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.

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.

The New York Islanders – Belmont Park

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

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.

New York Racing Association – Churchill Downs/Pinnacle JV

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

Legends Hospitality – UFC Joint Venture

Representing Legends Hospitality in a concessionaire joint venture with Ultimate Fighting Championship.

Private Investors – L.A. Dodgers

Represented private investment group in connection with their acquisition of an ownership interest in the Los Angeles Dodgers.

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.

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.

Private Investor – Formation of Private Equity Fund

Represented client in establishing a private equity fund focusing on aggregating investments in collegiate and high school sports.

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.

Top Rank – Terence Crawford v. Amir Kahn

Represented our longtime client Top Rank Inc. in connection with domestic and international pay-per-view television distribution agreements for the ESPN produced telecast of the Terence Crawford v Amir Kahn welterweight championship boxing program from Madison Square Garden on April 20, 2019.

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.

Legends Hospitality – Concessions Services

Represented Legends Hospitality Management LLC in connection with a concessions services arrangement for a rugby franchise.

Legends Hospitality – Stadium Development

Represented Legends Hospitality in connection with a stadium development for a major league franchise.

Private Investor – Establishment of Baseball Clinic

Represented a private client in connection with establishing a new baseball development clinic in southern Florida.

Sports Enterprise – Ownership Transfers

Represented a major league franchise in numerous minority ownership transfers.

Not For Profit Association – Cyber Securities

Represented a major sports franchise operator in connection with cyber securities initiatives.

Not For Profit Association – Compensation Plan

Represented a major sports franchise operator in connection with establishing a deferred compensation plan.

Not For Profit – Pari-Mutuel Wager Matters

Represented a major sports franchise operator in connection with pari-mutuel wagering issues.

Not For Profit Association – Rate Review

Represented client, as its integrity counsel, in connection with a rate review.

Not For Profit Association – Executive Transition

Represented major sports league in connection with all employment and personnel issues.

Sports Ventures – Ownership Transfer

Represented client in connection with a minority ownership transfer of an NBA franchise.

Sports and Pop Culture Online Site Defense – Copyright Infringement

Represent a well-known sports and pop culture blog and website as lead counsel in a copyright infringement action filed in U.S. District Court in New York regarding a design created and sold by plaintiffs to client.

Professional Basketball – License Agreement

Represent owner and operator of a professional NBA basketball team in a licensing and production agreement with a wholly-owned media subsidiary to produce broadcast-ready video and multi-media content for its own and other basketball teams.

Fulltime Fantasy – Trademark Infringement

Represented fantasy sports platform, Fulltime Fantasy Sports LLC, in a New York federal court action against a subsidiary of a large U.S. media conglomerate, which included claims of trademark infringement, false advertising, unfair competition and breach of an online publishing contract in a matter involving fantasy sports production and promotions. Counterclaims were also filed, but all claims were ultimately settled favorably for our client.

Major Concessions Company – Product Offerings

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

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

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.    

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. 

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. 

Professional Sports Association – Database of Medical Providers

Representing professional sports association as integrity counsel in establishing a database to maintain the purity of medical providers.

Counseled Professional Sports Team in Ticketing Issues

Counseled professional sports team in ticket credit analysis issues in light of COVID 19.

Represented Yankee Global Enterprises in Bond Financing

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.  

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

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

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.

Concession Services Agreement – UBS Arena

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.  

Sale of Minority Stake in NBA Team

Represented minority limited liability limited partnership owners of NBA team in sale of stake of NBA team to private equity firm.  

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.

MLS Soccer Agency – Establishment of US Platform

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

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.

NFL Franchise – Class Action

Represented a national football league team in a class action.