James Dolan Dolan will serve another three years as chairman of the board and CEO of Sphere Entertainment Inc. Sphere Entertainment has given Dolan a three-year contract extension, effective July 1 through June 30, 2027, according to a July 3 regulatory filing.
Sphere Entertainment consists of Sphere, a landmark $2.3 billion venue in Las Vegas, MSG Network, which operates two regional sports networks, MSG Network and MSG SportsNet, and 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, the Sphere generated $170 million in revenue for the quarter ended March 31, the second quarter since U2 opened the spectacular venue in September, grossing $245 million from 40 performance dates 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 a lot of interest around the world,” Dolan said on a May 10 earnings call.
Under the new agreement, Dolan will be paid a base salary of more than $230,000 and an annual target bonus of more than 200% of his base salary. He will receive non-qualified performance-vested options to purchase 1.8 million shares of Sphere Entertainment’s Class A common stock and performance-vested options to purchase 984,700 shares. Through his participation in the company’s long-term incentive program, Dolan is expected to receive one or more long-term bonuses with annual target amounts of at least $11.8 million.
Dolan also extended his term as chairman of the board and CEO of MSG Entertainment on June 21, a role he holds as owner of MSG Sports, the New York Knicks and the New York Rangers.