Matters

Represented D.C. United in Agreement to Host Soccer Match with World Class  FC Bayern Munich

Represented Major League Soccer team D.C. United in its agreement to host a friendly match with world class FC Bayern Munich of the German Bundesliga.  This match marks the first meeting between the two teams and the second international friendly between D.C. United and a top division European team at Audi Field. 

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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. 

Negotiated separation agreement for senior executive of professional sports team

Represented senior executive in the negotiation of a separation agreement from a professional sports team. 

Represented D.C. United in Establishment of Retail Sportsbook at Audi Field

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.

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Represented Legends in Minority Investment and Strategic Partnership with TeamTrak Cycling

Represented Legends in its strategic partnership and minority investment in TeamTrak Cycling League, an entity of World Cycling Limited, to support the launch and growth of the startup indoor cycling league. TeamTrak is an innovative, proprietary format of indoor velodrome racing. The partnership spans revenue-generating sponsorship sales and omnichannel merchandise services as well as a minority investment in TeamTrak.

Legends will manage a data-driven approach for TeamTrak, leveraging data and analytics to provide fan insights and asset valuation to drive sponsorship sales and overall revenue-generating opportunities for the league.  Legends will also provide broadcast and media rights partnership support for TeamTrak. With the growth of TeamTrak, the league will have access to Legends’ intelligence-fueled 360-degree service solutions. 

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Professional Golf Tour – Advised on Spectrum of Matters

Counseled LIV Golf, a professional golf tour whose mission is to modernize the game of professional golf through expanded opportunities for players and fans, on a spectrum of issues including general employment matters, ticketing issues, broadcast and media rights, liability issues and facial recognition technology issues.

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 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.

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Legends Hospitality – Master Management Services Agreement with 3ICE

Represented Legends in connection with a Master Management Services Agreement with 3ICE, an organizer and operator of a three-on-three professional hockey league. This strategic partnership will support and accelerate the growth of the new independent North American hockey. In addition to managing several lines of revenue generating operations for 3ICE, Legends will make a minority investment in the league.

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Represent the Pac-12 Conference in Insurance Dispute

Represent the Pac-12 Conference in an insurance dispute in connection with a charge brought by the National College Players Association claiming that the Pac-12 Conference and the USC are violating the National Labor Relations Act by refusing to classify student athletes as employees. 

Represented Legends in connection with a Master Management Service Agreement

Represented Legends in connection with a Master Management Services Agreement with Glytch, Inc., a provider of professional esports stadiums with location-based entertainment and live broadcasting.

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Represented Legends in Transactions with Premium Omni-Channel Food Tech Platform

Represented Legends in its investment in, and business partnership with, a premium omni-channel food tech platform that operates food halls in metropolitan areas and licenses various culinary brands, in negotiating and drafting an investment agreement, food hall management agreements, licensing and development agreements and various other operational agreements and side letters.

Advised on Potential Ownership Issues for Expansion Team of Professional Soccer Team

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 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 Browns 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 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.

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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.

Advised Online Betting Platform on Advance Deposit Wagering (ADW)

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 Internet Account Wagering Operator on Technology Joint Venture

Represented a leading internet horse racing account wagering operator in formation of joint venture with major European gambling software engineering firm to develop technology and software that facilitates the operation of computerized advance deposit wagering (“ADW”) for horse racing.  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 funds in such person’s account to the ADW operator.

Represented Avenue Capital Group in PGA Tour Investment

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its investment in Strategic Sports Group (SSG), a consortium of sports franchise owners and investors, in support of SSG’s $3 billion investment in PGA Tour Enterprises, a new commercial venture between the PGA Tour, SSG and PGA Tour players.

Assisted LIV Golf in Negotiating Agreements for Creation of Promotional Content

Assisted LIV Golf, Inc. in negotiating a key master services agreement and associate statements of work with a digital marketing services provider, for the creation of a wide range of promotional content, including film and video content production, for the 2024 LIV professional golf season and beyond.

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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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.  

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Represented Avenue Sports Fund in Pickleball Investment

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its equity investment in an owner and operator of pickleball facilities.

Represented Avenue Sports Fund in Sports Media Company Investment

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its equity investment in a sports media company focused on sports-related entertainment and lifestyle content.

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." 

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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.

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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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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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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Avenue Sports Fund – Investment in Immersive Technology, Media, and Entertainment Company

Represented Avenue Sports Fund in its investment in Cosm, a leading immersive technology, media, and entertainment company. The funding will drive long-term growth of Cosm's "shared reality" venues as well as its technology and media business units. 

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Represented Avenue Sports Fund in College Sports Tomorrow Investment

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its equity investment in College Sports Tomorrow, a group of prominent investors and leaders in the sports industry, seeking to establish a single, national college football league.

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Represented Avenue Sports Fund in Men in Blazers Investment

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its lead equity investment in Men in Blazers, the preeminent soccer-focused media platform and podcast producer in the United States.

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Represented Avenue Sports Fund in Multi-Club Ownership Group for Women’s Football Clubs

Represented Avenue Sports Fund, an affiliate of Avenue Capital Group, respecting its equity investment in Mercury13, a multi-club ownership group focused on women’s football clubs in Europe and South America, which currently owns FC Como Women of Italy’s top-tier Serie A Femminile.

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Represented D.C. United in Partnership to Forge Premier Soccer Institution

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.

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Represented Controlling Ownership Group of the Brisbane Bullets of the Australian National Basketball League in Acquisition of Ownership Interest

Represented the controlling ownership group of the Brisbane Bullets of the Australian National Basketball League (the “NBL”) in its acquisition of a 25% ownership interest in the Brisbane Bullets held by the NBL. With this transaction, the NBL is no longer a shareholder in the Brisbane Bullets and the members of the controlling ownership group are comprised of Australian and United States-based private investors. Other investors in the Brisbane Bullets include NBA legend George Gervin.

Brisbane Bullets CEO Malcolm Watts welcomed the increased investment, highlighting the value of having onshore ownership actively involved in the club’s growth. The controlling ownership group will seek to engage more closely with the Brisbane Bullets fans, as well as growing the overall fan base to bring a formidable “Blue Army” of Bullets supporters to every home game.

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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.

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.

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.

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.

Regional Sports Network – $200 Million Note Refinance

Represented a leading regional sports network in the redemption of senior subordinated notes in the principal amount of $250 million and in the issuance of new senior subordinated notes in the principal amount of $200 million.

Regional Sports Network – Corporate Restructuring

Represented a leading regional sports network in a restructuring of its ownership structure through the formation of a new Delaware limited liability company.

New York Islanders – Charity Raffles

Advised the New York Islanders in connection with conducting 50/50 raffles in New York and Connecticut.

Venture Capital Investment

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

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.

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.

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.

Chicago Cubs – CBS Radio Broadcast Rights Agreement

Represented the Chicago Cubs in a multi-year radio license with CBS Radio to broadcast Cubs games on WBBM Newsradio 780AM. The radio license is part of a sports and entertainment partnership that also includes several promotional initiatives across all seven of CBS Radio's local Chicago radio stations and digital and social media platforms. Additionally, the partnership will create and produce live music events at or near Wrigley Field.