Client: Accrue Sports and Entertainment Ventures, New York, NY

Scenario: Entrepreneurs Bryant McBride, Steve Solomon, Doug Perlman, and Paul Levy were looking to launch the first-of-its-kind investment firm focused solely on next-generation sports organizations. They set out to create a completely new landscape to change the way the world consumes sports. This strategic investment and advisory firm was established to invest in early stage companies that utilize technology to facilitate the delivery of valuable sports content to consumers.

The unique nature of the new enterprise meant Accrue would need specialized legal counsel. “This isn't a boilerplate LLC,” said Tracy Deforge, vice president of Business Development for Accrue Sports and Entertainment. “There is a great deal of nuance to setting up a company run by four different managing partners. Also, we were forging new ground, so it was critical that agreements were structured the right way. If it's not done right we could have end up giving too much of the company away, or having an internal process that wasn't clear enough to accomplish our goals. Having someone advise us during these critical stages helped to alleviate risk and solidify critical relationships.”

Accrue Sports sought out the guidance of Burns & Levinson partner Josef Volman as they embarked on this new venture. Burns & Levinson has a diverse sports practice representing major and minor leagues, investors, and entrepreneurs. The firm has conducted deals with nearly every major broadcaster and league, including Major League Baseball, the NFL, NHL, NBC, NASCAR, Turner Broadcasting, and Sportvision, among others. Volman is among the few attorneys with a keen understanding of the new possibilities of bringing together sports and technology. Today's new technologies are giving fans new ways to enjoy sports, such as getting baseball games broadcast over your wireless phone or receiving RSS feeds of last night's game highlights.

Value added: “We are impressed with Joe's depth of knowledge in the sports media realm,” Deforge said. “He has the perfect background to be our legal counsel. While there are a lot of law firms focused on sports or technology, it's rare to find the convergence of the two. Joe's unique combination of legal expertise in the sports, technology, and VC sectors is just what we need.”

From the time of the initial conception of the business, Attorney Volman was on board, guiding the firm in everything from what kind of entity to form to how to structure financing. Volman worked closely with Accrue founders to address issues such as management compensation, employee contracts, and governance concerns. He drafted investor agreements and handled the proper business filings. He also introduced them to important contacts in the media, entertainment, and financial community he knew would fit well with their business.

“Joe's not the kind of lawyer who says 'can't do'," Deforge said. “He helps us figure out how to make things happen. He does more than just provide legal advice. We appreciate having an intelligent person guiding us in avoiding pitfalls and solidifying our position in this emerging market.”

Accrue Sports officially launched in February 2008. The company is pleased to have Burns & Levinson working alongside them as they continue to grow and prosper.