James Dolan will continue as executive chairman/CEO of Sphere Entertainment Co. for another three years. Sphere Entertainment gave Dolan a three-year contract extension that runs from July 1 to June 30, 2027, according to a July 3 regulatory filing.
Sphere Entertainment is comprised of Sphere, the $2.3 billion flagship Las Vegas venue. MSG Networks, which operates two regional sports networks, MSG Network and MSG Sportsnet. and the MSG+ streaming platform. Sphere Entertainment outbid MSG Entertainment, a live events company that owns venues like Madison Square Garden, in 2023.
According to Billboard Boxscore, the ballpark grossed $170 million in the quarter ended March 31, the second full quarter since U2 opened the dazzling venue in September with a 40-year residency that earned $245 million in ticket sales. A deal to build a second Sphere in London fell through in January, but the company is “in discussions with multiple markets” and has seen “plenty of interest around the world,” Dolan said during a May 10 earnings call.
The new contract will pay Dolan a base salary of at least $230,000 and an annual target bonus opportunity of at least 200% of his base salary. It will receive non-vested performance vesting rights to purchase 1.8 million Class A shares of Sphere Entertainment and performance vesting rights to purchase 984,700 shares. Through his participation in the company's long-term incentive programs, Dolan is expected to receive one or more long-term awards with an annual target value of at least $11.8 million.
Dolan was also extended as executive chairman/CEO of MSG Entertainment on June 21. He holds the same titles at MSG Sports as the owner of the New York Knicks and New York Rangers.
