Matters

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.

Real Estate Investment Advisor – Portfolio Restructuring

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

NFL Club – Governance and Employment Matters

Represented a well-known NFL club in issues related to league governance and employment matters.

D.C. United – Acquisition by Levien Soccer

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

Yankee Global Enterprises – Acquisition of Equity Interest

Issued transfer and tax opinions in connection with the acquisition of an indirect equity interest in Yankee Holdings, L.P.

Sports Enterprise – Ownership Transfers

Represented a major league franchise in numerous minority ownership transfers.

NHL Hockey Team – Naming Rights

Represented NHL hockey team as outside counsel in connection with its naming rights transaction.

Yankee Global Enterprises – Acquisition of Equity Interest in YES Network

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.

NYRA – Multiyear Hospitality Contracts for Saratoga Race Course and Belmont Park

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.

D.C. Stadium LLC – Stadium Use Agreement With XFL

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.

Legends Hospitality- Creation of Omnichannel Retail Program

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.

Resources

Swansea City Football Club Cross-Border Convertible Notes Financing

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.

Resources

Transfer of Minority Interests in Major League Baseball Team

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. 

Legends Hospitality – Control Interest Transfer

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.

Legends – Majority Investment Transaction

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. 

Resources

D.C. United – Wayne Rooney Transfer Agreement

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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.

Legends Hospitality – Notre Dame

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.

Venture Capital Investment

Representing a premier hospitality management company in a high-tech venture capital investment to enhance the stadium experience.

U.S. Commercial Bank – $50 Million Senior Secured Revolving Line of Credit

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.

UFC – Mayweather v. McGregor Bout

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.

Legends Hospitality – The Intrepid Marketplace

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.

New York Racing Association – NYRA Bets National Betting Platform

Represented New York Racing Association in a joint venture formed to conduct the NYRA Bets national advance deposit wagering business.

Real Estate Firm – West Side Stadium Project – Naming Rights

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.

Legends Hospitality – Miami SkyRise

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.

New York Yankees – $1.5 Billion Stadium Financing

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.

Legends Hospitality – Los Angeles FC Concessions Agreement

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.

Legends Hospitality – Willis Tower Observation Deck

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.

Legends Hospitality – Point-of-Sale System Purchase

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. 

Cohere Communications – IT Services Management Agreement

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.

Q4 America – Sports Apparel Startup

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.

Dallas Cowboys Affiliate – New Media Platform

Represented Blue Star Operations Services, an affiliate of the Dallas Cowboys, in building out their new media platform.

Sterling Equities – Syracuse Chiefs Acquisition

Represented Sterling Equities in the purchase of the Syracuse Chiefs, a Triple-A baseball team in Syracuse, New York.

Legends Hospitality – Investment by New Mountain Capital

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.

D.C. United – Audi Field Financing and Naming Rights

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.

Legends Hospitality – International Stadia Group Acquisition

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.

Legends Hospitality – Aon Center

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.

Yankee Global Enterprises – Ownership Transfers

Represented Yankee Global Enterprises, as lead counsel, in connection with various ownership transfers involving the New York Yankees.

Joint Venture for Operation of Stadium Brewery

Represented a professional baseball team affiliate in a proposed joint venture with a leading European craft beer manufacturer for the operation of a brew pub at a major league baseball stadium.

University of Nevada, Las Vegas – $1.9 Billion Las Vegas Stadium Development

Representing the University of Nevada, Las Vegas, in negotiating a joint-use agreement with the NFL’s Las Vegas Raiders related to the development of the $1.9 billion Las Vegas Stadium.

Stadium Development – Oakland Raiders

Represented New City Development in a proposed plan to develop a new stadium for the National Football League's Oakland Raiders. The $1 billion stadium would be the centerpiece of a proposed $4 billion Coliseum City development.

Legends Hospitality – VenueNext

Represented Legends Hospitality in an investment in VenueNext, a technology company that provides smartphone-based software that gathers fan metrics and analytics at stadiums, arenas and other large scale entertainment venues.

Legends Hospitality – DraftKings Investment

Represented Legends Hospitality in its equity investment in DraftKings, a leading provider of daily fantasy sports contest services.

New York Yankees – BOC SPE Analysis

Analysis of MLB league-wide proposal to provide the Office of the Commissioner of Baseball with greater oversight and involvement in MLB team bankruptcy and other insolvency proceedings.

EMMES Group of Companies – Restructuring

Represented the EMMES Group of Companies in the completion of the spin-off of Emmes Asset Management Company, renamed Vanbarton Group, and the formation of Emmes Realty Advisors from the existing Emmes entity.

Champions League – Formation of Basketball League for Ex-NBA Players

Represented Champions League, Inc., in the formation and organization of a new basketball league featuring former NBA players, including league structuring, antitrust, ownership, securities law and franchise law issues, and the sale of the initial franchises.