Matters

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.

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Professional Women’s Soccer Team – Franchise Agreement

Represented controlling ownership group of D.C. Power, a Washington D.C.- based women’s professional soccer team and a member of the USL Super League in negotiation of franchise agreement.  Further representation included creation of multi-tiered ownership structure and negotiation of minority investor documents and stadium use agreement.

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Brisbane Bullets – Cross-Border Equity Sale Transaction

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.”

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Represented Administrative Agent and Lender in Connection with Secured Revolving Credit Facility

Represented the administrative agent and lender in connection with a secured $25,000,000 revolving credit facility providing credit to an international security company. The transaction was a cross-border deal, providing for multi-currency borrowings and secured by domestic and international assets. 

Four Building Portfolio Sale – Williamsburg, Brooklyn

Herrick represented four family members in the sale of 536, 546 and 554-558 Metropolitan Avenue in Williamsburg, Brooklyn. The four residential buildings were also the home of a family run hardware store for six decades. The transaction had many nuances, including the fact that originally the three properties had offers to purchase from three different entities. After some weeks, two of the purchasers walked away from the properties and the last remaining buyer opted to purchase all three of them.

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.

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Swansea City Football Club – Cross-Border Sale

Represented the lead investors in a cross-border sale of their equity interest in Swansea City Association Football Club (“Swansea City”).  The equity interest represented over 65% of Swansea City.  Swansea City is currently a member of the English Championship Soccer League.  The selling lead investors will be eligible for a future bonus payment if Swansea Football is promoted to the top-tier English Premier League within a set number of seasons.

Sale of Controlling Ownership Stake in United Soccer League Championship Club

Herrick represented D.C. United in its agreement with Attain Sports & Entertainment to sell a controlling ownership stake in United Soccer League (USL) Championship club Loudoun United FC (LUFC).

The founding of Loudoun United FC as the first professional soccer team in northern Virginia was one of several steps of investment into the sport and the local northern Virginia community taken by the D.C. United ownership group in recent years. Accompanying the establishment of the club was the development of a 5,000-seat stadium—Segra Field—in Leesburg, Virginia, which serves as the home for Loudoun United in addition to professional rugby, concerts, local sporting events, and more.

“Our decision to launch a team and build a stadium in the region showcases our commitment to the growth of the sport in the northern Virginia community and its ability to foster community, create economic growth, and provide entertainment for residents and visitors in the region,” said Jason Levien, CEO and Co-Chairman of D.C. United.

The investment in the USL Championship club by Attain Sports & Entertainment will add to the company’s growing portfolio of professional sports assets.

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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.

Community Preservation Corporation – $29 Million Morris Heights Mews Affordable Housing Joint Venture in The Bronx

Represented The Community Preservation Corporation in a joint venture with Camber Property Group to acquire Morris Heights Mews, a 100 percent affordable property in The Bronx, for $29 million, which will preserve and extend affordability for 111 units. A new 20-year Section 8 contract was executed, and the joint venture will undertake approximately $3 million in improvements to the complex.

Bowery Residents’ Committee – Joint Venture for NYC Affordable Housing

Represented Bowery Residents' Committee in connection with its joint venture with Camber Property Group to develop an affordable housing project comprising supportive housing and transitional housing in Queens, NY. The transaction involved construction financing for each of the supportive housing development and transitional housing development.  

MAG Partners – South Baltimore Port Covington

Herrick represented MAG Partners in connection with a multi-faceted transaction with MacFarlane Partners, Sagamore Ventures and investment partner Goldman Sachs for the development of a megaproject in South Baltimore’s Port Covington. The $5.5 billion development project spans 235 acres along Cromwell Street; includes up to 14 million square feet of shops, restaurants, office space and housing; and 40 acres of parks across 45 new city blocks. The transaction involved several joint venture agreements, development services agreements, employment agreements and other documentation. MAG and MacFarlane are taking the reins from Weller Development Co. for leasing, marketing and "placemaking" campaigns for the current $500 million, 1.1 million-square-foot phase, and will lead all future development outside that initial phase.

Community Preservation Corporation & Xenolith Partners – Affordable and Transition Housing Development – Brooklyn

Represented Community Preservation Corporation in connection with a joint venture with Xenolith Partners LLC, a certified minority- and women-owned business enterprise (M/WBE) company, and the construction financing to develop “The Rise” located at 1366 East New York Avenue, Brooklyn, New York. Under the Vital Brooklyn Initiative, “The Rise” will consist of 72 supportive and affordable housing units; approximately 7,000 square feet of community facility space; 3,000 square feet of administrative space for One Brooklyn Health System (OBHS); 5 parking spaces; and a 10,000+ square foot rooftop green space. Supportive services for building residents will be provided by Women's Prison Association and Home (WPA) and the Osborne Association, who will also offer services to eligible members of the community, including case management, job-readiness training and job placement, legal assistance and support groups for re-entry transition and the development of social and wellness skills.

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. 

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