Menu
Finance

SHOPPING CART: PENSKE TO SELL SHARES, CART TO OFFER MORE

          CART co-Founder Roger Penske is selling 700,000 of the
     800,000 shares he holds in CART, reducing his ownership
     stake from 5.3% to "less than" 1%, according to Bill Koenig
     of the INDIANAPOLIS STAR-NEWS.  Penske, who is "redeploying
     assets for a number of reasons," saw the value of the stock
     he is currently selling "go up nearly" $9M in the past year
     alone.  Shares of CART are currently worth $28.94 each, an
     81% increase over the organization's IPO of $16 per share. 
     Koenig also lists other CART shareholders who are also
     selling large blocks of shares (STAR-NEWS, 4/15).  CART
     "plans to sell" 2.1 million shares to the public, with any
     proceeds from the sale of 279,975 of those shares -- the
     over-allotment granted to the underwriter -- to be used for
     "general corporate purposes."  The sale is expected to be
     completed by the end of June (DETROIT FREE PRESS, 4/15).

SBJ Morning Buzzcast: May 10, 2024

Start your morning with Buzzcast with Austin Karp: A very merry NFL Christmas on Netflix? The Braves and F1 deliver for Liberty Media investors; the WNBA heads to Toronto; and Zelle gets in on team sports sponsorship.

Phoenix Mercury/NBC’s Cindy Brunson, NBA Media Deal, Network Upfronts

On this week’s pod, SBJ’s Austin Karp chats with SBJ NBA writer Tom Friend about the pending NBA media Deal. Cindy Brunson of NBC and Phoenix Mercury is our Big Get this week. The sports broadcasting pioneer talks the upcoming WNBA season. Later in the show, SBJ media writer Mollie Cahillane gets us set for the upcoming network upfronts.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Daily/Issues/1999/04/15/Finance/SHOPPING-CART-PENSKE-TO-SELL-SHARES-CART-TO-OFFER-MORE.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Daily/Issues/1999/04/15/Finance/SHOPPING-CART-PENSKE-TO-SELL-SHARES-CART-TO-OFFER-MORE.aspx

CLOSE