MSG Entertainment's Dolan Made $14.8 Million, 584 Times The Pay Of Its Median Worker, An Usher
The CEO's package leans on stock awards and $465,405 in perks, while two departed executives collected separation payments.
James L. Dolan, executive chairman and CEO of Madison Square Garden Entertainment, took home $14,794,242 for the fiscal year ended June 30, 2026, up from $14,154,313 a year earlier, according to the company's annual proxy filing made Thursday. The company's median-paid employee, an usher, earned $25,330, which puts the pay ratio at 584 to 1.
An usher at the median
Madison Square Garden Entertainment owns or operates five live entertainment venues in New York City and Chicago, including Madison Square Garden and Radio City Music Hall. The company said more than half of its workforce is part-time, seasonal or temporary, and that those workers earn relatively little because of their limited hours.
The company also cautioned that SEC rules bar annualizing or full-time-equivalent adjustments for seasonal or temporary staff when picking the median employee. It said the ratio may not be comparable with other companies' figures.
Stock-heavy pay and personal perks
Dolan's fiscal 2026 pay was $1,500,000 in salary, $8,889,878 in stock awards, $3,849,000 in annual incentive pay and $555,364 in other compensation. His fiscal 2024 total was $10,229,763, when his salary was $1,000,000.
Perquisites made up $465,405 of the other compensation: $313,455 for aircraft, $89,154 for a car and driver and $44,525 for executive security. The aircraft figure covers the company's incremental cost for personal use of its own plane and of aircraft it can access through arrangements with Dolan family entities and MSG Sports, plus helicopter use mainly for commuting.
Unvested restricted and performance stock units Dolan held at June 30, 2026 totaled 535,489, valued at $43,315,705 at the $80.89 closing price that day, assuming target performance.
Two exits, $2.95 million in separation pay
Laura Franco, the former executive vice president and general counsel, separated effective October 31, 2025. Her separation-related payments were $2,200,000, and her fiscal 2026 total came to $3,354,830.
Layth Taki, the former controller and principal accounting officer, left effective November 14, 2025, with $750,000 in separation payments and a $1,584,332 total. His fiscal 2026 performance and restricted stock units were forfeited, while Franco's restricted units vested on her separation date.
Allen Lo became chief legal officer effective March 30, 2026, and Alexander Shvartsman became controller effective November 24, 2025.
An early pay vote on December 10
Stockholders will vote on pay, directors and the Deloitte auditor appointment at a virtual annual meeting at 10:00 a.m. Eastern on Thursday, December 10. The pay vote is advisory. The company usually holds it every three years but chose to hold one this year, ahead of the vote required in 2028.
At the 2025 meeting, about 98.9% of votes cast backed the pay resolution, including about 96.8% of Class A votes.
Stockholders of record as of October 16 can vote at the December 10 meeting, with advance registration due by 5:00 p.m. Eastern on December 4.
