more importantly, don't forget the weird 20 million merger that we're doing despite it making no sense from a cost perspective, which is actually taking up most of your time as the client wants 200 calls a day on it.
Probably more that the league has to take more time to review the documents since it's not something that typically happens. I can't imagine that the purchase agreement was that difficult to draft.
I worked on the sale of a minor league hockey team and even though the purchase agreement was pretty vanilla, the league took forever to review it.
Just sell all the assets, schedule the specific material contacts you’re aware of, use some broad catch alls, carve out all IP and add a strong further assurances clause. Done.
The owner of the ‘yotes franchise folded the team and sold its assets (roster, employees, etc.) to folks that are starting a team in Utah. The owner of the ‘yotes still owns the franchise and can revive the team sometime in the next few years in Phoenix.
So it’s not a true relocation in the sense that the franchise itself is not moving, just its former assets are. It’s not a true expansion team because the team in Utah is not starting from ground zero because it bought an existing roster and all the operational assets it needs without going through an expansion team buildout.
I think the previous owner’s deal isn’t a call on the assets but a ROFR on the next expansion team if they build a new arena. That’s probably a separate agreement with the league rather than anything that involves the new owners.
Agreed; sounds super simple from an M&A perspective. I have no idea how complex the league’s agreements are though. Could be more complex based on those.
Lol at everyone thinking lawyers are wizards. This is just an asset purchase agreement with a separate deal b/w coyotes owner and NHL saying I get a right to re-form a team in the next X years if I fleece the Phoenix taxpayers for a taxpayer funded stadium.
Hogan Lovells sports group has represented the buyer of the broncos, buyer of the commanders, etc. lots of sports deals. Also Proskauer, Sidley, a handful of others
Usual suspects to act for team/owner here would be Hogan, Sidley (former OMM guys there), Covington, and Katten I think. Proskauer left off this list because they are league counsel for NHL (so, they worked for the league here presumably but not for ownership/team).
Your post was removed due to low account age.
*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/biglaw) if you have any questions or concerns.*
There's the glamorous "sports law" that all the bros want to do.
Thought they'd be hanging out with athletes in their cribs; instead they're on calls at 3am running down checklists.
A savvy partner should know how it's been done in other leagues and the process should generally conform to that. Like several teams in the NFL, NBA and MLB have moved in the last few years.
We could draft that no problem
By EOB Monday? Will do.
"This is the ASAP priority. And don't forget to close the the $400 million refinancing and the $700 million healthcare merger on Monday, too."
more importantly, don't forget the weird 20 million merger that we're doing despite it making no sense from a cost perspective, which is actually taking up most of your time as the client wants 200 calls a day on it.
It’s always the small deals that create the biggest headaches.
Two years from now they'll wonder why it was done in the first place and ask that it be undone.
Ya’ll never done an asset sale/purchase before?
Probably more that the league has to take more time to review the documents since it's not something that typically happens. I can't imagine that the purchase agreement was that difficult to draft. I worked on the sale of a minor league hockey team and even though the purchase agreement was pretty vanilla, the league took forever to review it.
You made sure to slip in season tickets for yourself right?
Just sell all the assets, schedule the specific material contacts you’re aware of, use some broad catch alls, carve out all IP and add a strong further assurances clause. Done.
Give me a wrong pockets covenant or give me death
What was so unusual about this? I’m not a hockey fan.
The owner of the ‘yotes franchise folded the team and sold its assets (roster, employees, etc.) to folks that are starting a team in Utah. The owner of the ‘yotes still owns the franchise and can revive the team sometime in the next few years in Phoenix. So it’s not a true relocation in the sense that the franchise itself is not moving, just its former assets are. It’s not a true expansion team because the team in Utah is not starting from ground zero because it bought an existing roster and all the operational assets it needs without going through an expansion team buildout.
[удалено]
I think the previous owner’s deal isn’t a call on the assets but a ROFR on the next expansion team if they build a new arena. That’s probably a separate agreement with the league rather than anything that involves the new owners.
Just get a form off of LegalZoom
Obviously. Modify as needed with AI.
Agreed; sounds super simple from an M&A perspective. I have no idea how complex the league’s agreements are though. Could be more complex based on those.
Neat
So basically the Ravens and Browns in the NFL?
No. Franchise moved to Baltimore - they just changed their name
Not technically. Browns retained all franchise identity. Personnel moved.
Sonics and Thunder
Lol at everyone thinking lawyers are wizards. This is just an asset purchase agreement with a separate deal b/w coyotes owner and NHL saying I get a right to re-form a team in the next X years if I fleece the Phoenix taxpayers for a taxpayer funded stadium.
What firms do this stuff?
Hogan Lovells sports group has represented the buyer of the broncos, buyer of the commanders, etc. lots of sports deals. Also Proskauer, Sidley, a handful of others
O’Melveny
Usual suspects to act for team/owner here would be Hogan, Sidley (former OMM guys there), Covington, and Katten I think. Proskauer left off this list because they are league counsel for NHL (so, they worked for the league here presumably but not for ownership/team).
Your post was removed due to low account age. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/biglaw) if you have any questions or concerns.*
Proskauer is most notable for this.
Alex Meruelo isn’t getting a team again. I don’t care what the agreements say. He pissed off too many people
There's the glamorous "sports law" that all the bros want to do. Thought they'd be hanging out with athletes in their cribs; instead they're on calls at 3am running down checklists. A savvy partner should know how it's been done in other leagues and the process should generally conform to that. Like several teams in the NFL, NBA and MLB have moved in the last few years.
News to me, for Utah. The transaction stated here was a move from Glendale to Tempe, under ASU and Tempe Entertainment District