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James Dolan finally has a reason to sing the billionaire blues besides his bad basketball team.
Madison Square Garden CEO Dolan, the well-known majority owner of the crappy New York Knicks and lesser-known frontman of the crappier JD & The Straight Shot blues band, is being sued by MSG shareholders who claim he is being paid too much to do far too little.
According to the lawsuit, Dolan is spending too much time with the band and the salary he is paying himself does not reflect the amount of work he is putting into the company.
MSG — which owns its namesake arena in addition to Radio City Music Hall and several other venues and franchises — has paid Dolan $75.6 million over the last three years, an “excessive” amount since the 63-year-old “works at MSG only part time,” according to the suit.
The court filing says CEOs at similar companies made an average of $17 million over the same time period, according to Pitchfork.
An MSG spokesperson said the lawsuit was an example of “trolling.”
“This lawsuit amounts to nothing more than corporate harassment,” according to the statement. “The company stands by its policies and practices. We look forward to fully litigating this matter to conclusion. We will never settle nor give in to this corporate extortion.”
Dolan hasn’t commented on the matter as of now, but it’s possible he’ll debut a song about it during the Straight Shot’s tour which kicks off at the end of the month in Georgia. Hecklers welcome.
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