Ex-head of MLSE Tim Leiweke indicted in U.S. arena bid-rigging scheme
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It was announced later Wednesday that Leiweke would step down as CEO of Oak View Group, a sports and real estate company he co-founded. He will transition to vice-chairman of OVG's board of directors and remain a shareholder of the company.
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'It has been my great honour to help found and lead OVG as it has grown into the special, customer-oriented company it is today,' Leiweke said in a statement.
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'I am honoured to serve in this role and am looking forward to working with our deep roster of leaders and talented team as we deliver on our mission to provide the best possible service and outcome for our customers and partners,' said Granger.
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Leiweke is charged with a violation of Section 1 of the Sherman Act, facing a maximum penalty of 10 years in prison and a US$1-million fine.
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According to the DOJ, Leiweke told colleagues a rival company was 'bidding against us' and expressed a desire to 'get them to back down' — a goal he later achieved through a 2018 agreement under which the competitor didn't submit a bid and instead received subcontracts, leaving OVG as the lone qualified bidder.
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None of the allegations have been proven in court.
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The project became the Moody Center, home to University of Texas basketball, and opened to the public in April 2022. OVG continues to receive significant revenues from the venue.
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OVG and Legends Hospitality have agreed to pay $15 million and $1.5 million in penalties, respectively, related to the conduct outlined in the indictment.
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In a statement that did not mention Leiweke, OVG said it 'co-operated fully with the Antitrust Division's inquiry' and was 'pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing.'
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Leiweke also said he was pleased that OVG resolved its DOJ inquiry without any charges filed or admission of wrongdoing.
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'The last thing I want to do is distract from the accomplishments of the team or draw focus away from executing for our partners, 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,' he said in his written statement. '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.'
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