Oak View Group Chairman Tim Leiweke Steps Down Following DoJ Indictment

Tim Leiweke is stepping down from the company he co-founded, Oak View Group, after the Department of Justice indicted him on allegations of bid-rigging.

The DoJ confirmed its antitrust division has charged Leiweke with a violation of Section 1 of the Sherman Act, which carries a maximum 10-year prison sentence and a fine of $1 million, if convicted.

According to reports, the DOJ alleges that the live music professional had conspired with the CEO of rival company Legends Hospitality from February 2018 through at least June 2024 on the development of the Moody Center at the University of Texas.

Leiweke denies any wrongdoing.

He’s “done nothing wrong and will vigorously defend himself and his well-deserved reputation for fairness and integrity,” reads a statement on behalf of Leiweke. “The Antitrust Division’s allegations are wrong on the law and the facts, and the case should never have been brought. The law is clear: vertical, complementary business partnerships, like the one contemplated between OVG and Legends, are legal. These allegations blatantly ignore established legal precedent and seek to criminalize common teaming efforts that are proven to enhance competition and benefit the public.”

The Moody Center is said to be a “perfect example, as it has resulted in substantial and sustained benefits to the University of Texas and the City of Austin.”

Following the development, Leiweke will shift from CEO to vice chairman of OVG’s board of directors, though he’ll remain a shareholder in the business. OVG360 president Chris Granger steps in as interim CEO.

In a separate statement, Leiweke pays tribute to his teammates. "While I’m pleased the company has resolved its Department of Justice Antitrust Division inquiry without any charges filed or admission of wrongdoing," he explains, "the last thing I want to do is distract from the accomplishments of the team or draw focus away from executing for our partners, so the Board and I decided that now is the right time to implement the succession plan that was already underway and transition out of the CEO role."

An early message from Oak View Group notes the business "cooperated fully" with inquiry and "is pleased to have resolved this matter with no charges filed against OVG and no admission of fault or wrongdoing."

Leiweke and music industry power player Irving Azoff co-founded Oak View Group in 2015. Since then, the company has become one of the standouts in its field, boasting 400 venues, more than 50,000 staff and US$5 billion committed to developing new arenas in the next three years.

Previously, he served as president and CEO of Anschutz Entertainment Group (AEG), whose live events arm AEG Presents is recognised as the No. 2 promoter in the world, and operated the facility management company ASM Global, now owned by Legends.