James Dolan inks extensions with MSG companies, Sphere Entertainment

MSG Sports and Entertainment Chair JAMES DOLAN has signed three-year contract extensions with the companies he and his family control -- MSG Sports, MSG Entertainment and Sphere Entertainment, according to Alex Weprin of the HOLLYWOOD REPORTER. All three companies disclosed the new deals over the past few weeks, with Sphere “filing the extension just before the July 4 holiday.” According to the SEC filings, Dolan will collect a salary of just over $3.3M across the three companies, with MSG Sports accounting for $1.6M of that total, MSG Entertainment $1.5M and Sphere $230,000. He will also have an “annual target bonus” of $6.6M, or 200% of his salary across the three companies. His deal will also include participation in long term incentive plans across MSG Sports and Entertainment, including $8.6M from MSG Entertainment and $7.8M from MSG Sports. The total annual value of the three deals “is about” $37.5M. Dolan has “spent the last few years restructuring the businesses,” in part to help launch the Sphere, which is his “passion project.” The moves included separating the sports business from the venue business as the value of pro sports teams has skyrocketed in recent years (HOLLYWOOD REPORTER, 7/5).