SBD/27/Finance

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  • FINANCE NOTES

              FORBES' Peter Spiegel examines consolidation in the
         sports marketing business and writes that "small two- or
         three-lawyer shops" are an "endangered species."  Spiegel:
         "Pushing the consolidations is the increasing role of
         corporate sponsorship. ... The big sports agencies offer
         their services to corporate clients looking to get
         themselves noticed by sports fans" (FORBES, 3/9 issue).
              NOTES: NSSN's Steve Mayer goes inside CART's planned
         IPO and reports "top" execs have been "granted substantial
         stock options."  Among them: CART CEO Andrew Craig (600,000
         shares), CFO Randy Dzierzawksi (300,000 shares), VP/
         Logistics Dennis Swan (20,000) and VP/Competition Kirk
         Russell (40,000).  At an offering of $15 a share, Craig has
         the option to purchase $9M of CART shares (NSSN, 2/25).
         ...TCI's TCI Gameco Holdings unit sold its 4.3 million-share
         stake in Acclaim Entertainment (WALL STREET JOURNAL, 2/27).
    
    

    Print | Tags: Champ Car World Series, Finance
  • LES OTTEN, MORE PROFIT: AMERICAN SKIING CO. REPORTS GAINS

              ME-based American Skiing Co. announced that total
         revenues for the second quarter, ended January 25, increased
         to $115.3M from $61.2M for the comparable period last year. 
         Net income for the second quarter of '97 was $6.6M, versus
         $.4M for the prior year.  Resort revenue, which excludes
         revenues from real estate properties, increased to $107.4M
         from $59.4M in the second quarter of '96.  America Skiing
         Co.'s total skier visits increased by 10.9% (ASC).
              MORE ON LES: In Boston, Stephen Jermanok profiled
         American Skiing Chair & CEO Les Otten: "The jury is still
         out on whether Otten has improved the American ski
         experience ... but even the purists admire what he has done
         to keep the sport alive. ... No one in the ski industry will
         be surprised if ASC continues to gobble up more ski resorts
         around the country.  As its stock filing states: 'The
         Company intends to consider acquisitions of large, well-
         established destination resorts'" (BOSTON MAGAZINE, 2/98).
    
    

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  • LYNX AND VISUAL EDGE'S ONE-ON-ONE GET FINANCING BOOSTS

              CA-based Lynx Golf has "obtained a $3.55 million bridge
         loan" from Union Planters Bank of St. Louis, according to
         the SAN DIEGO UNION-TRIBUNE.  The loan was "secured" by the
         company's assets and is due to be repaid by August 15.  Lynx
         President & CEO David Schaefer said that the financing will
         allow the company to "carry out its strategic plan and
         implement operational changes" (UNION- TRIBUNE, 2/25). 
              VISUALIZE IT: Visual Edge Systems, (VES), producers of
         the "One-on-One With Greg Norman" video golf lessons, has
         reached agreement in principle with its lenders and
         preferred stock holders, who have agreed not to convert
         their preferred stock or notes until December 31, 1998.  
         VES's lenders and stock holders have also agreed to provide
         the company with an additional $5M equity line of credit for
         working capital.  In other news, VES announced that it will
         team with the American Cancer Society (ACS) to help raise
         funds for cancer research.  VES will set up temporary
         production facilities in the lobbies of office buildings in
         cities such as New York, Boston and San Francisco, among
         others, and will offer its Norman golf lessons at $50 per
         tape, with a portion of the proceeds going to ACS (VES).
    
    

    Print | Tags: Finance, Minnesota Lynx
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