Polarizing New York Knicks owner James Dolan has been sued by shareholders for spending more time with his band than he does running the team.
Madison Square Garden CEO and New York Knicks owner James Dolan has been sued by shareholders, per a report from Marc Hogan of Pitchfork.
According to the suit, Dolan is only at MSG “part-time” and devotes most of his time to his band, JD and the Straight Shot. The lawsuit also describes Dolan as “staggeringly overpaid” in his position, citing the lack of time he devotes to the MSG Corporation.
Company records show James Dolan earned $75.6 million from MSG over the last three fiscal years.
“The highest-paid peer CEO received $32.4 million, over $43 million less than James,” the complaint states and calls Dolan’s salary “far from fair.”
Spokespeople for the enigmatic owner and MSG did not comment, nor did the shareholders’ legal team.
However, MSG itself put out a statement to Agenda and called the suit “corporate harassment.”
Either way, this is not a good look for Dolan. Although the Knicks seem to be trending in the right direction, Dolan recently ejected a fan from MSG who told him to sell the team. It wasn’t a great look for the owner or the team. If he is indeed an absentee owner as the lawsuit claims, it looks even worse.
The truth is regardless of how this lawsuit pans out, it will likely lead to nothing. MSG told the New York Daily News that the suit was brought by one shareholder represented by a trust.
