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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 the details of sports acquisitions. We understand deferred player costs, club and suite revenues, the importance of arena or stadium concession arrangements, even how parking or naming rights revenues can make or break the economics of an acquisition -- even before the team hits the ice. Our portfolio of M&A work includes team franchise sales and ownership transfers, “event” acquisitions and investments, joint ventures, and facilities transactions in virtually every sport.
Representative Matters
- Serving as advisor to the NFL and the NHL in connection with the structuring and league review and approval of numerous team franchise ownership transfers, including the sales of the Minnesota Vikings and the Anaheim Mighty Ducks.
- Representing USTA in its acquisition of an interest in the JPMorgan Chase Open and the negotiation of the related joint venture with AEG, in its investment in the Pacific Life Open and the Indian Wells Tennis Garden and in connection with its investment in The Tennis Channel.
- Representing the NHL in the bankruptcy of the Buffalo Sabres and the subsequent financing and sale of the club to owner Tom Golisano.
- Representing the NFL in the issuance and sale of the Cleveland Browns and Houston Texans expansion franchises -- and in connection with the League’s Los Angeles efforts.
- Representing Major League Baseball and the NHL in connection with the joint venture agreements for The MLB Network and the US version of the NHL Network, respectively.
- Representing New England Sports Ventures in the negotiation of an option to purchase the Salem Avalanche minor league baseball franchise and in the negotiation of the definitive acquisition agreements.
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