Victoria M. Mink
Executive Vice President, Chief Financial Officer and Treasurer at 
Madison Square Garden Sports
Madison Square Garden SportsExecutive
About Victoria M. Mink
Victoria M. Mink, 57, is Executive Vice President, Chief Financial Officer (since Jan 2019) and Treasurer (since Apr 2020) at Madison Square Garden Sports Corp. (MSGS). She joined MSGS in Oct 2018 after serving as SVP & Chief Accounting Officer at Altice USA (2016–2018), SVP, Controller & Principal Accounting Officer at Cablevision (2011–2016), and earlier as an audit manager at KPMG LLP . Company performance in FY2025 included revenues of $1.04 billion, operating income of $14.8 million, AOI of $38.2 million, and a TSR value-of-$100 investment of 148.92; net income attributable to MSGS stockholders was $(22.4) million .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Altice USA | SVP & Chief Accounting Officer | 2016–2018 | Led accounting and financial reporting compliance; supported acquisition transactions, spin-off, and IPO . |
| Cablevision | SVP, Controller & Principal Accounting Officer; prior senior roles | 2011–2016 (SVP); 1997–2011 (prior roles) | Directed accounting policy and compliance; Sarbanes-Oxley and audit committee reporting . |
| KPMG LLP | Audit Manager | Pre-1997 | Audit and technical accounting foundation before joining Cablevision in Nov 1997 . |
Fixed Compensation
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Base Salary ($) | $900,000 | $900,000 | $949,589 (reflects mid-year increase to $1,000,000 effective Jan 1, 2025) |
| Target Bonus (% of Base) | 100% | 100% | 100% |
| Actual Annual Incentive ($) | $1,169,100 | $967,500 | $950,000 (95% of target) |
Performance Compensation
Annual Incentive (MPIP) – FY2025
| Metric | Weighting | Target | Actual | Payout Mechanism | Payout Result |
|---|---|---|---|---|---|
| AOI (financial) with strategic modifier | 100% | Target bonus = 100% of base salary | AOI component funded at 0% due to investments and cost items; strategic goals achieved across 19 metrics | Strategic modifier applied to initial AOI-funded pool | 95% of target (Mink received $950,000) |
Long-Term Incentives (PSUs and RSUs)
| Award Type | Metric(s) | Weight | Grant Detail (FY2025) | Vesting | Payout/Status |
|---|---|---|---|---|---|
| PSUs | Revenues (50%), AOI (50%) | 50% | 2,995 target PSUs (Aug 29, 2024) + 394 target PSUs (Apr 23, 2025) = 3,389 target PSUs; grant-date FV $697,591 | Cliff vest after 3 years; measured on FY2027 performance; payout ranges 0–110% with 90% at threshold, 110% at max | 2023 PSU cycle certified at 106.7% of target (company-wide) |
| RSUs | Stock price alignment | 50% | 2,995 RSUs (Aug 29, 2024) + 394 RSUs (Apr 23, 2025); grant-date FV $697,591 | Ratable vesting over three years each Sept 15 (2025, 2026, 2027) | 2025 stock vested: 7,374 shares; value realized $1,510,048 (Sept 13, 2024) |
Equity Ownership & Alignment
| Category | Detail |
|---|---|
| Beneficial Ownership (Class A) | 15,722 shares as of Oct 16, 2025 . |
| Ownership vs. Shares Outstanding | ≈0.08% of Class A outstanding (15,722 / 19,529,890) . |
| Unvested Equity at 6/30/2025 | 16,808 unvested units (market value $3,512,032 at $208.95/share) . |
| Unvested Breakdown | RSUs/PSUs granted Aug 2022, Aug 2023, Aug 2024, and Apr 2025; RSUs vest ratably; PSUs cliff vest post FY2027 performance certification . |
| Options | Not disclosed for Mink; no option exercises in FY2025 . |
| Anti-Hedging/Pledging | Company Insider Trading Policy prohibits short sales/hedging and pledging/margin accounts for all employees and NEOs . |
| Deferred Compensation | Excess Savings Plan: Exec contrib $36,639; Company contrib $30,525; balance $404,658. EDC Plan: Exec contrib $1,064,700; earnings $576,464; balance $4,916,139 (as of 6/30/2025) . |
Employment Terms
| Term | Key Provisions |
|---|---|
| Effective Dates & Role | New employment agreement effective Jan 1, 2025; EVP, CFO & Treasurer . |
| Base, Bonus, LTI | Base ≥ $1,000,000; Target bonus ≥ 100% of base; Expected annual LTI target value ≥ $1,500,000; mid-year FY2025 grant of $150,000 target value prorated . |
| Severance (Qualifying Termination before Jan 1, 2028) | Cash severance ≥ 2×(base + target bonus); unpaid prior-year bonus plus prorated current-year bonus; full vesting of time-based RSUs; PSUs payable subject to performance criteria; options/stock appreciation rights vest . |
| Death/Disability (pre-Jan 1, 2028) | Prorated bonus; full vesting of RSUs; PSUs vest/pay subject to target or achieved performance as applicable . |
| Non-Compete | One-year non-compete post-termination . |
| Change-in-Control / Going Private (Award Terms) | RSUs: cash-out at deal price or replacement award; settlement at scheduled vest, death, termination without cause, or for good reason (and under certain conditions for voluntary resignation if replacement awards) . PSUs: vest at target on change in control; for going private, payable at specified dates or upon death/qualifying termination . |
| Clawback Policy | NYSE-compliant clawback of incentive-based compensation for accounting restatements (effective Dec 1, 2023; applies to prior 3 fiscal years) . |
| Tax Gross-Ups | Program states no excise tax gross-up provisions; “best-net” cut applies if 4999 excise tax would reduce after-tax proceeds . |
Compensation Structure Analysis
- Mix and at-risk pay: Significant at-risk pay; for NEOs (excluding CEO) average ~70% at-risk and heavy equity emphasis, aligning with long-term performance focus .
- Metric design: Annual bonus funded solely by AOI, then modified within a stated range by pre-set strategic goals; PSUs measured on revenues and AOI with balanced thresholds and caps (90–110%) .
- FY2025 discretion/use of modifiers: AOI funded at 0% due to cost/investment items, yet strategic achievement set modifier to 95% payout, indicating reliance on strategic scorecard when financials undershoot budget .
- Peer benchmarking: Committee did not use a peer group for FY2025 given few comparable public companies, relying on surveys and internal considerations .
Equity Ownership & Alignment Commentary
- Alignment: Unvested RSUs/PSUs and anti-pledging rules foster retention and alignment; recurring September 15 vesting dates create predictable delivery cadence that can translate into insider selling pressure around vest dates (tax-related sales are possible but not disclosed) .
- Skin-in-the-game: Direct ownership of 15,722 shares is <0.1% of Class A, but combined with substantial unvested equity and deferred balances indicates ongoing exposure to MSGS equity performance .
Employment & Contracts
- Term and retention: Agreement runs through Jan 1, 2028 with robust severance (2× salary+target) and equity vesting protections, reducing voluntary departure risk before term-end .
- Restrictive covenants: One-year non-compete mitigates competitive transition risk .
- Change-in-control economics: Target vesting on PSUs and settlement mechanics for RSUs provide certainty; severance not enhanced by CIC beyond standard agreement, which is shareholder-friendly relative to golden parachutes .
Performance & Track Record
- FY2025 highlights: Revenues $1.04B; AOI $38.2M; operating income $14.8M; strong renewal rates (~97% combined for Knicks & Rangers), record suite revenues, and new/renewed partners (e.g., ‘Experience Abu Dhabi’ patch partner) .
- Pay vs performance: FY2025 TSR value-of-$100 investment at 148.92 vs peer group 155.90; Net income loss $(22.4)M; AOI $38.2M underpinning pay-for-performance framework .
Say-On-Pay & Shareholder Feedback
- Say-on-pay: At 2024 annual meeting, ~97.9% of votes cast (including ~92.1% of Class A votes) supported NEO compensation; management engaged holders of >60% of Class A during FY2025 on governance and pay .
Investment Implications
- Pay-for-performance alignment is structurally sound (AOI/revenue PSUs, heavy equity), but FY2025’s 0% AOI-funded bonus pool uplifted to 95% via strategic modifier introduces subjectivity; monitor consistency of strategic targets and modifier use over time .
- Retention risk appears low through Jan 2028 given severance protections and equity vesting terms; one-year non-compete adds further protection against near-term departures .
- Insider selling pressure may concentrate around September 15 vesting cycles given sizable RSU/PSU schedules; assess Form 4 activity near vest dates to gauge flow (not disclosed here) .
- Alignment and risk controls are enhanced by anti-hedging/pledging and clawback policies; absence of excise tax gross-ups is shareholder-friendly .
- Broader governance context: Dolan Family control and related-party ecosystem are material; however, compensation oversight by an independent committee and say-on-pay outcomes suggest current investor tolerance; continue monitoring intercompany arrangements and any effects on AOI/bonus outcomes .