Cablevision's founder Charles (Chuck) Dolan not only has his own private Gulfstream jet, he makes money by leasing it back to his company, now run by son Jim Dolan, for $600,000 according to a story in the Los Angeles Times.
The Times story combs through SEC filings to unravel a complex relationship between the Cablevision founder and the company, noting that the jet is "technically leased by Sterling Aviation LLC, which is owned by Charles Dolan. Sterling then subleases the jet to the Dolan Family Office LLC and Charles Dolan, and those entities lease the Gulfstream to SCS Transport, a subsidiary of Cablevision Systems Corp."
Whew! Meanwhile, there's another vehicle--a Cessna prop--which is owned by Chuck and son Patrick (also a Cablevision exec) that's leased to the company for $1,000 a month.
Not surprisingly, a Cablevision spokeswoman told the newspaper that the use of aircraft is "absolutely appropriate and a times essential."
For more:
- see this story
Related article:
Will Molson $550M buy of 'Le Canadiens' help Dolans tap into MSG value?