Victor A. Ghazal
Overview
Victor Ghazal is an investment funds partner in the New York office of Kirkland & Ellis LLP. He represents private equity sponsors and institutional investors on strategic investments in the sports, media and entertainment sector, fund restructurings and liquidity solutions transactions.
Victor’s experience in sports, media and entertainment includes advising on more than 30 investments in professional sports franchises across the NFL, NBA, MLB, NHL, MLS, Formula One, International Football and other professional sports leagues, including some of the first private equity investments completed under the institutional capital frameworks adopted by major U.S. sports leagues. He is particularly well versed in the league approval processes and ownership compliance regulations unique to each league.
Victor’s liquidity solutions experience encompasses a broad range of complex secondary market transactions, including GP-led continuation vehicles, portfolio sales, tender offers, strip sales, single- and multi-asset recapitalizations, preferred equity financings and other structured liquidity solutions.
Experience
Representative Matters
Select Sports Transactions
Multi-Team Transactions
- Arctos Partners in its acquisition of minority interests in Monumental Sports & Entertainment (MSE), owner of the Washington Capitals and Washington Wizards
- Arctos Partners in its acquisition of minority interests in Harris Blitzer Sports & Entertainment (HBSE), owner of the Philadelphia 76ers and New Jersey Devils
- Arctos Partners in its acquisition of minority interests in Fenway Sports Group (FSG), owner of the Boston Red Sox, Liverpool F.C. and Pittsburgh Penguins
NFL
- Arctos Partners in its acquisition of a minority interest in the Buffalo Bills, marking one of the first-ever private equity investments in an NFL franchise
- Private family office in its investment in the Pittsburgh Steelers
- Arctos Partners in its acquisition of a minority investment in the Los Angeles Chargers (representing the third sponsor-led investment in the NFL)
NBA
- Arctos Partners in its acquisition of minority interests in the Memphis Grizzlies
- Arctos Partners in its acquisition of a minority interest in the Utah Jazz
- Arctos Partners in its acquisition of a minority interest in the Sacramento Kings
- Arctos Partners in its acquisition of minority interests in the Golden State Warriors, including its initial acquisition which marked the first transaction in the NBA involving a private investment fund
NHL
- Arctos Partners in its sale of a stake in the Tampa Bay Lightning to a group of investors led by Doug Ostrover and Marc Lipschultz
- Arctos Partners in its acquisition of minority interests in the Tampa Bay Lightning
- Arctos Partners in partnership with Smith Entertainment Group (SEG) in the acquisition of the Arizona Coyotes NHL franchise and move to become the Utah Mammoth
- Arctos Partners in its acquisition of a minority interest in the Minnesota Wild, the first transaction in the NHL involving a private investment fund
MLB
- Arctos Partners in its acquisition of a minority interest in the Houston Astros
- Arctos Partners in its acquisition of minority interests in the LA Dodgers
MLS
- Arctos Partners in its acquisition of a minority interest in Real Salt Lake
- Arctos Partners in its acquisition of a minority interest in the Portland Timbers
Formula One/Motorsport
- Arctos Partners in its acquisition of a minority interest in Aston Martin Aramco Formula One
- Arctos Partners in its acquisition of a minority interest in Joe Gibbs Racing
International Football
- Arctos Partners in its acquisition of a minority interest in Atalanta B.C.
- Arctos Partners in its acquisition of a minority interest in Paris Saint-Germain F.C.
Other Sports and Sports-Adjacent Transactions
- Arctos Partners in connection with a broad range of sports co-investments, recapitalizations, syndications and financings
- Arctos Partners in connection with its numerous investments in and corporate matters related to the professional sports industry and adjacent facilities and technologies
Select Liquidity Solutions, Asset Management and Other Transactions
- Arctos Partners on its acquisition by KKR for $1.4 billion in initial consideration and up to $550 million in future equity
- Accel-KKR on the formation of Accel-KKR Capital Partners CV IV, a $1.765 billion multi-asset continuation vehicle
- Vista Equity Partners on its $5.6 billion single-asset continuation fund involving Cloud Software Group, one of the largest single-asset vehicles ever completed
- Silver Lake in connection with the take-private of Endeavor, including the formation of a $4.075 billion continuation fund, one of the largest single-asset vehicles of its kind
- Alpine Investors on the formation of a $3.4 billion single-asset continuation fund to acquire its portfolio company Apex Partners, in the largest-announced continuation fund transaction of 2023 and named “2023 Secondaries Deal of the Year” in the U.S. by Private Equity International
- Arctos Partners in connection with the formation of Arctos Sports Partners Fund II, a $4.1 billion fund
- Strategic Value Partners on a ~$1.5 billion single-asset continuation fund involving an infrastructure asset
- JMI Management on a $722 million multi-fund continuation fund transaction involving the acquisition of stakes in seven portfolio companies
- Centerbridge on a $1.17 billion liquidity transaction involving a sale of a minority stake in Sevita Health to a third-party buyer, and the simultaneous acquisition of the remaining interests in Sevita by a Centerbridge continuation fund
- Hildred Capital on a $750 million multi-asset continuation fund acquiring two consumer-healthcare portfolio companies
- AEA on its continuation fund with $384 million in capital commitments, and the continuation fund’s subsequent acquisition of a majority interest in Singer Industrial, a leading value-added distributor of industrial rubber and fluid power products, from AEA Investors Small Business Fund II LP and its other owners
- BPOC in the end-of-life fund recapitalization of BPOC Fund IV, and the related formation of an approximately $425 million multi-asset continuation fund
- L Catterton on the formation of a $391.6 million single-asset continuation fund to acquire its portfolio company PatientPoint Health Technologies
- A North American private equity firm on its $200 million single-asset continuation fund transaction involving a consumer healthcare services asset
- Sterling Partners on the formation of a single-asset continuation fund to acquire its portfolio company, School of Rock LLC
- HarbourVest Partners as lead investor across multiple LP tender processes and LP trades involving aggregate transaction values in excess of $750 million
- Additional representations include TPG, Dawson Partners, CIVC, Oaktree, Kinderhook and other sponsors and institutional investors across a range of secondary market transactions
Prior Experience
More
Thought Leadership
Publications
“Hong Kong’s New Limited Partnership Fund Regime,” JD Supra, August 28, 2020
“COVID-19 U.S.: Navigating the Paycheck Protection Program (PPP) under the CARES Act and Recent SBA Guidance,” JD Supra, May 1, 2020
“Contracts, Negotiation, and Enforcement in the United States: Overview,” Thomson Reuters - Practical Law, March 1, 2020
“Co-Determination in Germany: A Model for the U.S.?” Michigan Business & Entrepreneurial Law Review, February 13, 2018
“Imposing Market Maker Obligations on Liquidity Providers,” Michigan Business & Entrepreneurial Law Review, February 6, 2018
“CEO Duality and Corporate Stewardship: Evidence from Takeovers,” The Visible Hand (Cornell University), February 1, 2016
Credentials
Admissions & Qualifications
- 2023New York
- 2019District of Columbia
Education
- University of Michigan Law SchoolJ.D.2018Articles Editor, Michigan Business & Entrepreneurial Law Review
- Grinnell CollegeB.A.2015Gilbert DeBartolo '69 Memorial Prize in Economics Recipient