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INVESTORS LOOKING TO SCORE BIG WITH STREETBALL
Published January 13, 1995
Streetball Partners Int'l, who created Hoop-It-Up and Air- It-Out, is "drawing new attention from investors as its sporting events catch on across the country." According to a story in the Southwest edition of the WALL STREET JOURNAL, sources familiar with Streetball say "they expect General Electric Capital Services to make an offer soon to acquire about 50%" of the company from owner Terry Murphy and his partners. And, they say Streetball "is ready to sell an ownership stake to an unidentified party," a deal that could be closed within two weeks. Supposedly, the negotiations with GE "aren't linked to the offer for the ownership stake," and the deals don't "hinge" on each other being completed. GE Capital's parent, GE Co. of Fairfield, CT, already owns 30% to 40% of Streetball -- through its NBC unit, and according to the sources close to Streetball, "GE Capital would buy shares from the existing partners, including NBC, thereby diluting NBC's stake." EXISTING SPONSORS: If GE and the other unidentified party go ahead with their offers, they would join such Hoop-It-Up sponsors as AT&T Corp, Gatorade, and Champion Products. Each pays about $500,000 as national sponsors. For the Air-It-Out football games, Budweiser and Gatorade each pay a "similar" amount to co-sponsor the event. STREETBALL'S FUTURE: Now that they have been so successful with the "grass-roots" basketball and football markets, Streetball has started a Spike-It-Up volleyball competition which traveled to 10 cities last year, and street hockey and golf competitions will begin later this year (Jeff Opdyke, WALL STREET JOURNAL-SW edition, 1/11).