Sports Illustrated Resorts Backer Sues Co-Investor Over Deal (2)

A group of hotel executives steered money for a venture to develop Sports Illustrated-brand resorts to their other businesses, according to a lawsuit filed Tuesday by a tribal government that alleges it agreed to invest $300 million.

Kituwah LLC, an arm of the Eastern Band of Cherokee Indians, said Experiential Ventures Hospitality LLC used “a messy web of purported sub-entities” and “intentionally confusing” ledger entries to conceal payments meant to benefit its leadership team. The pattern of blown project deadlines and late payments eventually led a unit of marketing giant Authentic Brands Group Inc. to yank the Sports Illustrated trademark ...