It takes creativity, persistence and a broad array of financing alternatives to make stadium, arena and convention center projects work.
As taxpayers are increasingly reluctant to subsidize the costs, our team advises municipalities and state authorities, club owners, professional sports leagues, investors and lenders on all aspects of financings for sports facilities.
The transactions we advise on use a broad range of financing structures, including straightforward government-owned, government-sponsored, and government-financed projects; public-private partnerships; private joint ventures; and 100% privately owned and project-financed facilities.
We specialize in negotiating and drafting financing documents, leases and non-relocation agreements.
Our depth of knowledge and integrated approach to transactions provide our clients with forward-looking, value-added solutions they need to successfully close their deals.
Who we work with
- State and local governments
- Team owners
- Banks and lenders
- Leagues and team organizations
- Investors and underwriters
- Sony Tennis Center: Representation of IMG in negotiating a financing structure for the Sony International Players Tennis Championships in Miami, Florida.
- Erie County/Ralph Wilson Stadium: Representation of Erie County, New York, in its negotiations with the NFL franchise Buffalo Bills on the financing of proposed renovations to Ralph Wilson Stadium in Orchard Park and a related extension of the stadium lease.
- Barclays Center: Representation of the underwriters in connection with the financing of the new home of the NBA's Brooklyn Nets, located in downtown Brooklyn, NY.
- City of Los Angeles: Representation of the City of Los Angeles as bond counsel in connection with the financing of convention center facilities to replace facilities that are proposed to be demolished to accommodate a new NFL football stadium and in connection with other aspects of the stadium project.
- Lincoln Financial Field: Representation of TD Bank, Bank of America and PNC Bank in the substitution of the existing Letters of Credit for the Philadelphia Authority for Industrial Development, which partially funded Lincoln Financial Field, the home of the NFL’s Philadelphia Eagles.
- Chicago Cubs: Representation of the Ricketts family in connection with their financing of the acquisition of a controlling interest in Major League Baseball’s Chicago Cubs, Wrigley Field and a minority stake in the regional sports network, Comcast SportsNet
- Lambeau Field: Representation of the Green Bay-Brown County Professional Football Stadium District as co-bond counsel in connection with the financing of the redevelopment of Lambeau Field, home of the National Football League’s Green Bay Packers.
- Nassau County: Representation of Nassau County, New York, in connection with its 2011 negotiations with the New York Islanders NHL franchise for a proposed replacement of the Nassau Coliseum. As part of our representation, the firm led the negotiations and drafting of the proposed development lease of the facility to an affiliate of the Islanders.
- National Football League: Refinancing of its G-3 Program, which provides funds to member clubs for new stadium construction and major reconstruction projects.
- New York Giants and New York Jets for the MetLife Stadium: Two separate joint venture non-recourse project financings for each team—Project Finance magazine's “North American 2007 Leisure Deal of the Year.”
- New England Patriots: Original stadium construction and subsequent refinancing.
- Lucas Oil Stadium: Home of Super Bowl XLVI and the Indianapolis Colts.
- New York Yankees: Bond counsel to New York City IDA for financing of new ballpark using PILOT bond structure—The Bond Buyer's “2006 Deal of the Year.”
- New York Mets: Bond counsel to New York City IDA for financing of new ballpark using PILOT bond structure.
- Minnesota Twins: Financing of team’s contribution of funds to Minnesota Ballpark Authority to build Target Field.
- San Francisco 49ers: Representation of Citibank in the syndicated construction loan for the new stadium for the San Francisco 49ers of the NFL. We were involved in the review and negotiation of the financing documents including the complex consent letter with the NFL as well as the first funding option provided by the NFL under the new G-4 stadium financing resolution.