Deals
Yankees, Cowboys Sell One-Third of Legends to New Mountain
- Deal said to value stadium company at more than $700 million
- Legends sells suites, sponsorship, runs One World Observatory
Yankee Stadium in the Bronx borough of New York City.
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New Mountain Capital has taken a minority stake in Legends Hospitality, the stadium-management company controlled by the New York Yankees and Dallas Cowboys.
New Mountain will own about one-third of the company and the deal values Legends at more than $700 million, a person familiar with the agreement said. The companies didn’t disclose the terms publicly. “This partnership with New Mountain Capital is further validation of the strength of the business,” Yankees managing general partner Hal Steinbrenner said.