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Dentons acts for NBBF on $25m MLS deal

Law firm advised National Black Bank Foundation on loan provided by black-owned banks

Dentons advised the National Black Bank Foundation (NBBF) in relation to a $25 million loan to Major League Soccer from a syndicate of seven black-owned banks.

A Dentons statement said: “This is an important milestone for professional sports leagues in transacting a major deal with all black-owned bank credit.”

The Dentons team included public policy partner Ashley Bell, public policy senior managing director James Richardson, corporate partner Jim Rossiter and capital markets partner Lee Smith. The NBBF was co-founded by Bell, who serves as the organisation’s general counsel. Richardson serves as the foundation’s communications director.

The syndication team was led by Lead Arranger Citizens Trust Bank and co-lead arranger Carver Federal Savings Bank. Additional members of the syndicate include Alamerica Bank (Birmingham, Ala.), Carver State Bank (Savannah, Ga.), Columbia Savings & Loans (Milwaukee), Mechanics & Farmers Bank (Durham, N.C.) and Unity National Bank (Houston). Comer Capital Group, LLC served as financial and syndication advisor.

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