Some shareholders believe Dolan is paid too much for the work he does.
James Dolan is the controversial owner of the New York Knicks and fans have been wanting him to be removed from the team for years now. Dolan is also the CEO of Madison Square Garden Company whose shareholders are now suing him on the count of his salary being too big for what he actually does. According to Pitchfork.com, the shareholders are accusing Dolan of spending too much time with his band, JD & The Straight Shot and that his salary doesn’t reflect the fact that he seems to care more about the band than the team.
“In 2017, for example, the band performed 50 times in six countries and 41 U.S. cities, an increase from the 32 shows it performed in 2016,” the lawsuit says. “In late 2017, the band released its sixth album, and is in the process of recording a seventh.”
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Over the last three years, Dolan has made $75.6 million as CEO of MSG which the shareholders feel is too much considering the average CEO makes $17 million a year. Dolan even skipped the 2017 NBA Draft so that he could perform with the band.
MSG has since commented on the lawsuit with a statement to Agenda saying “This lawsuit amounts to nothing more than corporate harassment. The company stands by its policies and practices.”
Stay tuned for updates on this pending lawsuit.