David J. Collins
Executive Vice President and Chief Financial Officer; Interim Principal Accounting Officer at 
Madison Square Garden Entertainment
Madison Square Garden EntertainmentExecutive
About David J. Collins
David J. Collins (age 57) has served as Executive Vice President and Chief Financial Officer of Madison Square Garden Entertainment Corp. since April 2025, after nearly a decade as CFO and EVP at Harris Blitzer Sports & Entertainment (Philadelphia 76ers, New Jersey Devils, Prudential Center) overseeing finance, accounting, strategy & analytics, IT and ticket operations . MSGE delivered FY2025 total company revenues of $942.7 million and Adjusted Operating Income (AOI) of $222.5 million; TSR on a $100 initial investment measured for pay-versus-performance disclosure was 128.98 for 2025, with Net Income Attributable to MSGE stockholders of $37.4 million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Harris Blitzer Sports & Entertainment (HBSE) | CFO & EVP | Nov 2015 – Apr 1, 2025 | Led finance, accounting, strategy & analytics, IT, ticket ops; league reporting to NBA/NHL |
| Experis Finance; Base Entertainment; Sterling Chemicals; Petrosearch Energy; Ernst & Young | Senior finance roles | n/a | Senior financial leadership across public/private companies; foundational audit/finance experience |
External Roles
No public-company directorships disclosed for Collins .
Fixed Compensation
| Item | FY2025 | FY2026 and Ongoing |
|---|---|---|
| Base salary (rate) | $700,000 as of FY2025 year-end | Not less than $700,000 per employment agreement |
| Salary earned (FY2025) | $149,589 | n/a |
| Target bonus % | Not eligible for FY2025 MPIP per agreement (1) | Not less than 100% of base salary beginning fiscal year starting July 1, 2025 (FY2026) |
| Actual bonus paid (FY2025) | $450,000 one-time sign-on cash (repayable in full if resignation without good reason or termination for cause within 1 year of start) | |
| One-time RSU grant (FY2025) | 14,345 RSUs, grant-date fair value $466,356; vests ratably on 9/15/2025, 9/15/2026, 9/15/2027 (2) |
Performance Compensation
| Component | Metric | Weighting | Target | Actual | Payout | Vesting |
|---|---|---|---|---|---|---|
| Annual Incentive (MPIP) FY2025 | AOI (Company) initial funding | 100% financial (strategic BU modifier may adjust) | Board-approved AOI budget (target not disclosed) | 89.1% of target (Company AOI) | Not eligible (per employment agreement) (1) | Cash, annual (not applicable to Collins for FY2025) |
| BU Strategic Modifier FY2025 | Finance BU goals (refinancing, opex discipline, reporting) | Modifier to MPIP | Pre-set strategic metrics | Achieved; modifier set to 97.5% | Not eligible (1) | n/a |
| Long-Term Incentive PSUs (2025–2027) | Total Company Net Revenue; Business Unit AOI | 50% each | Targets set from long-range plan (confidential, not disclosed) | Not yet applicable (measured FY2027) | Payout range 0–110% (thresholds: 85% revenue → 90% payout; 75% AOI → 90% payout) | Cliff vest after 3 years upon certification (Collins received no PSUs in FY2025) |
Notes:
- Company certified legacy FY2023 PSUs at 101.7% of target (Total Company Net Revenue payout 100.4%, Business Unit AOI payout 103.0%) for awards measuring in FY2025; Collins did not hold these .
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial ownership (Class A) | 3,058 shares; less than 1% of class |
| RSUs outstanding (6/30/2025) | 14,345 unvested RSUs; market value $573,370 at $39.97/share (4) |
| Vested stock in FY2025 | 0 shares vested for Collins |
| PSUs outstanding | None granted in FY2025 |
| Options | None disclosed for Collins |
| Vesting schedule (RSUs) | Ratable over three years: 9/15/2025, 9/15/2026, 9/15/2027 (continued employment required, subject to award/employment terms) (4) |
| Hedging/pledging | Company policy prohibits hedging transactions and pledging/margin of Company securities by directors/employees, including NEOs |
| Clawback | NYSE-compliant clawback recovering erroneously awarded incentive compensation for restatements, effective Dec 1, 2023 |
Employment Terms
- Appointment and eligibility: CFO effective April 14, 2025; eligible for annual bonus and long-term incentives beginning FY starting July 1, 2025 (FY2026) .
- Core compensation minimums: Target annual bonus ≥100% of base; annual LTI target value expected ≥$700,000 .
- Severance (through April 14, 2028): If terminated without cause or resigns for good reason (and cause does not exist), minimum severance equals 2× (base salary + target bonus), plus unpaid prior-year bonus and pro rata current-year bonus; time-based restrictions on unvested RSUs are eliminated subject to performance criteria; unvested long-term cash awards vest; options/stock appreciation awards immediately vest .
- Death/disability (prior to April 14, 2028): Unpaid prior-year bonus and pro rata current-year bonus; time-based restrictions on unvested RSUs eliminated subject to performance criteria; long-term cash awards vest (paid at target if measurement period incomplete) .
- Non-compete: Prohibits competitive activities until the first anniversary following termination .
- Change-in-control (award agreements):
- RSUs: On a change in control or going-private transaction, either cashed out at deal price or replaced; payout/vesting triggered on earliest of scheduled vest date while employed by MSGE/Sphere/MSG Sports (if affiliates), death, termination without cause/resignation for good reason; replacement awards may vest on resignation without good reason 6–9 months post-transaction .
- PSUs: Vest at target on change in control regardless of termination; following going-private, paid on the earlier of award year (2025/2026/2027), death, or termination without cause/resignation for good reason .
- Options: Cash-out of in-the-money or replacement award with vesting under similar earliest-of conditions; out-of-the-money options may be cancelled .
- No excise tax gross-up: Payments are cut-back to avoid 4999 excise tax if beneficial to after-tax proceeds .
- Governance of pay: Independent Compensation Committee with independent consultant (ClearBridge); no peer group used due to limited comparables; majority of pay at risk; anti-hedging/pledging policy; robust stockholder engagement .
Severance Economics (as of June 30, 2025)
| Scenario | Severance Cash | Pro Rata Bonus | Unvested RSUs | Unvested PSUs |
|---|---|---|---|---|
| Termination without cause or resignation for good reason | $2,800,000 (1) | $0 (not eligible for FY2025 MPIP) (5) | $573,370 (6) | $0 (none granted) (7) |
| Death/disability | $0 | $0 (annual target basis for FY2025 not applicable) (2) | $573,370 (3) | $0 (none granted) (4) |
| After change-in-control + termination without cause/good reason | $2,800,000 (3) | $0 (7) | $573,370 (8) | $0 (9) |
(Parenthetical numbers refer to footnote numbering in the cited tables.)
Investment Implications
- Pay-for-performance alignment: Collins’ go-forward incentives tie to AOI (annual) and Total Company Net Revenue/Business Unit AOI (PSUs), with capped leverage and three-year PSU measurement—an architecture that emphasizes long-term value creation over short-term bonuses .
- Retention/turnover risk: Strong protections through April 14, 2028 (minimum 2× cash severance and equity acceleration), plus 1-year non-compete; sign-on cash has one-year clawback, improving near-term retention incentives .
- Insider selling pressure: RSUs vest ratably on 9/15/2025, 9/15/2026, 9/15/2027; absolute size is modest (14,345 RSUs; 3,058 owned shares), and company policy prohibits pledging/margin, mitigating forced sales risk (4) .
- Change-of-control mechanics: Single-trigger PSU vesting at target on CIC and RSU cash-out/replacement with accelerated vesting conditions can increase realized pay in transaction scenarios; employment agreement severance is not enhanced by CIC (no gross-up), but award-level accelerations remain a consideration for deal economics .
- Governance signals: Very strong say-on-pay approval (98.8% votes cast in 2024; 96.6% of Class A) and independent compensation oversight with no peer inflators suggest disciplined compensation governance benefiting investors .