The SPORTSBUSINESS JOURNAL's Daniel Kaplan reports that
Aetna Inc. and Banque Nationale de Paris have invested "more
than" $20M combined in the IMG/Chase Sports Capital
leveraged buyout fund. Sources said the fund now has "more
than" $160M (SPORTSBUSINESS JOURNAL, 7/26 issue).
K2 HOPES TO RIDE SNOWBOARD WAVE: WA-based snowboard
manufacturer Ride has been acquired by L.A.-based K2 in a
stock deal valued at $14.3M. Ride sells products under the
Liquid, Fulltilt and Smiley Hats names (N.Y. TIMES, 7/24).
The deal comes after K2 acquired Morrow Snowboards earlier
this year. K2 Senior VP/Finance John Rangel: "It puts our
snowboard business in a solid No. 2 position behind Burton
and helps round out our distribution" (L.A. TIMES, 7/27).
NOTES: In DC, Mark Asher examines the tax burden of
playing in Vancouver for Grizzlies first-round pick Steve
Francis. But Asher details how his agent Jeff Fried "can
average down his client's effective Canadian personal income
tax rate to reach the U.S. rate." Fried: "We're feeling
more and more confident that the effective tax rate Steve
will be paying will be the same as if he were playing (for a
U.S. team)" (WASHINGTON POST, 7/27)....PA-based Global
Sports announced the closing of Softbank Corp.'s $80M
placement. The investment was made through the newly-formed
Softbank Capital Partners. With the deal, Softbank owns
around 30% of Global Sports common shares (Global Sports).
