Daniel A. Etna, Partner

Represented a prominent, privately owned real estate investment advisor in restructuring a real estate portfolio consisting of more than 100 properties.

Represented Levien Soccer in connection with its buyout of D.C. United.

Represented a major league franchise in numerous minority ownership transfers.

Representation of major concessions company in connection with the offering of its client product offerings.

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.

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.

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 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. 

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.  

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 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 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 potential owner of expansion team of professional soccer team in North America. Provided advice regarding the application process and provided analysis of franchise agreement and potential conflict issues. 

Represented NYRA Bets Holding, LLC, a subsidiary of NYRA Bets, LLC (“NYRA Bets”), the official online wagering platform of the New York Racing Association, Inc., (“NYRA”) in a partnership agreement with Game of Silks (“Silks”), the online game connected to the real world of thoroughbred horse racing, resulting in NYRA Bets Holding, LLC acquiring a minority equity ownership position in Silks. In addition to this strategic investment, the partnership establishes Silks as the Official Blockchain Game and Metaverse Partner of NYRA.

Advised a leading internet horse racing account wagering operator as to the legality of conducting advance deposit wagering (“ADW”) activities in the 50 states and D.C. ADW is a form of pari-mutuel wagering on horse racing whereby a person establishes an account with an ADW operator and subsequently communicates (typically via the internet) instructions concerning the wagering of the funds in such person’s account to the ADW operator. Advice based upon comprehensive review of applicable horse racing statutes and regulations and select federal gambling laws.

Represented Maryland Thoroughbred Racetrack Operating Authority in the transfer of ownership of Pimlico Race Course from The Stronach Group to the State of Maryland. "The historic agreement guarantees the home of the Preakness Stakes in Baltimore, establishes Pimlico as the year-round home of thoroughbred racing in Maryland, and creates a year-round hub of economic activity in Baltimore’s Park Heights community."

Terms under the master agreement include the transfer of ownership of Pimlico and ensures full renovation of Pimlico facilities, including the racetrack and hotel and event space construction. The agreement also includes the transfer of rights to the Preakness Stakes to the Maryland Thoroughbred Racetrack Operating Authority through a long-term licensing agreement.  

Represented controlling owner of the Brisbane Bullets, a member of the Australian National Basketball league, in a cross-border equity sale transaction.  The equity investment signals a deep commitment to enhancing the Brisbane Bullets' success and contributing to the growth of basketball in Australia and beyond.  The investor is a company focused on global sports business development and strategic investments.  The investor group includes NBA Hall of Famer George Gervin, known globally as “The Iceman.”  In commenting on the investment, Gervin stated:  “Basketball has always been my passion, and to be part of a franchise like the Brisbane Bullets is an incredible opportunity.  Australia has a rich basketball culture, and the Bullets have a storied legacy. I look forward to helping elevate the team and build toward a bright future, especially with the upcoming Olympics in Brisbane.”

Represented D.C. United in its partnership with Virginia Revolution and Attain Sports in forging a premier soccer institution that redefines the regional soccer landscape through the merger of Loudoun United FC and Virginia Revolution Soccer Club. The goal is to establish a professional pathway from grassroots development to the highest level of professional soccer in the United States.

This merger transforms Loudoun United from a team to a fully integrated club positioning it as a premier destination for soccer excellence in the region. This collaboration enhances fan engagement through innovative programming, family-friendly events, and greater access to world-class soccer.

Representing Lido Advisors (“Lido”), a leading wealth advisory firm with over $30 billion in assets under management, in a strategic partnership with investment funds managed by HPS Investment Partners (“HPS”), a leading global alternative investment firm with approximately $150 billion in assets under management. HPS joined Lido’s existing partner Charlesbank Capital Partners (“Charlesbank”) to support the firm’s continued growth and long-term vision.

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.

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 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 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.