Madison Square Garden CEO James Dolan is paying himself way too much money for a job he’s barely doing, his shareholders reportedly claim in a new lawsuit.
MSG shareholders say the Knicks owner is spending too much time on stage with his blues-inspired rock band — and not enough time in the boardroom, Pitchfork reported.
Over the last three fiscal years, MSG paid Dolan $75.6 million. That’s a heap more than CEOs at similar companies, who made an average of $17 million for the same time period, the lawsuit claims.
Dolan’s pay is “excessive” and “far from fair” — especially since he “works at MSG only part time,” says the suit, filed in Delaware chancery court late last month.