Whether the venue is field, court, ice, course, track, or clear blue sea, Covington understands the real business of sports entertainment. Our sports M&A and finance expertise includes advising on the purchase and sale of dozens of major and minor league teams, including related acquisition financings; equity capital raises, both controlling and non-controlling; construction and related financing of multi-billion dollar spectator facilities; and all other forms of sports finance transactions, from team working capital facilities to naming rights securitization transactions. We know the leagues, the owners, and the capital providers, and we understand the specialized “rules of the game” in the unique world of sports industry transactions. We leanly staff transactions – usually no more than one or two associates and an experienced partner.
Our transactional work in sports goes deeper than M&A and finance transactions. We have the nation's leading sports media practice, with clients including every US major league sport and a large stable of professional teams and domestic and international amateur athletic associations, including college conferences and individual universities. We understand the branding value of sponsorship and advertising to sports businesses and their marketing partners, and have advised on a multitude of major naming rights and sponsorship transactions.
We also understand the legal framework in which sports leagues need to operate. For years, we have provided advice to professional leagues and amateur sports organizations on their internal constitutional matters, and on governance questions involving club decision-making, commissioner authority, and the role of amateur international governing bodies over their local federations and participants.
Representative Matters
- Advised Tom Benson, the longtime owner of the New Orleans Saints, in his purchase of the New Orleans Hornets.
- Representation of Christopher Cohan in the auction and ultimate sale of the Golden State Warriors NBA franchise for a record-setting $450 million purchase price.
- Representation of New England Sports Ventures, a John Henry led partnership, in its purchase of the Boston Red Sox and advised John Henry in the sale of the Florida Marlins to Jeffrey Loria.
- Representation of USTA in its acquisition of an interest in the JPMorgan Chase Open and the negotiation of the related joint venture with AEG, in its acquisition of the Western & Southern Open in Cincinnati and related assets, in its investment in the Pacific Life Open and the Indian Wells Tennis Garden, and in connection with its investment in The Tennis Channel.
- Representation of New England Sports Ventures in the structuring and negotiation of its option to purchase the Salem Avalanche minor league baseball franchise and the definitive acquisition agreements.
- Recent representation of bidding groups for the New York Mets, Detroit Pistons, Atlanta Hawks, and Liverpool Football Club.
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