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PBL hopes to raise $100K
Published June 26, 2000
The Professional Bicycle League plans to raise $100,000 through a private placement in the next three months, said the league's commissioner, Pete O'Neil.
The league, which combines indoor, full-contact mountain-bike racing with musical concerts, raised $300,000 in 1998, O'Neil said.
The league, which formed in 1995, is based in Las Vegas and targets 15- to 25-year-olds. The new money will be used for advertising and league expansion.
"Eventually we will have an IPO in the next four years," O'Neil said. "Or we will sell out to a broadcaster or multiple sports operator like the World Wrestling Federation."
The private placement is priced at 25 cents a share, O'Neil said, and will be sold mainly to New York, California and Nevada investors.
The league now has seven teams that compete in small arenas throughout the year. Next year, O'Neil said, the league hopes to have more teams and will impose a March-to-August, eight-game schedule.