Latham & Watkins and Sullivan & Cromwell have taken the top roles in the $9.6bn sale of NFL team the Seattle Seahawks, as sports sector activity remains at a high for big law.
Two-time Super Bowl champions the Seahawks were owned by investor and Microsoft co-founder Paul Allen until his death in 2018, and subsequently by his estate. The estate has now reached a deal to sell the team to an ownership group led by the Khosla family, including entrepreneur and venture capitalist Vinod Khosla.
Sullivan & Cromwell advised the Khosla family on the deal, with a New York team including former firm chair Joseph Shenker, who now holds the title senior chair, as well as management committee member and general practice partner Ivan Deutsch, and sports and entertainment specialist general practice partner Richard LePage.
The firm also acted for the billionaire family last year, advising it on its acquisition of a minority stake in Bay Area football team the San Francisco 49ers. The S&C teams were the same for both transactions.
Meanwhile, Latham & Watkins advised the Estate of Paul G. Allen on the Seahawks sale, with a team led by head of sports capital Matthew Eisler, sports investment and private equity partner Russell Hedman, and M&A partner Michael Anastasio, with tax department co-chair Alan Kimball advising on tax. All partners on the deal are based in New York.
Eisler and Hedman joined Latham from Hogan Lovells in January. In March, the firm announced the completion of the sale of NBA team the Portland Trail Blazers to an ownership group led by US businessman Tom Dundon. Both Eisler and Hedman began their work on the matter at their previous firm, advising the Paul Allen estate.
Latham has also built out its sports presence in the UK, with notable matters including advising Manchester United last month on the financing for its new 100,000-capacity stadium, with London managing partner Ed Barnett leading on the matter.
The deal comes in a week that has seen several major firms target sports as a growth sector.
Earlier today, Linklaters hired a pair of Paul Weiss partners in New York to deepen its bench, with Christopher Boehning joining to chair the firm’s global sports practice.
Yesterday, Paul Hastings launched a new sports practice, bringing together lawyers from its entertainment, sports and media practice, hospitality practice, and labour and employment practice. The firm also announced the hire of former Baltimore Ravens GC Brandon Etheridge, building on its hires of a sports funds partner a week prior and of Slaughter and May sports M&A partner Mark Zerdin in January.
