
Sports CEO Timothy Leiweke charged in Texas arena bid-rigging scheme
Timothy Leiweke, the former president of the Denver Nuggets basketball team and former CEO of MLSE, which owns Toronto's major sports franchises including the Leafs and Raptors was charged on Wednesday by a federal grand jury. He resigned as chief executive of the company at the center of the case, Oak View Group (OVG), after the announcement.
Spokespeople for Leiweke, 68, issued a statement maintaining he had 'done nothing wrong and will vigorously defend himself and his well-deserved reputation for fairness and integrity'.
Investigators allege that Leiweke spent a period from February 2018 to at least June 2024 conspiring with a competitor's CEO to 'rig the bidding for the development, management and use' of the Moody Center, at the University of Texas at Austin.
Leiweke allegedly struck a deal that the rival firm would agreed to avoid bidding on the Moody Center in exchange for OVG providing it with the project's subcontracts.
OVG went on to construct the building after submitting the sole bid and the Moody Center opened in 2022. The company 'continues to receive significant revenues from the project to date', the US justice department said in a statement.
Leiweke could face up to 10 years in prison and a fine of $1m or more if convicted.
A statement from Abigail Slater, an assistant attorney general at the justice department's antitrust division, accused Leiweke of having 'deprived a public university and taxpayers of the benefits of competitive bidding' to boost his company's bottom line. She said federal officials would always strive 'to hold executives who cheat to avoid competition accountable'.
Christopher Raia of the FBI said in a statement that 'public contracts are subject to laws requiring an open and competitive bid process to ensure a level playing field', adding: 'The FBI is determined to ensure those who disregard fair competition principles do not benefit from a rigged bidding process targeting our communities and public institutions.'
Leiweke was president of the Nuggets from 1991 to 1995 before becoming CEO of the Anschutz Entertainment Group (AEG), whose holdings include the Los Angeles Kings hockey team and Los Angeles Galaxy soccer club. After leaving AEG in 2013, he was CEO and president of Canada-based MLSE, whose holdings include Toronto's major sports franchises. He co-founded OVG, based in Denver, and became its CEO in 2015.
Among OVG's upcoming construction projects was a new arena at Louisiana State University (LSU). Officials at the university reportedly told The Advocate newspaper that they are reviewing how the charges against Leiweke may affect the new arena project.
Hashtags

Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles


The Sun
27 minutes ago
- The Sun
‘You've got a final to win' – Chelsea fans stunned after Cole Palmer spotted riding SCOOTER before PSG clash in New York
CHELSEA fans have been left stunned after Cole Palmer was spotted riding a scooter through New York's Times Square. The Blues' star man appeared rather nonchalant as he manoeuvred his way through the crowds of tourists. 4 4 4 4 Palmer had his hood raised over his head so that he could remain inconspicuous. But he was spotted by one fan who took a short video of the England star and shared it on social media. The clip went viral, attracting hundreds of thousands of likes, with many Chelsea fans left baffled. Some were shocked that he was acting so carefree on the eve of Chelsea's Club World Cup final clash with Paris Saint-Germain. One reacted saying: "Cole mate you've got a final to win tomorrow lock in." Another added: "Can someone tell bro we're in a final tomorrow, honestly??" A third wrote: "Bro let's focus on the final we have a match on Sunday." Chelsea face PSG at the MetLife Stadium in New Jersey with the Club World Cup trophy and a cash prize of £29million at stake. Palmer scored his first goal from open play since January in the quarter-final against Palmeiras. While £55m newboy Joao Pedro scored two stunning goals on his first start for the club in the semis against Fluminense.

Reuters
29 minutes ago
- Reuters
Analysts warn of fallout over new Trump tariff threats
Analysts raised concerns over economic and diplomatic consequences after U.S. President Donald Trump threatened on Saturday (July 12) to impose a 30% tariff on imports from Mexico and the European Union starting on August 1. Mary Lovely, senior fellow at the Peterson Institute for International Economics, warned that Trump's tariffs will cause price increases and job losses in due course, while Alan Sykes from Stanford Law School said he was worried whether the U.S. could be considered a credible party in future negotiations.


Reuters
36 minutes ago
- Reuters
JPMorgan plans to charge fintechs for customer data, Bloomberg News reports
July 11 (Reuters) - JPMorgan Chase (JPM.N), opens new tab is planning to impose fees on fintech companies for access to its customer bank account data, Bloomberg News reported on Friday, citing people familiar with the matter. The largest U.S. lender has sent pricing sheets to data aggregators - intermediaries that link banks with fintech platforms - outlining new charges that may vary by use case, with payment-focused firms facing higher costs, according to the report. "We've invested significant resources creating a valuable and secure system that protects customer data," a JPMorgan Chase spokesperson said. "We've had productive conversations and are working with the entire ecosystem to ensure we're all making the necessary investments in the infrastructure that keeps our customers safe." The move could disrupt the business model of payment apps, which rely on free access to customers' financial data to process transactions. Shares of PayPal (PYPL.O), opens new tab fell 6.3%, Block (XYZ.N), opens new tab was down 5.6%, while Visa (V.N), opens new tab and Mastercard (MA.N), opens new tab lost 2.82% and 2.9%, respectively. The new fees are expected to take effect later this year but are subject to negotiation, the Bloomberg News report said. U.S. banking giants are pushing for lighter regulations under President Donald Trump's administration battling Biden-era regulations over tougher capital requirements.