How much is James Dolan worth?
|Net Worth:||$2.5 billion|
|Date of Birth:||May 11, 1955|
|Country:||United States of America|
Who Is James Dolan
James Dolan is an American businessman who is famous for being the executive chairman of the multi-million dollar sports company – “The Madison Square Garden Company”. In addition to that, he’s also an executive chairman to the MSG Networks and used to be the CEO of Cablevision until June 2016 when it was sold.
Concurrently with these two giants, Dolan is also a chairman of multiple other companies and he continues to supervise the day-to-day operations to their professional sports teams such as New York Rangers, New York Liberty, and New York Knicks.
How Did James Dolan Get So Rich?
James Dolan became rich immediately after he began working for his father, who at the time was a millionaire. In 1999, he was given a more increased role in the company and he began managing the sports properties of Cablevision. Among some of the many teams that are under his domain to this day are New York Rangers, New York Knicks, New York Liberty, and Hartford Wolf Pack. By 2000, Dolan’s net worth exceeded 30 million.
In early 2010, Cablevision announced they spun off their MSG properties and sports franchises into the newly formed “Madison Square Garden Company”. Just a few years later, the company acquired a controlling stake in “Counter Logic Gaming” – a professional video gaming team, and “Townsquare Media” – a broadcasting, digital media, and events company. Throughout the rest of the decade, Dolan continued to build his company. He paid nearly $200 million for a majority stake in the nightlife group Tao Group and signed contracts for the creation of two music and entertainment venues in Las Vegas and London, both of which cost approximately $1.5 billion.
Why Is He So Famous?
The billionaire became famous in the early years of the 21st century after he founded the sports holding company. He was born on May 11, 1955, in the small town of Massapequa, New York. He’s the son of Charles Dolan, known primarily for being the founder of Cablevision. In his early years, James was interested in pursuing a career in music, however, he changed his mind relatively quickly and instead decided to work for Cablevision. Simultaneously with working for his father’s company, he also pursued a major in communications at the State University of New York.
In the early 1990s, he moved to Cleveland after he was dispatched by his father to manage the newly found sports radio station. In 1995, he became the CEO of Cablevision. Throughout most of his early adult life, James suffered from various addictions (alcohol and drugs), which he was able to overcome with time after visiting several rehabilitation facilities. It was also during that decade that he received 50% ownership of the MSG properties given to ITT Corporation and Cablevision.
What Makes Dolan Successful?
What makes this businessman so successful are his truly incredible skills to run billion-dollar companies. Just like many public figures and entrepreneurs, James Dolan has also found himself in the center of many controversies. In the early 2000s, he was involved in a controversy with the New York Knicks, which was sparked mainly by his management. Several decisions such as shooting guard Allan Houston’s six-year contract worth $100 million was a hot topic that was highlighted by the media and newspapers.
During his management, he also was also part of controversial topics with the other teams – New York Rangers and New York Liberty. Most recently, Dolan (on behalf of his Madison Square Garden Company) began a lawsuit with the city of Inglewood, California. The main issue between the two sides was the building of a new arena titled “Los Angeles Clippers Arena”, which would serve as a rival to the MSG’s arena “The Forum”. As of 2020, the lawsuit continues between the two sides and to this day remains a hot topic, especially in the California area.
James Dolan is one of the wealthiest businessmen not just in the United States but in the entire world. As of 2020, at the age of 63, his net worth exceeds $2 billion and he remains an influential figure whose name is always in the media and newspapers. In addition to his work as a businessman, the billionaire is also a singer who performs in the blues-inspired rock band named “JD and The Straight Shot”, which he describes as his main hobby.