October 07, 2009 13:10 ET

IMG and Legends Hospitality Management Form 50/50 Joint Venture to Bring Premium Seating Expertise to the College Market

NEW YORK, NY--(Marketwire - October 7, 2009) - IMG Worldwide, the global sports, entertainment and media company, and Legends Hospitality Management, LLC (Legends) today announced they have entered into a 50/50 joint venture, named IMG-Legends, to provide premium seat licensing (PSL), suite and ticket sales services to the college market.

Legends, which is owned by The New York Yankees, the Dallas Cowboys, Goldman Sachs, and CIC Partners, is a sports business enterprise developed to help team owners, stadium operators, and athletic directors increase revenue through service offerings like concessions, retail, and premium seat sales. This new joint venture will bring the competency of the Dallas Cowboys, the industry leader in PSL programs, to the college market through the extensive relationships of IMG, further enhancing its service capabilities in the area of college sports marketing.

"This new partnership brings our college clients the expertise and proven track record of two of the most successful and popular sports franchises in the country," stated Ted Forstmann, IMG's chairman and CEO. "The Dallas Cowboys' experience and model for developing PSL programs through Legends will be extremely valuable as we continue to develop new marketing and revenue opportunities for the top brands in college sports."

"IMG is unparalleled in its association with the top colleges and universities in the country," stated Mike Rawlings, chairman and CEO of Legends. "We are pleased to bring our experience in the professional sports market together with IMG's expertise in the college sports industry. This new venture will give athletic directors a better option as they think creatively and aggressively about future facilities plans."

The partnership announcement comes on the heels of the official opening of the new $1.2 billion Cowboys Stadium, which was partially funded by a one-of-a-kind PSL and suite program that generated more than five times the previous record sold in any stadium.

"Our cutting edge premium seating plans and hospitality packages were successful in generating significant revenue and creating the best possible fan experience in our new stadium," said Stephen Jones, Chief Operating Officer of the Dallas Cowboys. "We believe we can do the same for colleges and universities in their search to find new sources of revenue."

"Whether it's in Yankee Stadium or on a college campus, fans want a high quality game environment." said Hal Steinbrenner, managing general partner of the New York Yankees. "We've seen that fans that enjoy the seating and the game experience become loyal fans that return year after year."

The partnership will initially focus on PSL programs but also will offer Legends' premier capability to provide food and beverage concessions to fans as well.

About IMG Sports & Entertainment

Operating in 30 countries, IMG Sports & Entertainment's diverse businesses include: product and brand licensing; consulting services; event ownership and management; collegiate marketing, media and licensing; fashion events and models representation; golf course design; and client representation in golf, tennis, broadcasting, speakers, European football, rugby, cricket, motor sports, coaching, Olympic and action sports. IMG Academies are the world's largest, multi-sport training and educational facilities, delivering world-class training experiences to more than 12,000 junior, collegiate, adult, and professional athletes each year. More information is available at www.imgworld.com.

About Legends Hospitality Management

Legends Hospitality Management, LLC, the premier provider of hospitality and merchandising services, was founded by the New York Yankees Baseball Club, the Dallas Cowboys Football Club, Goldman Sachs and CIC Partners. Headquartered in Newark, New Jersey, Legends operates, promotes and develops a broad range of catering, concessions, retail merchandising and other facility management services for sports, entertainment and recreational facilities. For more information, please visit Legends' website at www.legendshm.com.

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