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Winnipeg-based investment advisory firm Assante Corp. "is close to a deal to buy" sports law firm Steinberg & Moorad, according to sources of the SPORTSBUSINESS JOURNAL's Josh Gotthelf. Partner Jeff Moorad "wouldn't confirm talks with any company," but said, "We're no closer to making a decision than we were when we began." In a separate piece, Gotthelf also reports that sources said SFX Entertainment "is negotiating to buy" Randy and Alan Hendricks' Hendricks Sports Management, a firm which represents more than 150 MLB clients (SPORTSBUSINESS JOURNAL, 5/10 issue). In Boston, Peter Gammons wrote that "the Brothers Hendricks are reportedly close to cashing out ... and selling their vast agency empire to SFX" (BOSTON GLOBE, 5/9).
The Boston Celtics Limited Partnership (BCLP), the parent company of the Celtics, reported a net loss of $9.3M during a nine-month period ended March 31, 1999, according to an AP report. While the partnership earned $1.4M in the last three months of that period, it attributed the more than $9M net loss "in part to the NBA lockout" (AP, 5/9). The Celtics refunded season-ticket holders "approximately" $11,632,000, including interest of $185,000, for the 18 home games canceled due to the lockout (BCLP Quarterly Report).
PA-based Global Sports announced the formation of Global Sports Interactive (GSI), which has signed long-term e-commerce outsourcing deals with The Athlete's Foot, Sports & Recreation, MC Sports, Sports Chalet and one other retailer with annual sales over $200M (GSI). In N.Y., Saul Hansell writes that "few industries have undertaken such joint efforts" in selling products online. Under the partnership, GSI will use "common software, inventory and shipping operations" and "put up all the capital, pay all the expenses and take all the risk of owning inventory," but has "the potential to earn nearly all the profits." GSI will pay a royalty to each company of "less than" 10% of sales under its brand. The groups will work together to increase awareness of the partnership. GSI Exec VP/E- commerce Michael Golden: "Every retailer who works with us is obligated to put the Web site address in every ad." GSI "hopes to start" the sites for the retailers and "possibly others" in October (N.Y. TIMES, 5/10).