Two of the wealthiest owners in sports history teamed up to build a billion-dollar company.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) First, some history.

From a financial perspective, Dallas Cowboys owner Jerry Jones and late NY Yankees owner George Steinbrenner are two of the best owners in sports history.

How so?

Let's take a look...
2) Jerry Jones purchased the Cowboys for $140M in 1989, but the team is worth almost $6B today.

George Steinbrenner bought the Yankees from CBS for $8.8M in 1973, but the team is worth $5B today.

Simply put, they're both legends.

Now, this is where it gets interesting.
3) In 2008, with both the Cowboys and Yankees moving into new stadiums, Jerry Jones and George Steinbrenner decided to partner up.

Their idea?

Legends Hospitality, a stadium and concessions management business serving sports & entertainment venues around the world.
4) In 2008, Legends Hospitality started small β€” managing concessions inside Yankee Stadium & AT&T Stadium.

In the years since, they've expanded β€” aggressively.

Legends now helps venues with everything from naming rights sales & sponsorships to ticketing & merchandising.
5) As Legends has increased their offering, their client base has expanded also.

Clients Include:
β€” Liverpool FC
β€” Wimbledon
β€” Manchester City
β€” LA Rams/Chargers
β€” Real Madrid
β€” Notre Dame
β€” Ohio State
β€” Las Vegas Raiders

Even more interesting?

The economics...
6) With the business growing, private equity firms took notice.

In 2017, New Mountain Capital bought a ~33% stake in Legends β€” valuing the business at $700M.

Now, just 3 years later, they're exiting the investment after doubling their money.

The buyer?

Sixth Street Partners.
7) PE firm Sixth Street Partners is buying 51% of Legends at a $1.35B valuation.

Along with New Mountain's 33% stake, Jerry Jones & the Steinbrenner family are selling 18% of their stake for $235M in cash β€” or ~$120M each.

The best part?

They'll still own 49% of the business.
8) Despite Jerry Jones & George Steinbrenner each already running a multi-billion-dollar business, they saw an opportunity and took full advantage of it.

By leveraging previous success & getting equity upside, they built another billion-dollar business.

Now that's legendary.
9) In the end, Jerry Jones and George Steinbrenner saw a market ripe for disruption and knew they had to get involved β€” no matter how successful they already were.

That's what all great entrepreneurs do.

Remember, winners win.
10) If you enjoyed this thread, you should:

1. Follow me, I tweet cool sports business stories every day.

2. Subscribe to my free daily newsletter where I give a detailed analysis on topics involving the money and business behind sports.
Also, don't forget @AthleticBrewing is the reason I'm able to create sports business content full-time.

If you want to support me, buy some beer - it's really great stuff.

Use code "JOE25" for 25% off at

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More from @JoePompliano

11 Jan
Heisman finalist Mac Jones leads Alabama against Ohio State in tonight's CFP National Championship game.

The interesting part?

Without four simple sheets of paper, it would have never happened.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Let's start in 2016:

As a Junior in high school, Mac Jones was a 3-star QB recruit out of Jacksonville, Florida.

With 20+ scholarship offers, he had a decision to make.

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10 Jan
One NBA player has sold more than 200 million pairs of shoes, but you won't find them at Nike, Adidas, or Under Armour.

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) First, some history...

From Clyde Frazier & Puma to LeBron James & Nike, signature shoes have been a staple in the NBA since the early 1970s.

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Including 20-year-old Shaquille O'Neal, who met with Nike & Reebok before the 1982 NBA Draft.
2) When @SHAQ met with Nike before the 1982 NBA draft, he made his desire clear:

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8 Jan
DeAndre Hopkins has become one of the most dominant players in the NFL.

The part you didn't know?

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Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) For those who don't already know, DeAndre Hopkins had a rough childhood.

DeAndre's dad died when he was a kid and his mom was left for dead after a domestic abuse incident β€” eventually leaving her blind.

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31 Dec 20
I've written 100+ threads in the last 6 months, covering the best stories involving the money and business behind sports.

While it was nearly impossible to decide, I've picked 5 of my favorites.

Enjoy! You're guaranteed to learn something :)

Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
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Fast food.

2) The greatest business deal in sports history.

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31 Dec 20
LeBron James graced the cover of Sports Illustrated at the age of 16 β€” labeled "The Chosen One."

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Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) Let's start in 2003...

LeBron James, an 18-year-old senior from Akron, Ohio, is the greatest high school basketball player of all-time.

Nicknamed "King James," LeBron was a shoo-in to be the #1 overall pick in the NBA draft β€” but first he had a decision:

Reebok or Nike?
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Reebok offered @KingJames $115M, with a $10M check upfront.

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Despite living in a $17/month apartment, LeBron declined.

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After dominating internationally for more than a decade, David Beckham moved to Los Angeles in 2007 β€” signing with the LA Galaxy of MLS.

The interesting part?

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Time for a thread πŸ‘‡πŸ‘‡πŸ‘‡
1) First, some history:

Playing internationally from 1992 to 2007, David Beckham became one of the best players in the world.

But at 31-years-old, now a global superstar, Beckham had a choice to make β€” move to the US or continue his career internationally?

Hello Hollywood…
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From a salary perspective, the deal paid Beckham $32.5M β€” or $6.5M annually.

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