The Madison Square Garden Co. said it has named former National Basketball Association executive Andrew Lustgarten executive vice president, corporate development and strategy, effective Nov. 18.
In his new role, Lustgarten will work closely with the executive management team to identify and develop strategic business opportunities and partnerships that continue to drive the overall advancement of the company. He will be responsible for developing both internal and external opportunities that further enhance the Company's key growth initiatives, maintaining key industry and strategic alliances, and overseeing its involvement in new strategic transactions. In addition, Lustgarten will be responsible for identifying emerging technologies and market trends that benefit the Company and its shareholders.
"Andrew brings considerable experience in developing strategic relationships and new opportunities that help create shareholder value," said Madison Square Garden CEO Tad Smith in a statement. "We look forward to having him as a part of our leadership team and are confident that his ability to foster both internal and external growth will prove valuable as we continue to evolve and explore opportunities to strengthen our sports, media and entertainment businesses."
Lustgarten joins MSG after seven years at the NBA, where he most recently served as senior vice president, global strategy, and before that, special assistant to the Commissioner.
At the NBA, Lustgarten played a key role in the negotiation of the league's media rights deals earlier this year and its current collective bargaining agreement. In his most recent position as senior vice president of global strategy, he oversaw the NBA's global strategy group, which focuses on the league's global initiatives, media opportunities, and new ventures, including equity investment structuring. While at the league, Lustgarten was also involved in numerous strategic initiatives, including the league's current Revenue Sharing Plan and the formation of the $253 million external investment in NBA China.
Prior to joining the NBA, Lustgarten held various positions, including vice president, finance at MSG ‘s former parent Cablevision Systems, and as a financial analyst in the Media and Entertainment Investment Banking Group of Bear Stearns & Co.
In March, Mr. Lustgarten was named to Sports Business Journal's Forty Under 40 list of the most influential executives in sports under 40 years old. Lustgarten is on the board of directors of the Lustgarten Foundation for Pancreatic Cancer Research, the nation's largest private supporter of pancreatic cancer research. Lustgarten’s father, the late Marc Lustgarten, (for whom the Lustgarten Foundation is named) died in 1999 after a bout with Pancreatic cancer. He was the former chairman of MSG.
"I'm thrilled to be joining The Madison Square Garden Company. My experience working with David Stern and Adam Silver will be invaluable to me as we look for ways to enhance MSG's position as a leader in media, sports and entertainment," Lustgarten said in a statement. "I'm looking forward to working with the management team and staff to continue to grow this iconic company."
