James Dolan, CEO of Madison Square Garden (“MSG”) company, is being sued by a group of shareholders who claim he is overpaid, only works part-time, and spends too much of his time with his band, JD & the Straight Shot band. MSG company owns 14 brands, including the Knicks, the Rangers, Radio City Music Hall and the Rockettes.

According to news reports, the lawsuit argues Dolan allegedly made more than $75 million over a three-year period, far in excess of MSG’s peer companies, yet Dolan traveled and performed “extensively domestically and internationally” with his band. “By comparison, MSG’s peer companies paid their CEOs an average of $17 million for the same three-year period. The highest-paid peer CEO received $32.4 million, over $43 million less than James,” the complaint stated.

MSG says the lawsuit has been brought by a trust owned by one shareholder. In a statement issued by the company, MSG countered, “This lawsuit amounts to nothing more than corporate harassment. The company stands by its policies and practices.”

—Source: nydailynews.com