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2d ago

DOJ Indicts Oak View Group CEO Tim Leiweke for Rigging UT’s Moody Center Bid

Coming alongside $16.5 million in corporate settlements, the indictment under the Sherman Antitrust Act prompted Leiweke’s move from CEO to vice chairman, with Chris Granger stepping in as interim chief.

The Moody Center, home of the Texas Longhorns, in Austin, Texas, on December 1, 2022.
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Overview

  • The U.S. Department of Justice charged Leiweke with criminal conspiracy under Section 1 of the Sherman Act for allegedly restraining trade in the Moody Center procurement.
  • Prosecutors contend that in 2018 Leiweke brokered a deal with a rival bidder to withdraw from the $338 million project in exchange for lucrative subcontracts.
  • Oak View Group and Legends Hospitality secured non-prosecution agreements, agreeing to pay $15 million and $1.5 million respectively to resolve their potential antitrust exposure.
  • In response to the indictment, Leiweke transitioned from CEO to vice chairman of Oak View Group’s board while appointing OVG360 president Chris Granger as interim CEO.
  • Leiweke denies any wrongdoing, vows to vigorously defend his integrity and faces up to 10 years in prison and a $1 million fine if convicted, as the case proceeds in federal court.