Panthers Owner Wayne Huizenga yesterday filed plans with the
SEC for permission to sell 49% of the team, by allowing shares to
be traded publicly, according to Larry Lebowitz of the Fort
Lauderdale SUN SENTINEL. In the IPO, 2.7 million shares will be
made available to the public at $10 a share. About 4.6 million
additional shares will be sold to Huizenga's friends and business
associates (Ft. Lauderdale SUN SENTINEL, 9/19). In Miami, Cindy
Krischer Goodman adds the deal's structure gives team "insiders
and Huizenga friends" the chance to buy shares at a "discounted
price" of $9.65/share (MIAMI HERALD, 9/19). After expenses, the
offering is expected to raise $67.3M toward debt repayment and
cover losses on the team, estimated at over $50M since '93.
Following the IPO, Huizenga himself plans to register and sell
another 5 million shares, and if the $10-per-share price is
maintained, the 12.3 million shares outstanding would make the
team's value at $123M (Larry Lebowitz, Ft. Lauderdale SUN
SENTINEL, 9/19).
TWICE AS NICE? In a "local twist" in the offering,
Huizenga's Decoma Miami Associates Ltd., the company controlling
management rights at Miami Arena and is also expected to operate
and develop the team's proposed new Sunrise arena, will be
included in the package. If the deal is approved by the SEC,
Panthers shares could be on the market within 45-60 days.
Huizenga wants the team to trade under the ticker symbol "PUCK"
on the Nasdaq stock exchange (Fort Lauderdale SUN SENTINEL,
9/19). The deal allows Huizenga to maintain control by having
"his own class of stock with more voting power" than the shares
in the public's hands, according to Cindy Krischer Goodman of the
MIAMI HERALD. Goodman: "Huizenga and his family will have 52.6
percent equity stake in the team and complete control. His
255,000 Class B shares carry 10,000 votes to one vote for the
Class A stock sold to the public." Donaldson Lufkin & Jenrette
Securities Corp. and Raymond James & Associates will underwrite
the stock sale (MIAMI HERALD, 9/19).
