James Dolan, the CEO of Madison Square Garden Co. and executive chairman of MSG Networks, will pay more than $600,000 in civil penalties to settle charges by the Federal Trade Commission he violated securities rules.
MSG sent a statement to CNBC by email: “Any shareholder whose stockholdings exceed certain thresholds is required to make an HSR filing. Debevoise & Plimpton is the law firm responsible for making timely HSR filings relating to Jim Dolan’s MSG stock. Debevoise inadvertently missed a required HSR filing deadline, for a second time, which resulted in a fine by the FTC. Debevoise agreed to pay the fine as a result of their mistake.”
MSG owns the New York Knicks professional basketball team and the New York Rangers professional hockey team.