Tim Leiweke, the CEO of Oak View Group, has been charged with federal criminal conspiracy in connection with alleged collusion in the bidding process for the development, management, and operation of the University of Texas’ basketball arena in Austin.
The indictment against Leiweke, 68, claims he conspired with another potential bidder regarding the $338 million Moody Center arena project, persuading that company to withdraw its bid in exchange for promising them lucrative sub-contracts.
Finance Newso has attempted to obtain comments from Oak View Group regarding the allegations.
As noted on Oak View Group’s website, the company oversees 400 venues in the sports and entertainment sector.
Leiweke has an extensive background, having previously served as CEO of Maple Leaf Sports and Entertainment, followed by a tenure as CEO of Anschutz Entertainment Group.
Sources have informed Finance Newso that the Department of Justice’s antitrust division is likely to announce two non-prosecution agreements related to the case involving Oak View Group and Legends Hospitality.
As part of these agreements, Oak View is expected to incur a penalty of $15 million, while Legends Hospitality faces a $1.5 million penalty, according to the sources.
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