Project Finance - Stadiums & Arenas
KRCL's Stadium & Arenas Group is unique in that its attorneys have represented almost all major sides to large stadium deals: cities, teams and lenders. In particular, this practice area highlights urban redevelopment and public/private partnerships as cities, private developers, teams, sports leagues, major institutional lenders and the concert industry come together to plan, fund, build and operate the center piece and catalyst for many downtown renewals and expansions. Our attorneys have worked on open air stadiums, enclosed arenas, hybrid stadium/concert facilities and major motor speedways. These transactions span the nation with locations in New York, San Francisco, Dallas, New Jersey, San Diego and Fort Worth. Home Sports in such facilities include Major League Baseball, the National Basketball Association, the National Hockey League, Major League Soccer, NASCAR, Arena Football and major concerts and shows. While many firms with stadium experience have represented only one side (e.g., the city or a team) and worked on a single stadium, attorneys in the Stadium Practice Group have worked on many projects representing different sides in various locations. Therefore, they uniquely understand and can anticipate all parties' needs and final negotiating positions to more easily bring together a successful development, funding and completion.
Specific Areas of Concentration:
- Negotiating public/private partnerships with municipal participation
- Master planning
- Acquisitions and combinations of land
- Structuring, drafting and negotiating private lending loan packages and documents
- Assemblage, construction and management of parking facilities
- Drafting and negotiating municipal ground leases and facility operating agreements
- Street, mass transit and other infrastructure development
- Property tax and other tax incentives
- Environmental compliance
- Naming rights agreements
- Concession agreements
- $220,000,000 construction loan for American Airlines Center, home to the Dallas Mavericks NBA basketball team and the Dallas Stars NHL hockey team.
- $170,000,000 construction loan for SBC Park, home to the San Francisco Giants MLB baseball team.
- Represented International Speedway Corporation, as developer, in negotiating the land acquisition and construction of a major new NASCAR Raceway and surrounding commercial development in the New York-New Jersey-Connecticut area.
- Represented the City of Harrison, New Jersey in negotiating the lease and construction of the new $100,000,000 MetroStars Soccer Stadium and the $2 billion commercial development surrounding the stadium, home to the New York MetroStars MLS soccer team.
- Representing the City of Fort Worth, Texas in negotiating potential tax abatements and/or refunds in connection with the 200,000 seat Texas Motor Speedway for NASCAR Champion Series Races.