James Dolan will continue his run as Sphere Entertainment Co.’s executive chairman/CEO 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 consists of Sphere, the groundbreaking, $2.3-billion venue in Las Vegas; MSG Networks, which operates two regional sports networks, MSG Network and MSG Sportsnet; and the streaming platform MSG+. Sphere Entertainment spun off MSG Entertainment, a live events company that owns venues such as Madison Square Garden, in 2023.
According to Billboard Boxscore, sphere generated revenue of $170 million in the quarter ended March 31, its second full quarter since U2 opened the dazzling venue in September with a 40-date residency that grossed $245 million in ticket sales. A deal to construct a second Sphere in London fell through in January, but the company is “in discussions with several markets” and has encountered “plenty of interest all around the world,” Dolan said during a May 10 earnings call.
The new contract will pay Dolan a base salary of not less than $230,000 and an annual target bonus opportunity not less than 200% of his base salary. He will receive non-qualified performance vesting options to purchase 1.8 million Class A shares of Sphere Entertainment and performance vesting options 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 the executive chairman/CEO of MSG Entertainment on June 21. He carries the same titles at MSG Sports and as owner of the New York Knicks and New York Rangers.