IMG, Yankees, Cowboys form venture for colleges 08/10/2009 |
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IMG and a hospitality company owned by the New York Yankees and Dallas Cowboys on Wednesday said they have formed a joint venture to provide premium seat licenses, suite and ticket sales services to the college market.
IMG, a sports, entertainment and media company that represents hundreds of colleges in licensing deals, and Legends Hospitality Management, which the sports clubs founded with Goldman Sachs and private equity firm CIC Partners, also will eventually seek to operate concessions for colleges.
The partnership will be called IMG-Legends and will be a 50-50 joint venture. No financial terms were disclosed.
The Cowboys began playing this season in a new $1.2 billion stadium, which was partly funded by premium seat licenses, the companies said.
"We believe we can do the same for colleges and universities in their search to find new sources of revenue," Cowboys Chief Operating Officer Stephen Jones said in a statement.
(Source: Reuters)
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