CIC Sells Stake in Legends Hospitality
Furthermore, it was announced that Mr. Checketts’ (bio attached) private equity fund, Checketts Partners Investment Fund (“CPIF”), has become an equity partner in the company as a result of acquiring CIC Partners’ interest in Legends. CPIF has been advised by AGM Partners LLC on the transaction.
“I am particularly honored that the Board of Directors has asked me to lead the company going forward,” said Mr. Checketts. “I have always looked to associate myself with strong brands and successful businesses. This is no different. In fact, between Goldman Sachs, the Dallas Cowboys and New York Yankees, I’m sure you cannot get any better. Additionally, the ability for my Fund to join with Legends on future acquisitions provides us with the capital that will enable us to look to grow this company significantly.”
“The appointment of Dave Checketts as chairman and CEO of Legends is such a natural and compelling fit,” said Hal Steinbrenner. “He has proved himself an astute manager, entrepreneur and investor over the course of a long career built on a very solid sports and entertainment foundation. That operational skill, coupled with a strong business sense, will serve Legend’s well as it expands and grows.”
“This is an exciting time in the evolution of Legends Hospitality,” said Jerry Jones, Dallas Cowboys Owner. “Mike Rawlings did an outstanding job directing the creation of this partnership, and now we are well positioned to capitalize on the growth opportunities available to us in the future with the experience and expertise of Dave Checketts. Dave has a terrific track record of success in the business of sports and entertainment, and is one of the most respected entrepreneurial minds in the industry.”
“We are thrilled that Dave has agreed to join Legends, both as our Chairman and CEO and as an investor,” said Gerry Cardinale, Managing Director in Merchant Banking, Goldman Sachs. “We are also extremely grateful for the tremendous leadership from Mike Rawlings in making Legends the successful enterprise that it is today. Having known and admired Dave for over a decade, I am hard-pressed to think of another individual who brings the breadth and depth of experience in the business of sports across almost every vertical. Dave’s unique background in sports as an owner, manager and investor will enable Legends to engage in meaningful dialogues with teams across leagues and geographies on a range of needs that should create a multitude of win-win opportunities.”
Legends Hospitality was formed in 2008 with an initial focus on operating catering, concessions, retail merchandising and other facility management enterprises for major sports and entertainment facilities. Under Mike Rawlings’ leadership as CEO and Chairman, Legends has gradually expanded its services to include premium-seat sales and consulting services, ticket sales training and other services. It recently acquired CSL International and CSL Marketing Group, which does sports research and venue marketing.
“This transaction has exceeded my expectations in every aspect of the deal, through our first class partners, superior Legends management team and the growth of CIC’s investment,” stated Michael Rawlings, former CEO and Chairman of Legends and a Partner of CIC Partners. Getting Dave Checketts’ to join Legends is great news for the company; he is the right guy at the right time and through his leadership Legends will continue to see great success and results.”
About Legends Legends (www.legendshm.com), owned by the New York Yankees, the Dallas Cowboys, Goldman Sachs and the Checketts Partners Investor Fund, consists of Legends Hospitality Management – the premier provider of general concessions, premium food & beverage, catering, retail merchandise and tours; Legends Sales and Marketing – an industry leader offering team owners, facility operators and athletic departments premium tickets sales and service, PSL sales execution, sponsorship and naming rights capabilities and sales training; and CSL International that provides project feasibility and economic impact studies, funding plans and business operational reviews.
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