Oak View Group CEO Tim Leiweke Steps Down Following DOJ Indictment

Tim Leiweke has announced he is standing down from his role as CEO at venue management and development company Oak View Group (OVG), which he co-founded with Irving Azoff in 2015. The move follows the July 9 announcement by the Justice Department’s Antitrust Division that Leiweke is being indicted for allegedly rigging the bidding process for the Moody Center at the University of Texas.

The allegations:

• The indictment alleges that from approximately February 2018 to at least June 2024, “Leiweke conspired with the CEO of a competitor to rig the bidding for the development, management, and use of a multi-purpose arena that was to be located on the campus of a public university in Austin, Texas.”

• It is alleged that in February 2018, Leiweke reached an agreement with the competitor’s CEO, “pursuant to which the competitor agreed that it would stand down and neither submit nor join an independent competing bid” for the project.

• In return the competitor would receive Arena Project’s subcontracts.

• OVG won the Arena Project, which opened to the public in April 2022.

• Leiweke has been charged with violating Section 1 of the Sherman Act, which if convicted carries a maximum 10-year jail term and a fine of $1 million.

Penalties:

• OVG and Legends Hospitality have agreed to pay $15 million and $1.5 million in penalties, respectively, in connection “with the conduct alleged in the indictment against Leiweke.”

• Neither company was formally accused of wrongdoing.

• In a statement, OVG said: “Oak View Group cooperated fully with the Antitrust Division’s inquiry and is pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing.”

• In a note to OVG staff, Leiweke said the allegations against him are “not true, and I am confident that jurors in Austin will see this case for what it is – wrong on the facts and the law and a misguided attempt to criminalize the lawful, ethical, and procompetitive efforts of complementary businesses joining forces to deliver a compelling proposal.”

Stepping down:

• On Wednesday July 9 OVG announced Leiweke would transition from CEO to Vice Chairman of OVG’s Board of Directors, and that he will remain a shareholder in the company.

• OVG360 President Chris Granger will replace him as interim CEO.

• In the statement to staff, Leiweke noted OVG’s mantra has always been to focus on their “mission and commitment to excellence.”

• He added: “The Antitrust Division’s actions today prevent me from doing that, so I have agreed with our Board of Directors that now is the right time to implement the succession plan that was already underway and transition from my role as CEO.”