Herrick Advises Legends Hospitality in Investment by New Mountain Capital
On May 3, New Mountain Capital announced a partnership with Legends Hospitality, a leader in hospitality, merchandise, ticket sales, planning, sponsorships and experiential services for the sports and entertainment industries. As part of the agreement, New Mountain is making a strategic investment in Legends, whose principal owners are the New York Yankees and Dallas Cowboys. Seth Bernstein, chairman and chief executive officer of SMB Capital will also be named chairman of the board of Legends.
The Herrick deal team was led by three members of the firm’s sports law group; firm chairman Irwin A. Kishner, and corporate partners Daniel A. Etna and Eric Stabler, with assistance from corporate associates Liliana Chang and Briana Pigott.
Herrick has a long history advising Legends Hospitality. Herrick advised on the 2008 joint formation of the company, and it has advised on every major transaction since then, including Legends' 2016 joint venture with Live Nation; its equity investment in daily fantasy sports leader DraftKings; concessions and premium dining agreements with Major League Baseball and Major League Soccer teams; and agreements to develop and operate the One World Observatory and SkyRise Miami observation decks.