McCourt Global Sports and Media LLC and Tennor Holding B.V., the Dutch based investment firm of German financial wizz kid Lars Windhorst, entered into an LOI on the € 169 million sale of McCourt’s 50% stake in Global Champions Tour, an equestrian show-jumping business. The LOI stipualtes that if the deal has not materialized in March 2020, Tennor forfeits a break up fee of € 30 million. Case NCC 2020:2406 of 29 April 2020 deals with the questions whether Tennor is to effectuate the transaction or whether the current COVID -19 circumstances allow it to walk away from the transaction and the € 30 million break fee.


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