McDermott Will & Emery announced Friday that it represented Hoops L.P. in its sale of the National Basketball Association franchise the Memphis Grizzlies. The Tennessee team was sold to an investor group headed by Robert J. Pera, CEO of Ubiquiti Networks Inc., for a reported $377 million sale. The group of buyers also reportedly includes entertainer Justin Timberlake.
McDermott Will & Emery represented Hoops, L.P., a subsidiary of Heico Holding, Inc., in its sale of the National Basketball Association (NBA) franchise Memphis Grizzlies. The team was sold to a group headed by Robert J. Pera, founder and Chief Executive Officer of Ubiquiti Networks, Inc. (UBNT). The deal was signed on June 7, 2012 and subsequently closed on October 29, 2012.
McDermott represented Hoops L.P. in its purchase of the team in 2000 and has represented the team since then. That representation included the team’s relocation from Vancouver to Memphis, the financing and construction of a new NBA arena and negotiation and securitization of an arena naming rights agreement.
“This deal adds to a growing list of successful transactions handled by McDermott’s sports practice,” said Ryan D. Harris, a Corporate partner who played a leading role in the transaction for the Chicago Cubs and a bid for the Los Angeles Dodgers. “McDermott continues to attract top clients looking for Firms with the breadth and depth of capabilities and sports industry expertise to help guide their often game-changing decisions.”
The McDermott transaction team included partners Stanley H. Meadows, Helen Friedli, Ryan Harris, Michael Boykins, Gerry Offutt, Jennifer Mikulina as well as counsel Alan Hawksley and associate J. Cole Parker.
The deal represents the latest, high-profile sports matter handled by McDermott, which also recently advised a consortium of investors on their bid for Major League Baseball’s Los Angeles Dodgers. In 2009, the cross-departmental team comprising our Sports Law practice at McDermott represented affiliates of the Tribune Company with the transfer of the Chicago Cubs, Wrigley Field and other related assets to a partnership with the Ricketts Family.
McDermott’s Sports Law practice provides sophisticated clients with a broad range of services, including Mergers and Acquisitions, Real Estate & Finance, Tax Planning and Audit, Labor and Employment, Intellectual Property, as well as Trial and Litigation. Clients served include sports teams, team owners, athletes, athletic associations and organizations, private investors and municipalities.
About McDermott Will & Emery
McDermott Will & Emery is a premier international law firm with a diversified business practice. Numbering more than 1,000 lawyers, we have offices in Boston, Brussels, Chicago, Düsseldorf, Frankfurt, Houston, London, Los Angeles, Miami, Milan, Munich, New York, Orange County, Paris, Rome, Seoul, Silicon Valley and Washington, D.C. Further extending our reach to Asia, we have a strategic alliance with MWE China Law Offices in Shanghai.