SBD/10/Finance

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  • AGENCY CONSOLIDATION: STEINBERG, HENDRICKS CLOSE TO DEALS?

              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).
    
    

    Print | Tags: Assante, Clear Channel/SFX Sports, Finance, MLB
  • LUCKY CHARMS? CELTICS PARTNERSHIP REPORTS NET LOSS OF $9.3M

              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). 
    
    

    Print | Tags: Boston Celtics, Finance, NBA
  • SPORTING GOODS RETAILERS MERGE TO JOIN E-COMMERCE SITES

              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).
    
    

    Print | Tags: Finance
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