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Owning a sports team — or even a piece of one — is a fantasy for some, a lifelong passion for others. Covington’s sports lawyers know sports acquisitions. We understand the sports market, including terms that are customary and structural limitations that apply under league-rules. We have intimate knowledge of sports specific issues such as revenue sharing, and the importance of matters such as arena or stadium lease arrangements, media agreements, and player costs/guaranteed contracts to the economics of a transaction. Our portfolio of M&A work includes team franchise sales and ownership transfers, equity capital raises, “event” acquisitions and investments, joint ventures, and facilities transactions in virtually every sport.
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 connection with his sale of the Golden State Warriors, an auction that, at $450 million, yielded the highest sales price for any NBA team in history.
- Representation of bidding groups for the recent sales of the New York Mets, Detroit Pistons, Atlanta Hawks, and Liverpool Football Club.
- 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 the D.C. Sports and Entertainment Commission in the relocation of the Washington Nationals (formerly the Montreal Expos) to Washington, DC and in the related financing, construction and leasing of a their new home stadium.
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