Sports.com Ltd., the European subsidiary of
SportsLine.com, announced the completion of a second round
of funding that raised $52.5M. Michael Jordan, Shaquille
O'Neal and Tiger Woods have all invested in the Web site.
Companies participating in the funding include: Hicks Muse
Tate & Furst; Goldman Sachs; Chase Capital Partners; Aetna
Life Insurance; Wit Capital's Arista Capital Partners; and
existing Sports.com shareholders, including Reuters. Sports
Capital Partners, manager of IMG/Chase Sports Capital funds,
and affiliates of Soros Private Equity Partners, led the
funding. Proceeds from the funding will be used for working
capital, as well as expansion into new countries, additional
marketing and advertising sales activities (SportsLine.com).
REUTERS reported that Jordan, O'Neal and Woods invested
"more than" $1M each into Sports.com. Industry sources said
that the athletes' involvement "accounted for the $3.5
million difference from the original target for the
increased funding for Sports.com, which will eventually be
floated in Europe" (REUTERS, 1/12). The FINANCIAL TIMES'
Matthew Garrahan writes the athletes "are thought to be the
first athletes to have taken such a large financial interest
in an internet company." SportsLine currently publishes the
athletes' official Web sites. Sports.com Managing Dir Tom
Jessiman said that the company "planned to establish similar
relationships with European athletes" (FIN. TIMES, 1/13).
