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
Atlanta-based Bull Run Corp. "has struck an investment agreement that could lead to" a 20% stake in MO-based sporting goods company Rawlings, according to Al Stamborski of the ST. LOUIS POST-DISPATCH. Bull Run will pay $2.84M for 926,000 Rawlings warrants, or $3.07 each. Each warrant will allow Bull Run to buy a share of Rawlings' common stock for $12. But the stock will have to "close at or above $16.50 for 20 consecutive trading days." In addition, Rawlings signed a five-year marketing agreement with Bull Run-subsidiary Host Communications. Stamborksi adds that Host Communications "will help Rawlings sell sporting goods through corporate promotions and at amateur athletic contests" like Hoop-It-Up. Rawlings CFO Paul Martin said that sales through such promotions "could have a fairly sizeable effect two or three years from now," much like a previous Rawlings promo with Pizza Hut on a basketball giveaway (POST-DISPATCH, 11/25). Rawlings gained 11/16 yesterday to close at $11 (WALL STREET JOURNAL, 11/25).
CNN's Lou Dobbs reported that Nike fell yesterday 2 1/8 to 48 3/4. Dobbs added that Donaldson, Lufkin and Jenrette trimmed Nike's earning estimates, expecting international sales to fall rapidly" ("Moneyline," CNN, 11/24)....PCH Investments, owners of L.A. Gear, said that the CA-based company "will default" on a November 30 payment "on certain notes, and added that it hasn't paid cash dividends on its preferred stock." The stock closed down $0.0625 to $0.625 (WALL STREET JOURNAL, 11/25). CNBC's Terry Keenan: "Another sign ... that L.A. Gear may be in a lot of financial difficulty. The retailer of athletic footwear says that it has, quote, insufficient resources, to pay interest on some of its outstanding debt" ("Market Wrap," CNBC, 11/24).