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Skift
10-07-2025
- Skift
Oak View Group CEO Steps Down Following Federal Bid-Rigging Indictment
Criminal charges against Timothy Leiweke threaten to cast a long shadow over Oak View Group and its rapid expansion. A federal grand jury on Wednesday indicted Timothy J. Leiweke, co-founder and CEO of Oak View Group (OVG), for allegedly orchestrating a bid-rigging scheme tied to the University of Texas's Moody Center arena. The OVG Group is a U.S.-based global advisory, development, and investment company specializing in the sports and live entertainment industries. It has managed the Moody Center through its OVG360 division since it opened in 2022. The U.S. Department of Justice's (DOJ) Antitrust Division alleges that from February 2018 to at least June 2024, Leiweke conspired with the CEO of a competitor to manipulate the bidding process for the project. Prosecutors say Leiweke made an agreement with the competitor to withdraw their bid for the arena contract in exchange for subcontracts for concessions and premium seating sales. The deal made OVG the only qualified bidder for the project. The Moody Center opened in 2022 under OVG management as the home venue for University of Texas basketball and other events. Assistant Attorney General Abigail Slater said Leiweke "rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding." She added that the DOJ would "hold executives who cheat to avoid competition accountable." OVG and Legends Hospitality have effectively controlled the convention center and sporting arena management market since Legends acquired ASM Global in August. Leiweke is charged with violating Section 1 of the Sherman Antitrust Act, which carries a maximum penalty of 10 years in prison and a $1 million fine if convicted. OVG agreed to pay $15 million in penalties and Legends $1.5 million, though neither company admitted wrongdoing. No charges were filed against OVG. In response to the indictment, OVG released the following statement: 'Oak View Group cooperated fully with the Antitrust Division's inquiry and is pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing. We support all efforts to ensure a fair and competitive environment in our industry and are committed to upholding industry-leading compliance and disclosure practices. We are proud of the partnerships we've built, and remain committed to continuing to offer exceptional hospitality and holistic venue management solutions and venue development expertise which deliver value to our venue partners, fellow service providers, and the communities and customers we serve.' Legends did not immediately respond to a request for comment. Leiweke stepped down as CEO, and Chris Granger, president of OVG360, will serve as interim CEO overseeing the company's 400-venue portfolio. Granger joined in 2021 after leadership roles with the NBA and various sports teams. In February, OVG lost the management of Chicago's McCormick Place, the largest convention center in North America. OVG continues to manage the facility's food and beverage. The charges come amid OVG's efforts to reshape its image. The company recently changed its mission statement from "We are DISRUPTORS..." to "We're in the business of making Big things happen," according to archived versions of its website.
Yahoo
10-07-2025
- Yahoo
Tim Leiweke Steps Down as CEO of Oak View Group Following Indictment on Conspiracy Charge
Oak View Group CEO Tim Leiweke is stepping down as CEO of the company he co-founded with Irving Azoff after his indictment on a conspiracy charge for allegedly rigging a bid to build and manage Austin's Moody Center Arena. Leiweke, 68, reportedly conspired with another bidder to have that company drop out in exchange for subcontracts at the $388 million arena. CNBC reports that the second company was New York-based Legends Hospitality, and that Leiweke reneged on the subcontracts agreement after that company bowed out of the bidding. More from Variety Oak View's Tim Leiweke Talks Post-Coronavirus Safety Standards for Arenas and Stadiums (EXCLUSIVE) Oak View Group Names Aki Kaneko VP of Sales & Sponsorships Ari Emanuel to Keynote Live Music Industry Conference VenuesNow As part of the indictment, Leiweke was charged with a violation of Section 1 of the Sherman Act. According to the Justice Department's Antitrust Division, the maximum penalty for that offense is 10 years in prison and a $1 million criminal fine. 'As outlined in the indictment, the Defendant rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding,' said Abigail Slater, assistant attorney general of the Justice Department's Antitrust Division. 'The Antitrust Division and its law enforcement partners will continue to hold executives who cheat to avoid competition accountable.' In the fallout from the indictment, OVG will pay $15 million in penalties while Legends will pay $1.5 million. Under Leiweke's purview, the company developed several venues including UBS Arena, CFG Bank Arena and Co-op Live. Leiweke said in a message to employees that he would transition from CEO to Vice Chairman and an OVG shareholder. OVG360's Chris Granger will step in as the new CEO. Leiweke denied rigging the bid for Moody Center Arena in his note to employees obtained by Billboard. 'As some of you may already know, the DOJ's Antitrust Division made formal allegations against me today alleging that more than eight years ago I made an improper agreement with Legends during the selection process for the construction and management of the Moody Center at the University of Texas,' he wrote. 'It is not true, and I am confident that jurors in Austin will see this case for what it is — wrong on the facts and the law and a misguided attempt to criminalize the lawful, ethical, and procompetitive efforts of complementary businesses joining forces to deliver a compelling proposal.' Best of Variety Oscars 2026: George Clooney, Jennifer Lopez, Julia Roberts, Wagner Moura and More Among Early Contenders to Watch New Movies Out Now in Theaters: What to See This Week 'Harry Potter' TV Show Cast Guide: Who's Who in Hogwarts?
Yahoo
09-07-2025
- Yahoo
Oak View Group CEO Tim Leiweke Steps Down Following Bid-Rigging Allegations From DOJ
Tim Leiweke, the co-founder of venue management and development company Oak View Group, is stepping down from the company after the Department of Justice's antitrust division indicted him on Wednesday over allegations of bid-rigging to secure the development of the Moody Center in Austin, Texas. The DOJ said Wednesday that it had charged Leiweke with a violation of Section 1 of the Sherman Act, which if convicted carries a maximum 10-year prison sentence and a fine of $1 million. In the indictment, the DOJ alleges that Leiweke had conspired with the CEO of rival company Legends Hospitality from February 2018 through at least June 2024 over the development of the Moody Center at the University of Texas. More from The Hollywood Reporter Hip-Hop and Classical Orchestras: Cypress Hill, Chuck D, And How 'The Simpsons' Inspired the Latest Genre Mash-Up Goo Goo Dolls Tapped to Headline 39th Annual Carousel Ball in Denver Hopeless Records Acquires Fat Wreck Chords Catalog in New Partnership 'Mr. Leiweke has done nothing wrong and will vigorously defend himself and his well-deserved reputation for fairness and integrity,' a spokesperson for Leiweke said in a statement. 'The Antitrust Division's allegations are wrong on the law and the facts, and the case should never have been brought. The law is clear: vertical, complementary business partnerships, like the one contemplated between OVG and Legends, are legal. These allegations blatantly ignore established legal precedent and seek to criminalize common teaming efforts that are proven to enhance competition and benefit the public. The Moody Center is a perfect example, as it has resulted in substantial and sustained benefits to the University of Texas and the City of Austin.' On Wednesday, OVG confirmed that Leiweke would transition from CEO to vice chairman of OVG's board of directors, and that he would still be a shareholder in the company. OVG360 president Chris Granger will step in as interim CEO. As the DOJ states, in September 2017, Leiweke told several colleagues that Legends was 'bidding against us' to win the contract for the new arena, and that he'd 'get them to back down' and 'find a way to get [the competitor] some of the business.' Leiweke subsequently said in November 2017 that he was 'more than happy talking to [the competitor] about not bidding and [receiving certain subcontracts]' in return, but he also said he had 'no interest in working with them if they intend on putting in a bid' on the arena. By February 2018, the DOJ said, Leiweke 'ultimately reached an agreement with the competitor's CEO, pursuant to which the competitor agreed that it would stand down and neither submit nor join an independent competing bid for the Arena Project.' In exchange for the competitor's agreement to stand down, Leiweke represented that the competitor would receive Arena Project's subcontracts. Consistent with the bid-rigging agreement, the competitor did not submit a competing bid for the Arena Project. OVG ultimately submitted the sole qualified bid and won the Arena Project. 'As outlined in the indictment, the Defendant rigged a bidding process to benefit his own company and deprived a public university and taxpayers of the benefits of competitive bidding,' Assistant Attorney General Abigail Slater, who leads the Justice Department's Antitrust Division, said in a statement. 'The Antitrust Division and its law enforcement partners will continue to hold executives who cheat to avoid competition accountable.' U.S. attorney Justin Simmons for the Western District of Texas said in a statement that 'unfair business practices, like those employed here, make it very difficult for the American people to pursue prosperity like our founders intended.' Leiweke co-founded Oak View Group alongside industry titan Irving Azoff back in 2015. The company has since become one of the most powerful venue development companies in the industry, with hands in major developments like the Climate Pledge Arena in Seattle, Acrisure Arena in Palm Springs and the UBS Arena in New York. This isn't the first time Leiweke has been involved in a DOJ inquiry in the live music business, as emails he'd sent were included in the DOJ's civil complaint against Live Nation last year. (Neither Leiweke nor OVG were named as defendants in that suit.) Oak View Group and Legends both agreed to pay penalties of $15 million and $1.5 million in penalties and weren't formally accused of wrongdoing themselves in the DOJ's indictment. A representative for Legends didn't immediately respond to a request for comment. In a statement on Wednesday, OVG said the company 'cooperated fully with the Antitrust Division's inquiry and is pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing.' In OVG's announcement of the leadership change, Leiweke called it 'my great honor to help found and lead OVG as it has grown into the special, customer-oriented company it is today.''While I'm pleased the company has resolved its Department of Justice Antitrust Division inquiry without any charges filed or admission of wrongdoing, the last thing I want to do is distract from the accomplishments of the team or draw focus away from executing for our partners,' Leiweke said. 'So the Board and I decided that now is the right time to implement the succession plan that was already underway and transition out of the CEO role. In my new role as Vice Chairman of the Board and as an OVG shareholder, I remain as committed as ever to the long-term success of the company, and I know OVG, our valued partners and our customers are in great hands with Chris and the rest of our stellar leaders.' Best of The Hollywood Reporter From 'Party in the U.S.A.' to 'Born in the U.S.A.': 20 of America's Most Patriotic (and Un-Patriotic) Musical Offerings Most Anticipated Concert Tours of 2025: Beyoncé, Billie Eilish, Kendrick Lamar & SZA, Sabrina Carpenter and More Hollywood's Most Notable Deaths of 2025 Sign in to access your portfolio
