Madison Square Garden Entertainment Appoints David Collins as CFO and Claire Sweeney to Board

Madison Square Garden Entertainment Corp. (NYSE: MSGE) has announced the appointment of David Collins as Executive Vice President and Chief Financial Officer, effective April 14, 2025, or a later agreed date. Collins brings a wealth of experience from his prior role as CFO and EVP at Harris Blitzer Sports and Entertainment, where he oversaw financial operations for major sports and entertainment properties including the Philadelphia 76ers and New Jersey Devils.

Under the terms of his employment agreement, Collins will receive an annual base salary of at least $700,000, with an annual bonus target equal to 100% of that salary. He will also be eligible for long-term incentive awards starting with the fiscal year beginning July 1, 2025, with a target value not less than $700,000. Additional compensation includes a one-time $450,000 cash award and a $450,000 restricted stock unit grant subject to three-year vesting.

In the event of termination under certain conditions before the third anniversary of his start date, Collins would be entitled to severance benefits including two times his salary and target bonus, prorated bonuses, and accelerated vesting of equity and long-term awards. His agreement also includes a one-year noncompetition clause following any termination.

Additionally, Claire Sweeney has been elected as a Class B director to the company’s board, filling a vacancy through appointment by the holders of the Company’s Class B Common Stock.

Madison Square Garden Sports Corp. (NYSE: MSGS) reported financial results for the fiscal second quarter ended December 31, 2024, showing revenue growth but declining profitability. The company generated revenues of $357.8 million, a 9% increase from the prior year, driven by higher ticket-related revenues, suite sales, sponsorship, and media rights fees. The New York Knicks and Rangers played three additional home games at Madison Square Garden, contributing to increased per-game revenues across all key categories.

Despite revenue growth, operating income dropped 54% to $13.3 million, and adjusted operating income fell 45% to $20.2 million, primarily due to higher team personnel costs, NBA luxury tax expenses, and increased league revenue-sharing provisions. Direct operating expenses rose 19% to $275.8 million, while selling, general, and administrative expenses increased 4% to $67.9 million. CEO James L. Dolan expressed confidence in the company's long-term growth potential, citing strong fan and corporate demand.