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Home , Bob Arum, Joe Frazier, Miguel Marriaga (boxer)

ahead ofthegame Sports Law

SECTION ROW SEAT 86 H 1 625985297547 Hitting home runs Building Synergies with Renowned Brands for a legendary brand Herrick created the framework Rebuilding the House that Ruth Built and template agreements Game Day Our Sports Law Group rallied Herrick’s that govern advertising, real estate, corporate and tax lawyers promotion and product to structure five separate bond financ- placement rights for stadium Herrick’s Sports Law Group began advising the New York Yankees in the early ings, totaling in excess of $1.5 billion, sponsors. We have also which laid the financial foundation helped the Yankees extend Smooth Ride for Season Ticket Licensees 1990s, right as they began their march into a new era of excellence, both for the new Yankee Stadium. Our their brand by forming Playing musical chairs with tens of thousands cross-disciplinary team also advised on innovative joint ventures for of sports fans is tricky. We co-designed on and off the field. For more than two decades, our lawyers have helped the a number of complex matters related to a wide range of products, with the Yankees a season ticket license world’s most iconic professional sports franchise form innovative joint ventures, the new Yankee Stadium’s lease including the best-selling program for obtaining the rights to seats and construction. New York Yankees cologne. at the new Yankee Stadium. unleash new revenue streams, finance and build the new Yankee Stadium,

and maximize the value of the team’s content – all of which have contributed Sparking the Regional to a global brand that’s unparalleled in the history of professional sports. Cable Sports Boom In the early 2000s, the Yankees drew on our skills to create Hard Rocking Restaurant Deals YankeeNets LLC, a first-of-its-kind We helped the Yankees fire up a joint venture with Hard Rock partnership with the NBA’s New SPORTSBUSINESS JOURNAL International that’s given fans sizzling new dining experiences Jersey Nets, which increased the Named an Elite National Firm – a new Hard Rock Café and NYY Steak restaurant at Yankee negotiating power for both teams’ Stadium, and a NYY Steak restaurant near Rockefeller Center. media rights. We subsequently CHAMBERS USA restructured YankeeNets LLC Nationally Ranked Fueling the Memorabilia Market into Yankee Global Enterprises LLC for Excellence and advised on the creation of the Eager fans can now snap up authenticated, game-used memo- first regional cable sports network rabilia thanks to the Yankees’ joint venture with Steiner Sports, PROFESSIONAL SPORTS AND THE LAW of its kind – the YES Network. which we structured along with the Yankees Memorabilia Store. Top 20 U.S. Sports Law Firm (See page 6 for full story.)

LEGAL 500 Legendary Ballpark Experiences Playing Ball on the Airwaves Top 15 U.S. Sports Law Firm When today’s fans head to the stadium, they want more than a To keep fans cheering wherever ­game – they want an experience. We advised the Yankees in an they may be, the Yankees engaged THOMSON REUTERS WESTLAW™ AND THE ASSOCIATION agreement with Legends Hospitality that led to a new standard of OF CORPORATE COUNSEL us to forge a multi-year broadcast premium ballpark dining and entertainment, covering concessions, agreement with CBS Radio to "Successful Partnering Between Inside dining, merchandise and hospitality. simulcast games on WFAN-AM and Outside Counsel," legal treatise (See page 6 for more of our work with Legends.) and WFAN-FM. chapter on sports teams LONN TROST, NEW YORK YANKEES; IRWIN KISHNER, Additional Stadium Experience DANIEL ETNA Our lawyers regularly advise team owners on a wide range of Honoring the All-time Greats Chambers Global Guide to Sports Law – stadium financing, leasing, construction, naming rights and operational matters. Our work spans major venues across the To keep its legacy in the spotlight, the Yankees Law & Practice Section country, including the new Yankee Stadium, Citi Field, Red Bull called on us to license the ’ IRWIN KISHNER, DANIEL ETNA, BARRY WERBIN, Arena, MetLife Stadium, MCU Park, Amalie Arena, Richmond photo archive of Yankees players and stadium BRIANA ROSE MEGINNISS County Bank Ballpark, Vivint Smart Home Arena, PNC Field, imagery. We also advised on the creation of Audi Field and Las Vegas Raiders Stadium. the Yankees Museum, which features rotating exhibits on key players, events and themes in Yankees history.

“Herrick’s full-service legal team provides expert advice on all facets Beyond Baseball: Monetizing the Stadium Capitalizing on Connectivity In connection with the first college football game at the new Yankee Through a range of agreements with AT&T, of our deals. From straight business matters to complex financings Stadium – Notre Dame vs. Army – we created a comprehensive site we helped the Yankees get their new stadium and innovative joint ventures, Herrick gets the job done.” agreement that managed sponsorship rights and revenue distribution. wired for action – with Internet, Wi-Fi and And we’ve used the same model for other events, such as concerts telecommunications networking systems. Lonn Trost, Chief Operating Officer, New York Yankees and the Stadium Slugfest. We also used that model for college football’s New Era Pinstripe Bowl, which matches teams from BCS conferences.

2 | HERRICK, FEINSTEIN LLP SPORTS LAW | 3 • We represented the University of Nevada, RECENT Las Vegas (UNLV), in negotiating a joint- STADIUM use agreement with the NFL’s Las Vegas Innovative The Winning Edge Raiders related to the development of the DEALS $1.9 billion Las Vegas Stadium sports financings • In 2017, we advised D.C. United, four time winner of the MLS Cup, in a senior secured financing facility of approximately $130 Vince Lombardi said “Winning means you’re willing to go longer, work harder, and WE HAVE REPRESENTED … million, together with a specialized tax give more than anyone else.” Over the years Herrick’s Sports Law Group has assessment borrowing of $15 million, to finance the construction of Audi Field • an affiliate of a major league baseball done exactly that for some of the industry’s biggest names. Here are a few of the franchise in a multi-billion dollar refunding of tax-exempt bonds in a conduit financing high-profile matters our lawyers have helped to shape. T765082009 GENERAL ADMISSION • a regional sports network in a refinancing of a $625 million secured term loan facility • an affiliate of the NFL’s New York Jets and Giants in a $650 million bond financing for HELPING OWNERSHIP Championship Fights MetLife Stadium GROUPS GET IN THE GAME The eSports Scene • a lender in a secured revolving credit facility to the New York Giants • In August 2017, we advised Ultimate Fighting We have represented a number of ownership groups • the owner and operator of a major league

SEAT Championship in the Floyd Mayweather-Conor 6 • We advised the New York Yankees in its in transfers of ownership, and in bids to acquire NBA, McGregor bout in Las Vegas – a $700-million baseball franchise in a $250 million syndicated NHL and MLB franchises, including the: “behemoth” that broke the record for investment partnership with Vision Esports, senior secured credit facility the largest single shareholder of three • Buffalo Bills • New Jersey Devils highest-grossing one-day sporting event eSports companies – Echo Fox, a leading • a special purpose entity that is an affiliate • Dodgers • New Jersey Nets • Also in 2017, we assisted with a full professional eSports organization founded of a major league baseball franchise in the • New York Islanders slate of championship fights, including a battle ROW • Minnesota Timberwolves P by three-time NBA champion Rick Fox; Twin multi-million dollar refunding of municipal • Nashville Predators • San Diego Padres between WBO super title hold tax-exempt bonds SPECIAL ADMISSION SPECIAL er and two-time world title- Galaxies, a recognized authority on video challenger Miguel Marriaga, and a match between game performance validation and player • a U.S. bank in the National Hockey League’s WBC and WBO junior welterweight title holder, rankings; and Vision Entertainment, a studio $1.4 billion league-wide credit facility and WBA junior welterweight that produces original eSports content champion Julius Indongo • Herrick is representing one of the preeminent

SEC 09 eSports organizations in their quest to SECTION ROW SEAT dominate hit games such as League of Mementos and Memorabilia Legends, Rocket League and PLAYERUN

KNOWN’S Battlegrounds. Founded in - 120 We have represented sports memorabilia leader Lelands early 2017, our client has since expanded

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in the acquisition and sale of many hallowed sports aggressively by acquiring and developing treasures, including: New York Racing many of the world’s top competitive gamers • ’s 100-point basketball Association 651919510019 • ’s Olympic gold medal SEC ROW ROW SEAT • Babe Ruth’s baseball memorabilia L Integrity Counsel 67 • Lou Gehrig’s “luckiest man address” jersey J 9 • ’s 1964 NFL championship ring • As Integrity Counsel, Herrick

• Mickey Mantle’s estate 12 advises NYRA’s board of directors • The San Francisco Examiner’s collection of sports photos SEAT and management to ensure that • Barry Bonds’ 73rd home run baseball NYRA, its officers, employees, • A major collection of Roberto Clemente baseball cards and operations comply with all applicable laws and regulations World Surf League • NYRA holds the exclusive right to

conduct racing and pari-mutuel Rides the Wave 33

Recent MLS and NHL Naming Rights Deals wagering at Aqueduct, Belmont Park and Saratoga Race Course • The World Surf League is the governing body for professional surfing; more

• We represented D.C. United in finalizing the naming • In 2016, we advised NYRA on the than 2,000 elite surfers are WSL members G rights agreement for Audi Field, the team’s future A launch of NYRA Bets, a new national

SEAT home stadium wagering platform • Herrick serves as outside general counsel to WSL advising on a variety of

sophisticated transactions and general corporate matters 5195009888418 • We also recently helped the NHL’s Tampa Bay Lightning negotiate their multi-year naming rights F • In August 2016, the International Olympic Committee announced the addition ROW deal for Amalie Arena of surfing to the Tokyo 2020 SEC ROW SEAT

• Naming rights are big business: most deals for large • The addition of surfing, along with skateboarding, sport climbing and other 109 U.S. arenas range from $1 million to $10 million a year, 9 youth-oriented sports highlights the the millennial generation’s influence on SEAT ROW SECTION SEC. 203 L according to ESPN 06 the Olympic Games

4 | HERRICK, FEINSTEIN LLP SPORTS LAW | 5 Sports business is always MANY IMAGINE THE FUTURE. in motion. We keep things A FEW LEADERS CREATE IT. spinning in your direction. We regularly counsel many of the world’s greatest sports entities in the formation and operation of professional leagues and teams, sports-related joint ventures, stadium Regional sports broadcasting. Pay-per-view. Premium stadium experiences. financing and construction matters, media and naming These transformative concepts – and many others – were brought to rights transactions, and a wide range of high-profile team life by Herrick clients, who relied on our guidance from idea to revolution. acquisitions, sales, ownership transfers and relocations.

We also provide pragmatic, day-to-day counseling in the LEGENDS ARE BORN – AND MADE THE BIRTH OF THE YES NETWORK ADDING PUNCH TO THE TOP RANK BRAND operation of sports-related businesses, tackling player and personnel issues, working capital arrangements, As the New York Yankees and Dallas Cowboys were gearing When you’re at the top of your game, it’s time to make bold For more than four decades, Herrick partner Mike Heitner concession agreements, advertising contracts and prominent up to open new, state-of-the-art stadiums in their respective moves. That’s exactly what the Yankees did when they launched has delivered legal work for Top Rank, Inc. title sponsorships for major sporting events. cities, they shared a passion to optimize the fan experience the Yankees Entertainment and Sports (YES) Network. Mike helped to form Top Rank, and has since served through a new paradigm of premium ballpark dining and as its outside general counsel, handling many contractual Representative clients: entertainment. To implement this new paradigm, the two storied Before the YES Network, the Yankees licensed their broadcast aspects of its worldwide promotion business. teams, along with two private equity firms, worked with Herrick’s rights to third-party media companies, which functioned • Cyclones Sports Law Group in 2008 to form a ground-breaking joint as middlemen between the team and its fans. As the team’s In the and ‘80s, Mike advised Top Rank founder and • Brooklyn Nets venture: Legends Hospitality. popularity increased, the Yankees wanted greater control over CEO Bob Arum as he harnessed the power of the closed-circuit • Champions League the presentation of their games, and the ability to create 24/7 and pay-per-view models of selling televised fights. And as • Cubs Initially, Legends focused on delivering enhanced concession sports, business and entertainment programming to engage Bob has parlayed those media successes into groundbreaking • D.C. United and premium dining experiences at the two new stadiums. their fans. So rather than license their broadcasts to media deals with ABC, CBS, HBO and other major networks, Mike • InterMedia Partners However, Legends’ passion for redefining the sporting giants, the Yankees decided to become a media giant. has been there to seal the deals. • Latin Sports, S.A. experience quickly took new forms all focused on a singular • Legends Hospitality • Lelands goal – to enable team owners and executives, stadium operators, In 2001, Herrick’s Sports Law Group advised on the formation Since Top Rank was formed, it has promoted more than 9,000 • Mandalay Baseball Properties athletic departments and municipalities to deepen relationships of the YES Network, a pioneering development in regional fights in 22 countries. From boxing legends like Ali, Hagler, • New Meadowlands Stadium Company LLC with fans while maximizing revenue streams. sports broadcasting. Our lawyers structured the initial joint Hearns and Leonard, to current stars and Manny venture between an affiliate of the Yankees and its equity Pacquiao, almost every major boxer has at some point signed a • Football Club • New York Giants Herrick has been helping Legends at every turn. We recently partner Goldman Sachs, which contributed in excess of Mike Heitner contract. • New York Islanders advised Legends on its equity investment in daily fantasy $800 million to launch the network.* We also structured the • New York Yankees sports company DraftKings, and on a major strategic YES Network’s long-term broadcast rights agreement with Today, Herrick counsels Top Rank and its president • New York Racing Association partnership with concert giant Live Nation. The deal, which the Yankees, and in 2013 we advised on one of the decade’s Todd duBoef and chair Bob Arum in the presentation and distribution of several major pay-per-view events and other • Pac-12 Conference has Legends operating food and beverage services at 34 biggest media transactions – the multi-billion dollar sale of • Pinstripe Bowl championship-caliber telecasts each year. We also handle of Live Nation’s music venues in North America, is one of 80% of the YES Network to 21st Century Fox. • Queens Baseball Company, LLC long-term rights agreements with fighters, negotiate major the largest venue food and beverage contracts in history. • Scranton/Wilkes-Barre RailRiders Today, the YES Network is the most-watched regional sports sponsorship deals, negotiate brand-building deals such as We also helped Legends go vertical – by striking a deal to • Sterling Entertainment Enterprises develop and operate the new One World Observatory network in the U.S., with 15 million viewers and 67 Emmy archive footage agreements, and contract with major arenas • Tampa Bay Lightning at the top of One World Trade Center in New York City. awards won for a variety of programming. around the world. When it comes to expanding Top Rank’s • Top Rank, Inc. *Rovell, Darren. “News Corp. acquires stake in YES.” global brand, Herrick is as close to the ring as it gets. • Ultimate Fighting Championship ESPN.com, 20 November 2013. • University of Nevada, Las Vegas J A • World Freerunning & Parkour Federation SEC 2 SEC 12 • World Surf League ROW 10 ROW 2 SEAT SEAT • Yankee Global Enterprises MARCH 8, 1971 MAY 2, 2015 • Yankees Entertainment and Sports Network (YES) MUHAMMAD ALI FLOYD MAYWEATHER VS MANNY PACQUIAOVS 6 | HERRICK, FEINSTEIN LLP JOE FRAZIER SPORTS LAW | 7 HERRICK’S SPORTS LAW GROUP

Our multidisciplinary team includes lawyers who focus on nearly every aspect of the industry, including corporate and financing transactions, real estate, media rights, tax, litigation, intellectual property and government relations. KEY CONTACTS:

Irwin A. Kishner Daniel A. Etna Michael Heitner Eric A. Stabler (212) 592-1435 (212) 592-1557 (212) 592-1407 (212) 592-5982 [email protected] [email protected] [email protected] [email protected]

Liliana Chang Stephen DiMaria Fred R. Green David R. King Ronald J. Levine (212) 592-1561 (212) 592-5951 (212) 592-5910 (973) 274-2002 (212) 592-1424 [email protected] [email protected] [email protected] [email protected] [email protected]

Avery S. Mehlman Belinda G. Schwartz Audrey C. Sheetz Louis Tuchman Barry Werbin (212) 592-5985 (212) 592-1544 (212) 592-5944 (212) 592-1490 (212) 592-1418 [email protected] [email protected] [email protected] [email protected] [email protected]

AREAS OF EXCELLENCE: • Advertising, Marketing & Sponsorship Agreements • Stadium Operations • Debt & Equity Financings • Team Acquisitions & Dispositions • Digital, Broadcast and Radio Rights Licenses • Team Ownership Transfers & Relocations • Intellectual Property • Major Sporting Events & Concerts • Naming Rights & Sponsorships • League Rule & Regulation Compliance • Personal Seat Licenses & Premium Seating • League Formation & Operation • Memorabilia Sales Agreements • Litigation & Dispute Resolution • Sports-Related Joint Ventures • Government Relations • Stadium Financing, Leasing & Construction • Tax Structuring

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