Project Detail
Retained by the eventual CEO of the Arizona Coyotes, and working closely with the executive of the National Hockey league in New York, and the City of Glendale, Arizona, TIG Leaders provided corporate finance advisory work, and identified $85 million of debt capital for the acquisition of that NHL team from the NHL.
The story began several years earlier when TIG Leader and Founder, Keith Turner had previously worked with some of the same executive and had put forward a proposed structure and financing that gained considerable traction but that ultimately did not close.
Turner remained convinced of the viability of the enterprise and two years later, re-approached both the same executive, the NHL and Glendale, and as the result of a considerable team effort, the Client completed the acquisition with the injection of additional private equity alongside the debt, provided by a New York based financial institution.
The transaction had an enterprise value of approximately $200mn, and 2 years later, the Client was able to retire the debt and sell the team to a local Arizona businessman. The team then changed hands again in summer of 2019. Forbes now values the team at $500 million.
This was the second NHL transaction that certain of the TIG Leaders had been involved with, having previously assisted with the acquisition of the Tampa Bay Lightning.
TIG continues to work in the realm of professional sports, and most recently advised overseas business interests on the possible buy-in to another Major League Sports Team, this time in the NBA.
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