Jamaal T. Lesane
Madison Square Garden SportsAbout Jamaal T. Lesane
Jamaal T. Lesane, 49, is Chief Operating Officer of Madison Square Garden Sports Corp. (MSGS) since July 2024, previously Interim President & COO (Apr–Jul 2024) and EVP & General Counsel (Mar 2022–Jul 2024). Earlier roles include SVP & Associate GC (2017–2022), VP Legal & Business Affairs (2008–2017), Associate Counsel at HBO (2006–2007), and associate at Covington & Burling LLP (2001–2006) . Company FY2025 performance: revenues $1.04B, operating income $14.8M, AOI $38.2M, with strong ticket, sponsorship, and suites growth and Knicks’ historic per-game gate in ECF; combined season ticket renewal ~97% for Knicks/Rangers . Company TSR proxy metric shows value of a $100 investment at $148.92 in FY2025 .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| MSGS | Chief Operating Officer | Jul 2024–present | Operational leadership of Knicks/Rangers businesses and growth initiatives |
| MSGS | Interim President & COO | Apr 2024–Jul 2024 | Transitional executive leadership |
| MSGS | EVP & General Counsel | Mar 2022–Jul 2024 | Led legal; supported strategic transactions and governance |
| MSGS | SVP & Associate General Counsel | 2017–2022 | Senior legal leadership |
| MSGS | VP, Legal & Business Affairs | 2008–2017 | Commercial/contract oversight |
| HBO | Associate Counsel | 2006–2007 | Media legal counsel |
| Covington & Burling LLP | Associate | 2001–2006 | Corporate/transactions; foundational legal training |
External Roles
- No external public-company directorships disclosed for Lesane in the proxy’s executive officer biographies .
Fixed Compensation
| Element | FY2025 Amount | Notes |
|---|---|---|
| Base Salary | $1,000,000 | Per employment agreement and year-end salary table |
| All Other Compensation | $56,229 | Includes benefits/perquisites and savings plan-related items |
Perquisites available at MSGS (program-wide) include access to tickets (certain venues counted as perqs), executive wellness program, and limited car/driver use for certain executives; aircraft/security perqs are primarily for the CEO and select executives, cost-shared across related companies .
Performance Compensation
| Incentive Type | Metric(s) | Weighting | Target | Actual/Payout | Vesting |
|---|---|---|---|---|---|
| Annual Incentive (MPIP) | AOI-funded pool; modified by strategic objectives | AOI primary; strategic modifier | 125% of base salary ($1,250,000) | 95.0% of target ($1,187,500) | Cash; paid Sep 2025 |
| PSUs (FY2025 grant) | Revenues (50%), AOI (50%) | 50% of LTI | 3,744 target units; grant-date FV: $778,677 | Payout range 0–110% of target; threshold 90% payout; max 110% | Cliff vest after 3 years; settled post Sep 15 upon certification (final-year performance) |
| RSUs (FY2025 grant) | Stock price alignment | 50% of LTI | 3,744 units; grant-date FV: $778,677 | N/A (time-based) | Ratable over 3 years on Sep 15 each year |
Additional MPIP detail: FY2025 AOI component funded at 0% against budget due to strategic investments (roster/luxury tax, coaching contract terminations, media rights amendments), with strategic goal achievements (renewals, merchandise records, partner additions, efficiency initiatives) leading the Compensation Committee to apply a 95% payout modifier .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership (Class A) | 6,342 shares; percent indicated as “*” (<1%) in Stock Ownership Table |
| Shares Outstanding (Class A) | 19,529,890 (record date Oct 16, 2025) |
| Unvested RSUs (counts) | 830 (FY2023 grant remaining), 1,685 (FY2024), 3,744 (FY2025) |
| Unvested PSUs (target counts) | 2,488 (FY2023), 2,527 (FY2024), 3,744 (FY2025) |
| Total Unvested Units (RSU+PSU) | 15,018; combined estimated value $3,138,011 using $208.95 share price |
| Hedging/Pledging | Prohibited for all directors/employees (incl. NEOs); margin accounts/pledging forbidden under Insider Trading Policy |
| Ownership Guidelines | Director RSUs have holding requirement; no executive ownership multiple disclosed |
Vesting mechanics reinforce alignment: standard RSUs vest ratably over three years (Sep 15), PSUs cliff-vest after three years based on final-year performance; combined with holding/settlement mechanics, executives maintain ongoing exposure to MSGS equity .
Employment Terms
| Term | Lesane Agreement (effective Jul 1, 2024) |
|---|---|
| Role/Effective Date | COO; agreement effective Jul 1, 2024 |
| Scheduled Expiration | June 30, 2027 (“Lesane Scheduled Expiration Date”) |
| Base Salary (min) | Not less than $1,000,000 |
| Target Bonus | 125% of base salary |
| LTI Target (min) | Expected aggregate annual target value not less than $1,500,000 |
| Severance (no cause/Good Reason, before 6/30/2027) | ≥ 2× (base + target bonus), unpaid prior-year bonus and prorated current-year bonus; immediate vesting of outstanding RSUs/PSUs (subject to performance), options/SARs; long-term cash awards vest |
| Death/Disability | Pro rata bonus; immediate vesting as above; performance cash awards at target if period incomplete |
| Change-in-Control/Going-Private (double-trigger termination) – Estimated Values at 6/30/2025 | Severance $4,500,000; pro rata bonus $1,187,500; unvested RSUs $1,307,818; unvested PSUs $1,830,193 (excludes pensions/retirement) |
| Clawback | NYSE-compliant clawback policy effective Dec 1, 2023 (covers 3 fiscal years pre-restatement) |
| Hedging/Pledging | Prohibited by policy |
| Tax Gross-ups | No excise tax gross-up provisions; cut-back vs full-pay whichever yields higher after-tax proceeds |
Benchmarking: MSGS did not utilize a formal compensation peer group for FY2025 due to limited comparables, relying on broad market survey data and internal factors . Say‑on‑pay: in 2024, a majority approved; ~92.1% of Class A holders supported NEO pay .
Investment Implications
- Pay-for-performance alignment: Lesane’s variable comp is driven by AOI in annual bonuses and by revenue/AOI in PSUs, with clear thresholds and capped upside (90–110%); FY2025 payout moderation (95%) despite AOI underperformance reflects strategic execution emphasis and robust operational wins (renewals, sponsorships, merchandise) .
- Retention/accelerated vesting: Agreement provides substantial severance and immediate vesting on termination without cause/for good reason through June 30, 2027; change-in-control economics are double-trigger and material, indicating low near-term voluntary departure risk but meaningful cost if leadership changes .
- Insider selling pressure: Hedging/pledging bans reduce collateral-driven selling; RSU ratable vesting and PSU cliff vesting concentrated around mid-September may create periodic supply if executives sell upon vesting—monitor Form 4s around Sep 15 cycles and post-PSU certification .
- Alignment: While direct beneficial ownership is small (<1% per proxy table), substantial unvested RSUs/PSUs ($3.14M combined at FY2025 prices) tie personal outcomes to MSGS equity and performance metrics .