Dolan Double Dipping

Cablevision CEO Jim Dolan is a double-dipper – or will be, soon.

Dolan will be getting a second salary, bonus and incentive awards after the company spins off its Madison Square Garden operations sometime before the end of the quarter, according to a regulatory filing.

As executive chairman of the spun-off company, he’ll get a $500,000 base salary and target annual bonus that could be as much as four times that, plus the typical annual cash and stock awards. For 2010, the awards target is $1.75 million.

Dolan’s contract with Cablevision was also renewed for five years, including a $1.5 million salary, bonuses and other perks. Included in the MSG Group are the namesake arena, Radio City Music Hall, the NBA’s New York Knicks and the NHL’s Rangers.