In a pair of transactions, JON BON JOVI has "sold his own company, Runaway Tours, to On Location and also made a cash investment," according to Michael Smith of SPORTSBUSINESS JOURNAL. The move makes Bon Jovi "one of four equity partners in the business." Bon Jovi said that he will "work with his partners at On Location to redefine the experiential hospitality business." Bon Jovi's investment "puts him in business with On Location's other equity partners." RedBird Capital Partners and Bruin Sports Capital are the "two primary owner/operators, and 32 Equity, the NFL owners' private equity vehicle, has a minority stake." Details of Bon Jovi's investment "were not disclosed," and On Location announced last week that former NHL COO JOHN COLLINS will be the firm's CEO. Bon Jovi launched Runaway Tours to "give him the platform to perform in much more intimate settings to roughly 500 people or less as part of an event filled weekend in a destination city." The company offers packages on its website that "include two nights' lodging, Bon Jovi's private show, photo ops with the singer, multiple parties, autographed memorabilia and a variety of keepsakes." That kind of weekend-long excursion fits with the vision RedBird Managing Partner & CEO GERRY CARDINALE and Bruin Sports Capital Founder & CEO GEORGE PYNE "espoused when they took over management of On Location from the NFL earlier this year" (SPORTSBUSINESS JOURNAL, 12/7 issue).
GOOD MEDICINE: CBSSPORTS.com’s Jason La Canfora cited sources as saying that Bon Jovi “would have considerable interest in the Titans should they come for sale.” Bon Jovi “attempted to purchase the Bills and continues to work behind the scenes to be in line for a franchise, though many have serious reservations about his ability to secure the kind of financing necessary.” The Titans have “continued to deny any possibility of a sale,” though the longer the ADAMS family, which owns the Titans, goes without “being engaged in NFL committees and meetings and the more suitors line up behind the scenes, the more questions will be asked about how long the team will remain in that family” (CBSSPORTS.com, 12/6).
