Tom Reese/Paul Rubillo, Dividend.com
The New York Yankees, Dallas Cowboys, Goldman Sachs (GS), and CIC Partners today announced that they have founded Legends Hospitality Management, LLC ("Legends"), a new company that will offer a broad range of sports business services.
Legends' initial focus will be on operating catering, concessions, retail merchandising and other facility management enterprises for major sports and entertainment facilities. Legends has been granted the exclusive right to operate concessions, catering and merchandising services at the new, state-of-the-art Yankees and Cowboys stadiums on a multi-year basis. Legends intends to expand beyond these anchor teams to provide its services to professional and college sports teams and other event facilities worldwide.
The Bottom Line
This story was too strange for us to ignore. In the midst of the largest financial crisis in U.S. history, here's Goldman Sachs announcing a partnership in a new hospitality company. The timing and constituents of this deal couldn't have been any more bizarre. These are three organizations that many people have put on their dart boards, all uniting in this quirky venture.
On the business side, it's difficult to imagine any rivals of the two most hated franchises in the history of American professional sports agreeing to have a company owned by those teams run their concessions and merchandising operations.
Goldman Sachs (GS) is not recommended at this time, holding a Dividend.com Rating of 3.1 out of 5 stars.
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