Legends Hospitality Acquisition & Valuation

Legends Hospitality was acquired by Sixth Street for $1.4B in January 2021.

Legends Hospitality acquisition price

$1.4B

Acquired by Sixth Street · Jan 2021

Key investors in Legends Hospitality

  • New Mountain Capital

Legends Hospitality Overview

About Legends Hospitality

Legends Hospitality is an American venue services company, now trading as Legends Global, headquartered in New York City. It was founded in October 2008 as a joint venture between the New York Yankees' ownership and Dallas Cowboys owner Jerry Jones, with backing from Goldman Sachs and CIC Partners. It provides venue planning and advisory, premium seating and sponsorship sales, food and beverage hospitality, merchandise and e-commerce, and venue management, earning fees and revenue shares from venue owners and teams. Clients include AT&T Stadium, Yankee Stadium, SoFi Stadium, Levi's Stadium and Allegiant Stadium, as well as college venues such as Notre Dame and USC. Sixth Street became the majority investor in 2021, with the Yankees' YGE Holdings and the Jones family's Jones Concessions remaining partners. In August 2024 Legends completed the acquisition of venue manager ASM Global from Onex and AEG, reported at more than $2.4 billion, extending its reach to about 350 arenas, stadiums and convention centres worldwide. Dan Levy became chief executive in April 2024, and the company says it serves more than 600 brands and venues with over 100,000 staff.


Founded

2008

HQ

United StatesNew York City, NY

Status

Acquired

Customer focus

B2B

Revenue model

Services

Valuation

$700M (May 2017)

Legends Hospitality Acquisition

Legends Hospitality was acquired by Sixth Street for $1.4B on 12 January 2021.

Sixth Street agreed in January 2021 to acquire a majority stake in Legends, the premium experiences company founded in 2008 by affiliates of the New York Yankees and the Dallas Cowboys, in a deal that Sportico reported valued the business at $1.35 billion. Sixth Street took 51% of the company, and the Yankees affiliate YGE Holdings and the Cowboys affiliate Jones Concessions split the remainder and stayed in the ownership group alongside Sixth Street, which leads it. New Mountain Capital, which had bought roughly a third of Legends in 2017 at a valuation of more than $700 million, sold its stake as part of the transaction. The deal was announced on 12 January 2021 and was expected to close in the first quarter; Moelis & Company led the advisers to Legends, while Goldman Sachs and Ropes & Gray advised Sixth Street. Sixth Street said the investment would support the growth of Legends' global client relationships and its integrated platform of services, and the management team led by chief executive Shervin Mirhashemi remained in place. Legends provides planning, sales, partnerships, hospitality, merchandise and technology services to sports teams, venues and attractions through six divisions, with clients including the Yankees, the Cowboys, Real Madrid, SoFi Stadium, the University of Notre Dame, Manchester City and One World Observatory. Under Sixth Street's ownership the company later acquired the venue manager ASM Global in 2024 and now operates as Legends Global.

Legends Hospitality acquisition details
AcquirerDateTypePrice
  • Sixth Street
12 Jan 2021PE buyout$1.4B

Sources: sixthstreet.com, sports.yahoo.com, sportspro.com

Legends Hospitality Valuation

Legends Hospitality is currently valued at $700M, based on its secondary sale in May 2017. Read the announcement ↗

The round was led by New Mountain Capital.

Legends Hospitality valuation by funding round

Legends Hospitality valuation by funding round
DateStageValuation
May 2017Secondary$700M

Legends Hospitality Funding History

Legends Hospitality has 1 recorded secondary share sale and no primary funding rounds.

Legends Hospitality funding rounds
DateStageInvestorsValuationDeal Summary
May 2017SecondaryNew Mountain Capital (lead)$700MNew Mountain Capital agreed in May 2017 to buy an equity stake in Legends Hospitality, the hospitality and venue services company co-owned by the New York Yankees and the Dallas Cowboys, acquiring roughly a third of the business in a deal reported to value it at more than $700 million. The stake was bought from an existing shareholder rather than issued as new capital: it had previously been held by Checketts Partners Investment Fund, which acquired the shares of co-founder CIC Partners in 2012. New Mountain said it completed the investment in May 2017 by working directly with the existing ownership group, primarily affiliates of the Yankees and the Cowboys, on a proprietary basis without an auction, after identifying Legends through a multi-year study of the sports and facilities management sector. Seth Bernstein, chief executive of SMB Capital, became chairman of Legends, and Shervin Mirhashemi remained chief executive. Legends was launched in 2008 by the Yankees, the Cowboys, Goldman Sachs and CIC Partners to run concessions and merchandise at the new Yankee Stadium and the Cowboys' stadium in Arlington, and it expanded into premium ticket sales, sponsorship, planning and hospitality services for teams, stadiums and attractions, including One World Observatory. New Mountain held the stake until January 2021, when it sold out as Sixth Street acquired a majority of Legends at a $1.35 billion valuation.

Who has invested in Legends Hospitality?

1 investor has backed Legends Hospitality across its funding rounds, including New Mountain Capital.

Lead investors include New Mountain Capital.


Legends Hospitality Investors

Investors in Legends Hospitality by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Legends Hospitality

Legends Hospitality has acquired 4 companies to date.

Last acquisition by Legends Hospitality was on September 17th 2025. Legends Hospitality acquired Nations Group for undisclosed valuation.


Latest Acquisitions by Legends Hospitality

Nations Group
ASM Global
4FRONT
Maingate
Description
-
ASM Global is a venue management company headquartered in Los Angeles, California, that runs arenas, stadiums, convention and exhibition centres and performing-arts venues on behalf of their public and private owners. It was formed in 2019 by merging SMG with AEG Facilities and AEG Ogden, the venue businesses of Anschutz Entertainment Group, and was owned by AEG and the private equity firm Onex. Under management contracts it books concerts and events, operates buildings and runs their commercial programmes, earning fees from venue owners; with clients on five continents, its venues serve live events for more than 164 million guests a year. The portfolio, now run as Legends Global, includes Rod Laver Arena in Melbourne, AO Arena in Manchester, Barclays Center in Brooklyn, the Caesars Superdome in New Orleans, U.S. Bank Stadium in Minneapolis and Avicii Arena in Stockholm. In November 2023 AEG and Onex agreed to sell ASM Global to Legends, the premium experiences company majority-owned by Sixth Street with the New York Yankees and the Jerry Jones family, in a deal reported at $2.3 billion; it closed on August 22, 2024, when Ron Bension was ASM's president and chief executive. The combined business now trades as Legends Global, and asmglobal.com redirects to legendsglobal.com.
4FRONT is an American sports and entertainment marketing, data analytics and digital media agency co-founded in 2007 by Josh Kritzler and Dan Migala. It works for teams, leagues, properties and venues worldwide, using analytics and actionable insights to grow sponsorship, ticketing and digital revenue and to improve fan experiences. Its services span data and analytics consulting, innovation strategy, digital media and technology solutions. Clients have included Chelsea FC, the Chicago Bears, Cricket Australia, the Colorado Rapids, Evil Geniuses, the Minnesota Wild, the NCAA, the New York Mets, the Oklahoma City Thunder, Space Center Houston and UFC. The agency earns consulting and service fees from these organisations. In January 2022 Legends, the venue services, hospitality and technology company based in New York, acquired 4FRONT. The agency kept its name and became part of Legends Global Technology Solutions, the division that builds on Legends' data consulting and digital activation work. Kritzler became co-president and chief operating officer of the division and Migala co-president and chief revenue officer.
Maingate is a Virginia Beach-based digital platform serving active-duty U.S. military personnel, veterans, retirees, and their families with personalized resources. The portal aggregates discounts, job listings, education benefits, and relocation services from partners like USAA, Navy Federal Credit Union, and military exchanges, while offering community forums and base-specific information.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
-
Los Angeles, CA
-
Indianapolis, IN
Deal Date17 Sep 20257 Nov 202328 Jan 202218 Jul 2019
Valuationundisclosed$2.3Bundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Investments by Legends Hospitality

Legends Hospitality has invested in 1 company to date.

Latest investment by Legends Hospitality was on May 19th 2022. Legends Hospitality invested in Real Madrid C.F. in their $386M Strategic investment round.


Latest Investments by Legends Hospitality

Real Madrid C.F.
Description
Real Madrid C.F. is a Spanish professional football club based in Madrid that competes in La Liga, the top tier of Spanish football. It was founded on 6 March 1902 as Madrid Football Club, received the Real (royal) title from Alfonso XIII in 1920 and has played home matches at the Bernabéu, now an 83,186-seat stadium, since 1947. Unlike most European clubs, it has always been owned and operated by its members, and Florentino Pérez is president. It is the most decorated club in Europe, with a record 36 La Liga titles, 20 Copas del Rey and a record 15 European Cup and UEFA Champions League titles, the latest won in 2024. In 2024 it became the first football club to earn €1 billion of revenue in a year, and it was estimated to be worth $6.6 billion, making it the world's most valuable football club; it is also the most followed sports club on social media. Its side of the 1950s, built around Alfredo Di Stéfano and Ferenc Puskás, won five consecutive European Cups, and FIFA named it the greatest club of the twentieth century. José Mourinho is head coach.
HQ CountrySpain
HQ City
Madrid
Deal Date19 May 2022
RoundStrategic investment
Raised$386M
InvestorsSixth Street
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Legends Hospitality Competitors

Legends Hospitality competitors include listed companies like Grupo GPS, HAZAMA ANDO, Dexterra Group and SIS, and private ones like Wap and ONE Championship.

Public and private companies comparable to Legends Hospitality
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Grupo GPSBrazilBrazilPublicly listed$3.1B$409M$1.4B0.5x
HAZAMA ANDOJapanJapanPublicly listed$2.8B$299M$1.7B0.5x
Dexterra GroupCanadaCanadaPublicly listed$744M$77M$877M1.3x
SISIndiaIndiaPublicly listed$1.7B$49M$555M0.3x
WapBrazilEusébioPrivate$374M$65M$468M1.2x
ONE ChampionshipSingaporeSingaporePrivate$68M-$1.4B19.9x

Legends Hospitality Public Comps

Legends Hospitality is no longer listed, but its public comps include Wintech Nano (Suzhou) Co, Grupo GPS, Shoucheng Holdings, Pursuit, Target Hospitality, Perella Weinberg Partners, PVR INOX, BrightView, Open Up Group and HAZAMA ANDO.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Wintech Nano (Suzhou) Co$79M$34M19.3x-45.0x-
Grupo GPS$3.1B$409M0.6x0.5x4.5x5.2x
Shoucheng Holdings$183M$79M5.2x5.2x12.0x8.3x
Pursuit$452M$110M3.6x3.4x15.0x12.6x
Target Hospitality$321M$36M3.6x2.7x32.5x11.4x
Perella Weinberg Partners$751M$72M1.5x1.4x15.3x9.9x
PVR INOX$702M$229M3.1x2.9x9.6x8.9x
BrightView$2.7B$307M0.9x0.9x8.3x7.3x

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Common questions about Legends Hospitality

When was Legends Hospitality founded?Legends Hospitality was founded in 2008.
Where is Legends Hospitality headquartered?Legends Hospitality is headquartered in New York City, NY, United States.
Is Legends Hospitality publicly listed?No, Legends Hospitality was acquired by Sixth Street in January 2021.
Who acquired Legends Hospitality?Legends Hospitality was acquired by Sixth Street in January 2021.
How much was Legends Hospitality acquired for?Legends Hospitality was acquired for $1.4B in January 2021.
What is Legends Hospitality's valuation?Legends Hospitality was last valued at $700M in its secondary sale in May 2017.
Who are Legends Hospitality's investors?Legends Hospitality's investors include New Mountain Capital.
Which companies are comparable to Legends Hospitality?Companies comparable to Legends Hospitality include Grupo GPS, HAZAMA ANDO, Dexterra Group, SIS, Wap and ONE Championship.
How many companies has Legends Hospitality acquired?Legends Hospitality has acquired 4 companies, including Nations Group, ASM Global, 4FRONT and Maingate.
What was the largest acquisition by Legends Hospitality?The $2.3B acquisition of ASM Global in November 2023 is the largest acquisition Legends Hospitality has made to date.
How many companies has Legends Hospitality invested in?Legends Hospitality has invested in 1 company, including Real Madrid C.F..
What was Legends Hospitality's last investment?In May 2022, Legends Hospitality invested in Real Madrid C.F.'s $386M strategic investment round alongside Sixth Street.

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