MLB Franchise – $425 Million Refinancing
Represented a Major League Baseball franchise, as borrower, in connection with an amended $425 million senior secured revolving credit facility led by a major commercial bank.
Represented a Major League Baseball franchise, as borrower, in connection with an amended $425 million senior secured revolving credit facility led by a major commercial bank.
Represented a prominent, privately owned real estate investment advisor in restructuring a real estate portfolio consisting of more than 100 properties.
Represented a well-known NFL club in issues related to league governance and employment matters.
Represented Levien Soccer in connection with its buyout of D.C. United.
Issued transfer and tax opinions in connection with the acquisition of an indirect equity interest in Yankee Holdings, L.P.
Represented a major league franchise in numerous minority ownership transfers.
Represented major sports league in connection with all employment and personnel issues.
Representation of major concessions company in connection with the offering of its client product offerings.
Represented NHL hockey team as outside counsel in connection with its naming rights transaction.
Represented Yankee Global Enterprises (the “Yankees”) as lead counsel in connection with the Walt Disney Company’s sale of its equity interest in the YES Network to a newly formed investor group. The investor group acquired the 80 percent of the YES Network not already held by the Yankees at a total enterprise value of $3.47 billion. |
Represented the New York Racing Association in a multiyear contract with a leading concessionaire to provide food, beverage and high end catering services for Saratoga Race Course and Belmont Park.
Represented D.C. Stadium LLC in connection with the negotiation of a Stadium Use Agreement with the XFL covering Audi Field, the home stadium of D.C. United of Major League Soccer.
Herrick represented Legends Hospitality in the creation of an expansive omnichannel retail program with Spanish soccer powerhouse Real Madrid CF. The program encompasses an all-new official online store, the relaunch of three official stores in Madrid, and a new Flagship Megastore at the Estadio Santiago Bernabéu. The program will offer the latest assortment of fan gear, kits, headwear, customized products, authenticated memorabilia, and accessories at the stadium, online and at official stores.
Represented Swansea City Association Football Club, an English Football League championship finalist, in connection with a cross-border U.S./U.K. offering of secured convertible notes. The investors in the offering include a co-owner of the Houston Dynamo of Major League Soccer. The financing provided an immediate boost to Swansea City’s finances which had been hurt by the COVID-19 pandemic and relegation from the English Premier League in 2018.
Representation of sellers and purchasers of minority indirect equity interests in the Major League Baseball Team including delivery of tax and transfer opinion letters required under governing documents.
Represented Yankee Global Enterprises in connection with the issuance by the New York City Industrial Agency of approximately $927 million of refunding bonds for the benefit of the Yankees.
Represented long-standing client Legends Hospitality in its entry into a share purchase agreement with the private equity firm Sixth Street. Under the share purchase agreement, Sixth Street acquired a controlling interest in Legends Hospitality. This investment will support Legends continued growth as a premium experiences company that specializes in delivering holistic solutions for sports, entertainment and attractions clients.
In connection with the acquisition, Legends Hospitality (i) issued senior secured long-term notes and (ii) entered into a revolving credit facility and PIK facility. The net proceeds were used to redeem certain outstanding equity securities of Legends Hospitality and for working capital and general corporate purposes.
In order to preserve Legends Hospitality’s liquidity and support its continued investment in accretive, long-term capital projects, affiliates of Sixth Street and other third parties will provide Legends Hospitality with access to funding provided by an investment vehicle. The funding will be used for capital expenditures, pre-opening costs and other disbursements contemplated by contracts entered into by Legends Hospitality.
Represented Legends Hospitality Holding Company, LLC (“Legends Hospitality”) in majority investment by private equity firm Sixth Street in the global premium experiences company, co-founded by the New York Yankees and the Dallas Cowboys. As reported by Legends, “[t]he new investment from Sixth Street will support the long-term growth of the Company’s global client relationships and further enhancements to its innovative 360-degree platform of premium experience offerings for the most iconic global brands in sports, entertainment, and attractions.”
Herrick has represented Legends since its inception in 2008, when our Sports Law Group worked with the Cowboys and the Yankees, along with two private equity firms, to form this ground-breaking joint venture. Initially, Legends focused on delivering enhanced concessions and premium experiences. Since its formation, Legends’ range of services has grown to include six worldwide divisions and it has partnered with many iconic international sports, entertainment and attractions brands.
Represent global advisory, development and investment company for the sports and live entertainment industries in negotiation of a concession services agreement with a major American university.
Represented Lido Advisors ("Lido"), a nationally recognized wealth advisory firm, in its entrance into a key strategic partnership with Charlesbank Capital Partners ("Charlesbank"), a middle market private investment firm. Through the partnership, Charlesbank will become a significant investor in Lido alongside the founders and management team.
“We couldn’t be more excited to partner with Charlesbank at this pivotal time for Lido and, more importantly, for our clients,” said Jason Ozur, Lido’s Chief Executive Officer. “With Charlesbank at our side, our unparalleled investment and wealth planning solutions will continue to expand, both in breadth and scope, all to the benefit of our clients.”
Founded in 1999 and headquartered in Los Angeles, Lido is a full-service, independent Registered Investment Advisor (“RIA”) that brings an innovative family office investment approach to grow and safeguard its clients’ wealth and legacies. Lido’s clients include high-net-worth and ultra-high-net-worth individuals, family offices, corporate executives, non-profit organizations and foundations.
Represented partnership in agreement with a global food service and hospitality company in a concession services agreement for the Islanders' venue, UBS Arena, including food, beverage and premium hospitality services.
Representing a full-service global venue management and event programming company in its concession services agreement at a new 15,000-seat basketball and entertainment venue set to open in 2022.
Represented Major League Soccer team D.C. United in its agreement to host a friendly match with world class FC Bayern Munich of the German Bundesliga. This match marks the first meeting between the two teams and the second international friendly between D.C. United and a top division European team at Audi Field.
Represented Sun Mountain Sports, Inc. ("Sun Mountain"), a leading producer of golf equipment and apparel, in a sale of business transaction to a private investment firm, Solace Capital Partners.
Founded in 1981, Sun Mountain is a pioneer in the golf industry known for its best-in-class brand and many innovations in golf bags, push carts, and outerwear. Sun Mountain’s products are sold in national retail stores, specialty golf stores, and pro shops, as well as online and internationally. The sale did not include Sun Mountain Motor Sports, which produces motorized golf cars under the Finn Scooters brand.
Three Ocean Partners served as financial advisor to Sun Mountain.
Represented an ownership group that includes owners of MLS's DC United and English championship soccer club Swansea City in the acquisition of a majority stake in the Australian National Basketball League's Brisbane Bullets.
Represented D.C. United in connection with the establishment of a state-of-the-art retail sportsbook at Audi Field operated by FanDuel. FanDuel is the first sportsbook to set up shop at a Major League Soccer stadium, bringing the soccer league into line with the NFL, NBA and NHL. The FanDuel sportsbook stretches over 2,700 square feet and features three wagering stations, 47 HD televisions, two large video walls, 18 self-service kiosks, and an uninterrupted view of the field for fans to enjoy D.C. United matches and other sporting events.
Represented Major League Soccer's D.C. United in its permanent transfer agreement with English Premier League superstar Wayne Rooney. Rooney, who was most recently with Everton F.C., scored 208 goals in 16 seasons in the English Premier League — the second most in league history.
Represented Legends Hospitality in its partnership with Notre Dame and JMI Sports to oversee Notre Dame’s sales, marketing, hospitality, media rights and branding services nationally.
Representing a premier hospitality management company in a high-tech venture capital investment to enhance the stadium experience.
Represented a U.S. commercial bank, as a sole lender, in a $50 million senior secured revolving credit facility to owners of an MLB franchise. The proceeds are to be used for working capital purposes.
Represented Ultimate Fighting Championship (UFC), as lead counsel, in the August 2017 Floyd Mayweather, Jr. v. Conor McGregor bout at the T-Mobile Arena in Las Vegas.
Represented Legends Hospitality in a joint venture with the Intrepid Air and Space Museum to provide concessions services for a new high-end food market located on the U.S.S. Intrepid.
Represented New York Racing Association in a joint venture formed to conduct the NYRA Bets national advance deposit wagering business.
Represented a prominent real estate firm, as lead counsel, in structuring and negotiating primary naming rights and secondary cornerstone sponsorship agreements for a proposed mixed-use real estate and stadium development project located on the west side of Manhattan.
Represented Legends Hospitality in a joint venture regarding the Miami SkyRise project consisting of an entertainment and observation tower overlooking Biscayne Bay in Miami. Legends is providing consulting, management and hospitality services with respect to the development and operation of the project and will operate the concession once opened.
Represented the New York Yankees in the issuance of $1.5 billion in municipal tax-free and taxable bonds by the New York City Industrial Development Agency, which financed the lease and construction of the new Yankee Stadium. We drafted and negotiated the lease agreement for the new stadium, as well as ancillary real estate agreements pertaining to parking lots and garages; construction, demolition and insurance, and public transportation. We were also integrally involved in navigating the Yankees through the lengthy federal, state and local governmental permit and approval process.
Represented the purchaser of a factional interest in a Gulfstream V.
Represented Legends Hospitality in a joint venture with Major League Soccer’s Los Angeles FC to provide concessions services at the team’s new 22,000-seat soccer stadium.
Represented Legends Hospitality in the provision of design, construction development and management services for the observation deck and other attractions at Willis Tower in Chicago.
Represented an affiliate of Legends Hospitality in the purchase of a mobile and Bluetooth-enabled point-of-sale (POS) system for use at stadiums and arenas. The POS system streamlines the purchase process for both the venue and the fans thereby effecting a more seamless experience at a game or concert.
Represented Cohere Communications, a cyber security and managed IT services enterprise, in a network management agreement to provide operational services, including the operation of a data and communications network, to certain commercial office buildings located in San Diego via a building telecom and optical infrastructure.
Representing Q4 America, a Los Angeles-based start-up performance basketball brand, in intellectual property matters related to the development of a new brand of sneakers, sponsorships, athlete endorsements and capital raises.
Represented Blue Star Operations Services, an affiliate of the Dallas Cowboys, in building out their new media platform.
Represented Sterling Equities in the purchase of the Syracuse Chiefs, a Triple-A baseball team in Syracuse, New York.
Represented Legends Hospitality, the sports and entertainment joint venture controlled by the New York Yankees and Dallas Cowboys, in a strategic partnership and investment in the company by New Mountain Capital.
Represented Major League Soccer’s D.C. United in the construction financing and naming rights transactions for the club’s new state-of-the-art soccer-specific stadium in Southwest D.C., Audi Field.
Represented Legends Hospitality in the acquisition of International Stadia Group, a London-based sports and entertainment company. The acquisition will extend Legend’s global capabilities and allow for growth opportunities in the EAME regions.
Represent the EMMES Group of Companies, a privately owned real estate investment advisory firm in all corporate and employment matters.
Represented Legends Hospitality in connection with the operation of a rooftop attraction and entertainment center located at the top of the Aon Center in Chicago.
Represented Yankee Global Enterprises, as lead counsel, in connection with various ownership transfers involving the New York Yankees.