Cowboys, Yankees weighing up Legends sale – report

Major League Baseball (MLB) franchise the New York Yankees and NFL American football team the Dallas Cowboys are reportedly assessing the sale of food, beverage, merchandise retail and stadium operations giant, Legends.

The Reuters news agency, citing people familiar with the matter, said the Yankees and Cowboys, which formed Legends in 2008, hope any possible sale could value the New York-headquartered company at more than $1bn (£794.7m/€896.3m).

Investment bank Moelis & Co is reported to be advising on an auction for Legends, but Reuters noted that a sale may not happen due to the current uncertainty in the global sports events market caused by coronavirus.

In May 2017, New Mountain Capital acquired a minority stake in Legends. The investment fund reportedly secured about one-third of Legends with the deal said to have valued the company at more than $700m at the time.

New Mountain acquired the shareholding that was previously held by Goldman Sachs and then by the Checketts Partners Investment Fund. The latest news comes after Legends last month launched a new global unit that will centralise and expand its existing partnership solutions into a dedicated division that connects leading properties and venues with premier brands.

Legends Global Partnerships offers a variety of commercial consulting services, including naming rights and venue entitlement positions, premier events, emerging entertainment platforms and mixed-use real estate developments. Its services now span six divisions operating worldwide – partnerships, planning, sales, hospitality, merchandise and technology solutions.