- Checketts's private equity fund reaches buyout agreement
- Checketts is a former owner of hockey's St. Louis Blues
Dave Checketts resigned as chief executive officer of Legends Hospitality, which reached a buyout agreement with the former MSG president’s private equity fund.
Checketts, who joined the Dallas Cowboys- and New York Yankees-owned stadium management company in 2011, said he will pursue team ownership opportunities. Legends focuses on hospitality, sales and planning. The company’s partners include Live Nation, Manchester City Football Club, Notre Dame athletics and the Los Angeles Angels.
“I’m excited to go back and do things around my first love, which is buying teams and building teams,” Checketts, a former owner of hockey’s St. Louis Blues and Major League Soccer’s Real Salt Lake, said in a telephone interview. “That’s what I enjoy. I’m going back to that with significant financial backing.”
He didn’t say who his equity partners are.
Legends President Shervin Mirhashemi will lead the company, reporting to the board.
Under Checketts, Legends was awarded, designed, built and now operates One World Observatory, which provides commanding Manhattan views and opened in May on the site of the World Trade Center.
“I can’t say enough how great it has been and how proud I am of the company that we created,” Checketts said of Legends, which was formed in 2008.
The Cowboys and Yankees reached agreement on an undisclosed buyout of Checketts’s private equity fund, Checketts Partners Investment Fund, which was an equity stakeholder in the business.
Checketts replaced Michael Rawlings after he was elected mayor of Dallas. Rawlings was a partner in private equity fund CIC Partners, whose stake in the company went to Checketts’s fund.