The complaint states MSG had been "devastated by the COVID-19 pandemic and was floundering under the weight of cost overruns on a huge $2 billion entertainment complex in Las Vegas.
August 27, 2021 at 03:02 PM
3 minute read
Shareholders of MSG Networks Inc. have taken legal action against the Dolan family and the rest of the company’s leadership, claiming the company was seen as a drainable cash source in a deal that undercut share values.
The complaint publicly filed by Grant & Eisenhofer attorneys Thursday evening in the Court of Chancery heavily criticizes the stock-for-stock sale of MSG Networks to Madison Square Garden Entertainment Corp., made with the Dolans as controlling shareholders in both companies.
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MSG Networks Inc business offices and studio building in NYC. Photo: BrandonKleinPhoto/Shutterstock
