The strategic recruitment by Weil Gotshal & Manges of Steve Argeris from Hogan Lovells signals the firm’s intention to expand its presence in the dynamic realm of corporate sports law, catering particularly to its private equity clientele. The addition of Argeris, based in Washington and New York, enhances Weil’s capacity to engage with high-profile transactions across various sports, notably involving the NFL’s Washington Commanders and Denver Broncos, as well as MLS and NWSL teams.
The decision to bring Argeris on board comes amid a wave of investment throughout the sports industry, marked by private equity’s increasing stake in teams and related businesses. The recent NFL move allowing private equity ownership of its franchises expands the horizon for legal counsel and advisory services, making Argeris’ prior experience an asset for Weil’s clients in navigating these emerging opportunities.
Statistics from the first half of 2024 support this growth trend, with a noteworthy surge in sports and technology deals totaling $34 billion, a more than threefold increase compared to the previous half-year period. The data, provided in a report from Drake Star, illustrate the sector’s robust investment climate, driven by sports-focused firms like Red Bird Capital and Arctos Partners, who are injecting significant capital into the market.
Weil’s move mirrors actions taken by other major law firms, traditionally dominant in substantial corporate transactions, such as Latham & Watkins and Davis Polk & Wardwell, which are actively delving into the lucrative sports deals domain. Historically, this niche practice area has been the purview of firms with deep-rooted league affiliations, namely Hogan Lovells and Covington & Burling.
In addition to his transactional prowess, Argeris brings a unique connection to Weil, having interned with the firm’s current antitrust co-head Michael Moiseyev during his tenure at the U.S. Federal Trade Commission. Argeris’ narrative includes roles at Willkie Farr & Gallagher and Hunton & Williams, as well as serving as general counsel for Tepper Sports & Entertainment. His transition to Weil comes amid ongoing activity at Hogan Lovells’ sports group, evidenced by its recent advisory role to Presidio Investors in acquiring Italy’s Serie A soccer team, Hellas Verona.
With the NFL embracing private equity, future franchise transactions will likely attract further legal advisory opportunities. Argeris’ involvement in significant deals, such as those involving the Brooklyn Nets and the Miami Dolphins’ ownership, underscores his value in pursuing prospective ventures, aligning neatly with Weil’s objectives.