venues and franchises, Dolan allegedly earns far more than others in his industry, according to the complaint. Shareholders claim that Dolan “works at MSG only part time,” with much of his focus going toward touring and recording as the frontman and guitarist for his band JD & the Straight Shot.
Over the last three fiscal years, MSG paid Dolan $75.6 million, while his MSG peers make an average of only $17 million for the same three-year period.
Dolan’s laid-back work ethic is nothing new for most. As Owner of the Knicks, his interest has always been making money rather than building a winner, and he was never truly all-in on trying to bring a Championship to New York. In MSG, it appears his colleagues have had enough.
Hopefully, Dolan recognizes that it might be time to spend a little less time with the band.