Matters

Ownership Transfer – Pimlico Race Course

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.  

Resources

Long Term Multimedia Rights Agreement – Florida State University Athletics and Legends

Assisted Legends with respect to a 10-year multimedia rights partnership with Florida State University Athletics that expands the relationship between FSU Athletics and Legends. In addition, "[a]s part of the partnership, Legends will collaborate closely with Florida State Athletics to enhance multimedia rights, including broadcasting, licensing, and sponsorship opportunities." 

Resources

Avenue Sports Fund – Capital Investment in English Soccer Club

Represented Avenue Sports Fund in its partnership with Bright Path Sports Partners in connection with their investment in Gamechanger 20 Ltd, the owner of Ipswich Town Football Club. Ipswich Town competes in the Premier League, the top tier of the English football league system. Avenue Capital will have representation on the Ipswich Town Board of Directors and will provide strategic input in addition to the equity capital and lending facility.

Resources

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.

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.

The New York Islanders – Belmont Park

Representing the New York Islanders Hockey Club in the development of its new arena complex at Belmont Park.

New York Racing Association – Integrity Counsel

Representing New York Racing Association (NYRA), in assisting NYRA’s Board of Directors and management in ensuring that NYRA, its officers, employees and operations comply with New York’s Racing, Pari-Mutuel Wagering and Breeding Law §206(5), and AML and Patriot Act concerns. We also assist NYRA on corporate and tax-related matters.

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.

Represented Milwaukee Bucks Co-owner, Marc Lasry, in the Sale of Stake in the Team

Represented Milwaukee Bucks co-owner, Marc Lasry, in the sale of his 25 percent stake in the team to Cleveland Brown owners Jimmy and Dee Haslam. According to ESPN, the transaction struck at a $3.5 billion valuation was the second highest valuation ever paid for an NBA team and the third highest valuation for any American professional sports team. It was a tremendously successful conclusion to Mr. Lasry’s tenure as an owner and steward of the championship Bucks.

Represented Premium Experiences Company in Acquisition of Collegiate Sports Analytics Platform

Represented premium experience company in acquisition of a collegiate sports analytics platform that offers master data management and advanced analytics solutions for college athletic departments.

Regional Sports Network – $660 Million Financing

Represented a leading regional sports network in amending and restating its senior secured credit facility into a $600 million term loan facility and a $60 million delay draw facility. The proceeds will be used to refinance existing indebtedness, redeem existing senior subordinated notes, and for working capital purposes.

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 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.

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.

Acquisition of Global Data and Analytics, Innovation and Digital Media Agency

Represented Legends in its acquisition of 4Front, a global data and analytics, innovation and digital media agency.  4FRONT will retain its company name and operate as part of Legends Global Technology Solutions division, building on Legends’ expertise in data consulting and digital activation.  Legends Global Technology Solutions is an industry leading sports and entertainment digital, technology and experiential advisory with the deepest experience in some of the largest, most complex projects in the world of sports and entertainment.

Resources

Fox Sports/NYRA – Landmark Wagering and Media Rights Agreements

Represented New York Racing Association, Inc. (NYRA) in an expanded partnership agreement establishing Fox Sports as NYRA Bets' official wagering partner and the leading media provider for elite thoroughbred racing through the next decade. The prior FOX Sports/NYRA media rights agreement provided a FOX Sports subsidiary with an option to acquire a 25% stake in NYRA Bets, LLC, a leading Advance Deposit Wagering (ADW) platform available to customers in 30 states across the country. The FOX Sports subsidiary will exercise this option by the summer of 2021, pending final regulatory approval. 

The agreement provides a FOX Sports subsidiary with a future opportunity to increase its equity interest in NYRA Bets.

Resources

Envy Gaming – Proposed Sale of eSports Business

Represented Envy Gaming in the proposed sale of a minority equity interest in the organization to a private equity firm consortium and an NBA franchise ownership group.

Equity Investment in Golf Equipment and Apparel Company

Represented longtime client in its equity investment in a golf equipment and apparel company, and in its related fundraising arrangements and co-investments from several high-profile investors. 

Avenue Sports Fund as Lead Investor Group in Acquisition of Sail GP U.S. Team

Represented Avenue Sports Fund as lead investor in the acquisition of the U.S. team in the global sailing league SailGP. The team acquisition was the largest in SailGP history, and, according to Sports Business Journal, constituted a record valuation for a SailGP team. 

“The investment by the Avenue Sports Fund in the U.S. SailGP Team is a perfect fit for our strategy of supporting emerging sports and leagues to capitalize on the globalization of sports and related areas of potential rapid growth,” said Marc Lasry, Avenue Capital Group Chairman and CEO.

Resources

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.

Global Sports and Entertainment Company – Negotiation of Concession Services Agreement with Major University

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.

EMMES Group of Companies – Venture Capital Financing

Represented the EMMES Group of Companies in the preparation of a convertible note purchase agreement, offering documents and an amended and restated operating agreement in connection with a capital raise.

Creation of Fund to Invest in Mixed-Use Developments

Representing a family-run group of companies that is bringing together family offices to establish a fund to purchase interests in mixed use development projects in and around stadium projects throughout the United States.    

Represented Leading Producer of Golf Equipment and Apparel in Sale of Business Transaction

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. 

Resources

Pro Football Hall of Fame Village – Operational and Promotional Matters

Represented a client in connection with all operational and promotional matters associated with the Pro Football Hall of Fame Village (HOF Village), a state-of-the-art sports and entertainment destination under development in Canton, Ohio.

Prominent Sports Memorabilia Auction House – Purchase of Collection of Memorabilia

Representing Lelands, the first sports auction house and premier appraisers and authenticators of sports collectibles, in the purchase of a prominent sports memorabilia collection that included collectibles that spanned several decades. 

Yankee Global Enterprises – 21st Century Fox Acquisition of YES Network

Represented the New York Yankees and Yankee Global Enterprises in 21st Century Fox's multi-billion dollar acquisition of a majority stake in the Yankees Entertainment and Sports Network (YES Network). The two-step acquisition raised 21st Century Fox's ownership position in the regional sports network to 80 per cent. The remaining 20 per cent stake continues to be held by Yankee Global Enterprises.

Sterling Equities – Formation of Brooklyn Bolts FXFL Team

Represented Sterling Equities in the joint venture formation of the Brooklyn Bolts, one of four teams in the new Fall Experimental Football League ("FXFL"). The FXFL is a professional football league which serves as a developmental platform for players, coaches and referees.

Represented Formula 1’s Las Vegas Grand Prix in Sponsorship and Partnership Agreements

Represented Las Vegas Grand Prix, Inc., a subsidiary of Formula 1 owner Liberty Media Corporation and the promotor of the Formula 1 Las Vegas Grand Prix, in its sponsorship agreement and partnership with Aristocrat Technologies, Inc., a leading slot machine and casino game manufacturer.

Resources

Represented Legends in Potential Joint Venture with Provider of a No-Code Platform

Represented Legends in connection with potential joint venture with a provider of a no-code platform that provides a non-fungible token (aka NFT) wallet, access to multiple blockchains, tokenization and utility-driven smart contracts to empower marketers and brands to build web3 customer loyalty communities.

New York Islanders – Hockey with a Heart

Represented the New York Islanders in connection with the formation and organization of Hockey with a Heart, a non-profit entity formed to promote the Islanders' numerous charitable endeavors.

Racing Association – Acquisition of Minority Interest in Elite Turf Club

Represented a prominent thoroughbred racing association in the acquisition of a minority interest in Elite Turf Club, a provider of natural turf installation services.

Represented NYRA Bets Holding, LLC in Partnership Agreement with Online Game

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.

Resources

Children’s Apparel Retailer – Sale Disposition Transaction

Representing an iconic children’s apparel retailer in a sale disposition transaction.

Sports Investor Group – San Diego Padres Acquisition Bid

Represented a sports investor group, which included a former Major League Baseball All-Star, in a bid to acquire the San Diego Padres.

Real Estate Family – Ownership and Succession Planning

Represented a well established longstanding real estate family in ownership and succession planning.

Luxury Retail Brand – Corporate Counselling

Represented luxury brand in general corporate matters including negotiating service and sponsorship arrangements.

MLS Soccer Agency – Establishment of US Platform

Represented a major league soccer agency in the establishment of its US platform.

Securities Company – Term Loan and Revolving Credit Facility

Represented a Texas-based securities company in acquiring a term loan and revolving credit facility.

Venture Capital Investments

Representing a venture capital fund in numerous food and beverage sector investments.

Investment Bank – Property Management and Disposition

Represented a major real estate investment bank in the ownership, operation and ultimate disposition of a premier property.

Private Client – Credit Analysis

Analyze strategic credit facilities and consolidation for client, a family-run group of companies focused on sports, media and real estate.

Private Client – School Purchase

Advising a Canadian law firm, on behalf of their client, in connection with the purchase of a private school.

New York Racing Association – Churchill Downs/Pinnacle JV

Representing New York Racing Association in a joint venture with Churchill Downs and Pinnacle.

New York Racing Association – Not-for-Profit Foundation

Represented New York Racing Association in the formation of a not-for-profit foundation.

Fashion House – Form of Consignment Agreement

Represented NoLining, a high-end fashion house, in preparing a form of consignment agreement to use for the sale of luxury leather handbags.