Legends Boosts Worldwide Venue Capabilities with Finalized ASM Global Acquisition
August 28, 2024
Following its initial announcement on November 7 of last year, premium live experiences company Legends has completed the acquisition of live events and venue management company ASM Global. Announced on August 23, the finalized deal combines two leading premium live events companies while expanding Legends’ services portfolio and geographic reach across five continents.
Financial terms of the transaction were not disclosed, and ASM Global will continue to operate under its name for the time being.
With this acquisition, ASM Global’s venue strategy and management capabilities are poised to strongly enhance Legends’ venue services portfolio, positioning the company to meet the expanding needs of sports organizations, entertainment venues, convention centers, and attractions throughout the globe. These offerings now include project conception and planning, venue development and management, content and event booking, revenue strategy, sales execution, omnichannel merchandising, and hospitality services.
“The next era of Legends starts now,” said Legends CEO Dan Levy. “Over the course of 15 years, we have developed an unmatched solution to deliver a superior fan experience and help our partners grow. We are proud to add ASM Global to deliver even better experiences and value for our global partners, setting the standard in sports and entertainment.”
Founded in 2008, Legends provides venue planning and project management, premium sales, sponsorship, hospitality, and merchandise services to many of the world’s leading sports, entertainment and attractions brands, including SoFi Stadium, One World Observatory, Dallas Cowboys, FC Barcelona, University of Notre Dame, New York Yankees, Real Madrid, and Ryder Cup, as well as leagues and properties such as the NFL, MLB, NASCAR, PGA of America, and FIFA World Cup.
The company boasts six divisions operating worldwide––global planning, global sales, global partnerships, hospitality, global merchandise and global technology solutions ––and works with clients across business verticals including professional sports, collegiate, attractions, entertainment, and leisure.
Boasting a portfolio of more than 350 worldwide venues, ASM Global provides live event and management services for convention centers, arenas, stadiums, and performing arts venues such as ICC Sydney Convention Center, Avicii Arena in Stockholm, OVO Arena Wembley in London, Coca-Cola Arena in Dubai, and State Farm Stadium, to name a few.
In the U.S., the company operates a bevy of major convention centers, including Moscone Center in San Francisco, Detroit’s Huntington Place, the Los Angeles Convention Center, McCormick Place in Chicago, and the Colorado Convention Center in Denver.
“One of our ASM Global mantras for a number of years has been ‘the future is now,’” said Ron Bension, president and CEO of ASM Global. “By joining Legends, that future has not only arrived, but it couldn’t be brighter. The opportunities created by our companies’ collective capabilities will elevate not only the success of our partners, clients, and projects worldwide, but the industry as a whole.”
Leading global investment firm Sixth Street, which has more than $75 billion in assets under management, is the majority investor in Legends in partnership with YGE Holdings, LLC, an affiliate of the New York Yankees, and the Jerry Jones family, owners of the Dallas Cowboys. As part of the transaction, previous ASM Global equity holders Onex and AEG have sold their full ownership interests.
Moelis & Company LLC and BofA Securities, Inc. served as financial advisors to Legends, and Ropes & Gray LLP and Cleary Gottlieb Steen & Hamilton LLP served as its legal counsel. Goldman Sachs and Jefferies served as financial advisors to ASM Global, and Latham & Watkins LLP, Hogan Lovells, and Arnold & Porter served as its legal counsel. Gibson, Dunn & Crutcher LLP served as legal counsel to YGE Holdings, LLC and Jones Concessions LP.
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MGM Resorts is committed to fostering an inclusive and diverse culture, not just among employees and guests but also within its supply chain. The company prioritizes procuring goods and services from businesses owned by minorities, women, veterans, people with disabilities, LGBTQ individuals and those facing economic disadvantages. This commitment is integral to MGM Resorts' global procurement strategy.
Through its voluntary supplier diversity program, MGM Resorts actively identifies and connects certified diverse-owned suppliers to opportunities within its supply chain. The company is on track to spend at least 15% of its biddable procurement with diverse-owned businesses by 2025, demonstrating that supplier diversity is not only a social responsibility but also a strategic business imperative.
Supplier diversity isn’t just the right thing to do – it’s good for business. A diverse supply chain allows access to a broader range of perspectives and experience, helping to drive innovation, entrepreneurship and resilience, while strengthening communities. At MGM Resorts, engaging diverse suppliers ensures best-in-class experiences for guests and clients. Supplier diversity ensures a more resilient supply chain while supporting economic development in the communities in which it operates.
The impact of MGM Resorts' supplier diversity initiatives is significant. In 2023, these efforts supported over 3,500 jobs across more than 30 states, contributed over $214 million in income for diverse-owned businesses and generated more than $62 million in tax revenue. The story extends beyond the numbers – it reflects the tangible benefits brought to small and diverse-owned businesses, fostering economic empowerment in their communities.
MGM Resorts also supports the development and business skills of diverse-owned businesses through investment, mentorship and education. Through the MGM Resorts Supplier Diversity Mentorship Program, the company identifies, mentors and develops diverse-owned businesses to fill its future pipeline, while providing businesses with tools and resources to empower and uplift. Since 2017, the program has successfully graduated 105 diverse-owned businesses and is on track to achieve its goal of 150 graduates by 2025.
MGM Resorts’ commitment to supplier diversity not only enhances its business operations but also plays a crucial role in uplifting communities and fostering economic development. This approach reinforces the idea that diversity is a powerful driver of innovation and resilience, benefiting both the company and the wider community.
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