Peter Bynoe facts for kids

Peter Charles Bernard Bynoe, born on March 20, 1951, is a successful lawyer and businessman from Chicago. He is known for his important work in sports and business. He was once the only African-American equity partner at a big law firm called DLA Piper in Chicago.

In 1989, Peter Bynoe and his business partner, Bertram Lee, made history. They were the first African-Americans to buy a major share in a National Basketball Association (NBA) team. They bought 37.5% of the Denver Nuggets basketball team. This made him a very important person in sports law and management.

Bynoe also helped keep the Chicago White Sox baseball team in Chicago. He did this by helping to build a new stadium for them. He has also worked as a negotiator for many professional sports teams. He was even involved in planning for the 1996 Summer Olympics and the 2012 Summer Olympics. Peter Bynoe is also on the boards of several companies.

Early Life and Family Background

Growing Up in Boston

Peter Bynoe was born in Boston, Massachusetts. He came from a respected family. His father, Victor C. Bynoe, moved from Barbados when he was 13. Victor became a successful lawyer after studying at Northeastern University. He even represented famous basketball player Bill Russell from the Boston Celtics.

Victor Bynoe was also important in government. He was named to the Boston Mayor's cabinet in 1950. This was a time when few Black people held such important government jobs. He later became a commissioner for Veterans' Services in Boston. Peter's mother, Ethel, was American. She was known for her community work and volunteering. Peter also had an uncle, John Bynoe, who fought for civil rights.

School Days and Sports

Peter Bynoe went to William Lloyd Garrison Elementary School. He graduated from Boston Latin School in 1968. He often said his parents taught him to work hard and do well in school. He also loved sports. He grew up as a big fan of the Boston Celtics and Boston Red Sox. Even though both teams had Black players, racial tensions were high in Boston back then. Black fans like Bynoe sometimes felt unsure about going to games.

Education and Professional Start

Studying at Harvard University

Peter Bynoe went to Harvard University in Cambridge, Massachusetts for all his higher education. He earned his first degree, a bachelor's degree, from Harvard College in 1972. He then got his master's degree, an M.B.A., in 1976. This degree focused on finance and marketing.

He also earned his law degree, a Juris Doctor, from Harvard Law School. His law studies focused on how companies are planned and regulated. Besides being a lawyer in Illinois, Bynoe is also a licensed real estate broker there.

Beginning His Career

Bynoe started his career in 1976 at Citibank. He soon realized he didn't like working for a very large company. So, he left New York and moved to Chicago in 1977. He was hired by James Lowry, a business consultant he met at Harvard.

While working with Lowry's firm, Bynoe became known for helping different groups of people work together. He also became known for helping minority-owned businesses grow. By 1982, Bynoe passed the Illinois bar examination to become a lawyer. He left Lowry and Associates in 1982. Then, he started his own business consulting firm called Telemat Ltd.

Marriage and Family Life

In November 1987, Peter Bynoe married Linda Jean Walker. At that time, Linda was a vice-president at Morgan Stanley in New York. She worked in the fixed-income division, which deals with investments that pay a set amount over time.

Major Business Achievements

Saving the Chicago White Sox

Bynoe helped build U.S. Cellular Field to keep the Chicago White Sox from leaving Chicago.

Peter Bynoe's career took a big turn in 1987. The mayor of Chicago, Harold Washington, asked Bynoe for help. The Chicago White Sox baseball team was threatening to leave Chicago. From 1988 to 1992, Bynoe worked as the executive director of the Illinois Sports Facilities Authority. This was a joint project between the City of Chicago and the State of Illinois.

Bynoe was in charge of building the new $250 million New Comiskey Park for the White Sox. This stadium is now known as Rate Field. He completed the project on time and within budget. He also became known in Chicago for his connections with famous sports stars, like Michael Jordan, who was a former client and friend.

Owning an NBA Team

In November 1989, Bynoe and Bertram Lee bought the Denver Nuggets. Bynoe had worked with Lee in Boston years before and saw him as a mentor. They had stayed in touch and worked on real estate deals together. The Nuggets deal was difficult from the start. It almost didn't happen because Lee had trouble getting enough money.

With help from others, Bynoe managed to save the deal. The news reported that Lee and Bynoe were the first two Black people to own a major sports team. However, they actually became managing general partners. This meant they owned a 37.5% share of the team. Bynoe sold his share in the team in August 1992.

Later Career in Finance

In 2008, Bynoe was hired by Loop Capital Markets LLC, a company in Chicago. He worked there as a managing director in Corporate Finance. In August 2013, Bynoe left Loop Capital Markets LLC. He became the CEO of Rewards Network. This company offers loyalty programs for restaurants.

Other Important Contributions

Sports Stadium Development

Bynoe helped plan Centennial Olympic Stadium, which later became Turner Field.

Peter Bynoe also worked as a consultant for the 1996 Summer Olympics in Atlanta. He helped plan the 85,000-seat Centennial Olympic Stadium. This stadium was built within a $210 million budget. The stadium was later changed into Turner Field, a 45,000-seat baseball stadium for the Atlanta Braves. Bynoe helped negotiate the lease agreement for the Braves to use it.

In 1995, Bynoe became a partner at DLA Piper, a law firm. He led the firm's Sports Facilities Practice Group. In this role, he helped negotiate new stadiums and arenas for many teams. These included the Cincinnati Reds and Cincinnati Bengals, Miami Heat, Washington Redskins, Milwaukee Brewers, and Columbus Blue Jackets. He also worked on big building projects for companies like The Boeing Company and Sara Lee Corporation. Bynoe was also involved in the 2012 Summer Olympics planning.

Leadership Roles and Boards

Peter Bynoe serves as a director for several companies, including Frontier Communications Corporation, Covanta, and Signature Group Holdings, Inc. He is also a trustee for important organizations like the Goodman Theatre and the Rush University Medical Center.

He used to be the Chairman of the Chicago Plan Commission and the Illinois Sports Facilities Authority. He has also been a member of the Harvard Board of Overseers.

Honors and Recognition

Peter Bynoe has received special recognition for his legal work. He was named an Illinois "Super Lawyer" in both 2005 and 2006. This honor is based on research by Law & Politics and Chicago magazine.