James Dolan, the executive chairman and CEO of Madison Square Garden Company, is staggeringly overpaid, a new lawsuit brought by shareholders of the sports and entertainment company claims. As head of MSG, which owns its namesake arena in addition to Radio City Music Hall, the New York Knicks, the Boston Calling Music Festival, and several other venues and franchises, Dolan allegedly earns far more than others in his industry, according to the complaint. Shareholders claim that Dolan “works at MSG only part time,” with much of his focus going toward touring and recording as the frontman and guitarist for his band JD & the Straight Shot.

In a statement, MSG told the Financial Times news service Agenda, which first reported the news, “This lawsuit amounts to nothing more than corporate harassment. The company stands by its policies and practices.” Update (5/6/19): In a statement to Pitchfork, an MSG spokesperson said, “The single plaintiff in this suit—Shelby Willcox and the Norton C. Willcox Testamentary Trust—was found by a firm, Purcell Julie & Lefkowitz LLP, that sends out press releases fishing for clients. Under Jim’s leadership, MSG has generated tremendous shareholder value, including a stock price return of nearly 40%, equivalent to a $2 billion increase in market cap, since he became CEO in November 2017. A substantial portion of Jim’s compensation are options that are priced at a significant premium—creating additional incentive for him to continue growing the company and creating value for shareholders.” (The shareholders’ lawyers have not responded to requests for comment.)

Over the last three fiscal years, MSG paid Dolan $75.6 million, according to company filings. “By comparison, MSG’s peer companies paid their CEOs an average of $17 million for the same three-year period,” the complaint says. “The highest-paid peer CEO received $32.4 million, over $43 million less than James.” The lawsuit claims Dolan’s pay is “excessive” and “far from fair.”

In a separate statement, the Dolan family—several of whom, as MSG board members, are named in the complaint—told Agenda that “these [law] firms represent the worst in our legal system. They manufacture complaints and then advertise for clients, also known as trolling. Members of these firms tried the same tactic at Cablevision [where Dolan previously served as CEO]. They lost and will lose again. We look forward to fully litigating this matter to conclusion. We will never settle nor give in to this corporate extortion.” (In 2015, a Delaware judge dismissed a similar lawsuit at Cablevision.)

In addition to Madison Square Garden and Radio City, MSG’s live music venues include the Forum in Los Angeles, the Chicago Theatre, and the Las Vegas clubs TAO and Marquee.

JD & the Straight Shot “travels and performs extensively domestically and Internationally,” according to the complaint. “In 2017, for example, the band performed 50 times in six countries and 41 U.S. cities, an increase from the 32 shows it performed in 2016. In late 2017, the band released its sixth album, and is in the process of recording a seventh.”

The shareholder lawsuit was filed in late March in Delaware court. The complaint was brought by the Norton C. Willcox Testamentary Trust on behalf of all shareholders.

This article was originally published on Wednesday, May 1 at 5:03 p.m. Eastern. It was last updated on May 6 at 11:01 a.m. Eastern.