WEIL,
GOTSHAL & MANGES
ADVISES ON THE SECURITISATION OF PREMIER LEAGUE TICKET RECEIPTS
IN A STRUCTURED TRANSACTION FOR
MANCHESTER CITY FOOTBALL CLUB PLC
Weil, Gotshal & Manges, the
international law firm, represented Bear,
Stearns International Limited and the investors with respect to
a
structured securitisation transaction culminating in the issue of
£30,300,000 privately placed notes by Manchester City Investments
Limited, a subsidiary of Manchester City Football Club PLC (the
“Club”).
This was the second deal for a premier league club completed by
Weil
Gotshal this year. The transaction made use of an innovative security
structure which combined ticket receipts both from events at the
current
Maine Road Stadium and the City of Manchester Stadium to which the
Club
plans to move to in 2003. The transaction closed on 28 October 2002.
Weil, Gotshal & Manges securitisation partner Jacky Kelly, counsel
Rupert Jones, tax partner Andrew Norwood, senior associate Hilda
Mak and
associate Mike Delaney advised Bear Stearns and the investors.
The Club was advised by DLA and Eversheds.
This securitisation is one of many specialised transactions undertaken
by Weil, Gotshal & Manges’ substantial securitisation
practice in
London. The practice was founded by Jacky Kelly in 1996 and initially
comprised one partner and two associates. The group now comprises
three
partners and 14 associates, all permanently based in the firm’s
London
office. The London team works closely with the substantial US
securitisation group based in Weil Gotshal’s New York office
which
comprises 9 partners and 25 associates. The combined force of these
two
substantial and highly regarded teams makes Weil, Gotshal one of
the
world’s leading international securitisation practices.
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