Yankees Still Want To Be Under Luxury Tax FIFA Increases World Cup Prize Money Francesa: Simulcast Will Not Go To CBSSN Heat Ink Deal With Mayors Jewelry Stores Stu Jackson Joining NBA TV SiriusXM, NBA Launching New Channel Silva Leaving ATP To Join Federer's Agency Executive Transactions MMF: Autosports And The Fan Experience
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In celebration of the Grand Opening of the 100th Warner Bros. Studio Store at Florida Mall in Orlando, Shaquille O'Neal will make a special guest appearance, along with many Looney Tunes characters (Warner Bros.)....Harry Bachmann, President of Sure Shot Int'l whose main products are basketball backboards, poles and rims, said that "selling the equipment overseas has become a slam dunk": "They don't understand American football or baseball but they understand how you take a ball and throw it through the hoop" (DETROIT FREE PRESS, 12/8).
Tim Baker, Dir of the Penn Relays, announced Wednesday that Midlantic Bank had committed to a 3-year deal, beginning in '95 with a 3-year option, to sponsor the Relays. This comes after entertainer Bill Cosby finished his five-year commitment to the games, which "pumped a total or more than $750,000 into the carnival." Gerry Scheuring, Chair/President/CEO of Midlantic, said the 3-year pact was worth "in the neighborhood" of $500,000. Baker: "It will enable us to retain our position as the largest relay carnival in the world and provide opportunities for more than 15,000 athletes." Without the money, the event would have had to "scale back to more of a regional meet, unless ticket prices or entry fees were sharply increased" (Joe Juliano, PHILADELPHIA INQUIRER, 12/9).
Score Board Inc., a sports-memorabilia company, posted a $13.8M fiscal third-quarter loss, "putting it in violation of certain financial covenants and sending its stock down 28%." The shares, which traded as high as $19.25 in the past year, closed at $2.625, down slightly more than $1, in heavy trading on the NASDAQ exchange. The 3rd quarter loss sent Score Board's tangible net worth below a $37M minimum set by their bank. Mellon Bank, Score Board's credit bank, agreed not to declare the company in default through January 5 and the parties will attempt to renegotiate the loan, Score Board said. As of October 31, Score Board's debt to Mellon was about $18M. According to Terry McEnvoy, VP at Janney Montgomery Scott Inc., the company's problems in the last year "were exacerbated" by the death of Paul Goldin, the company's chair and founder (Lisa Miller, WALL STREET JOURNAL, 12/9). In Boston, Bill Bimmons examines the boom and bust in the card industry (BOSTON HERALD, 12/9).
The Sears Auto Center Motorsports Weekend will be the new name of The Milwaukee Mile's annual NASCAR race weekend. The multiyear agreement between the Sears Automotive Group and The Milwaukee Mile not only covers the sole appearance of the NASCAR Busch Grand National Series in WI, but the track's premier of the new NASCAR SuperTruck Series presented by Sears Craftsman. The MILWAUKEE JOURNAL/ SENTINEL will again be the presenting sponsor (Sears). OTHER NASCAR NEWS: MBNA America Bank announced today that it has signed a 3-year agreement to sponsor the Bill Davis Racing team on the NASCAR Winston Cup circuit (MBNA Motorsports)....The Society of Automotive Engineering Int'l announced that Ford, GM, NASCAR and Roush Industries received the award for helping to develop and implement a new stock car safety device, "NASCAR Roof Flaps" (Society of Automotive Engineering Int'l).