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  • SBD Article

    WME Outlines Plans To Cut $151M In Costs Out Of IMG After Acquisition Deal Closes

    Published April 14, 2014

    ...er $53M in costs through "indirect spending cuts, finance cuts, human resources cuts and college contracts....

    Tags: William Morris Endeavor, IMG, Finance
  • SBD Article

    WME Outlines Plans To Cut $151M In Costs Out Of IMG After Acquisition Deal Closes

    Published April 14, 2014

    ...er $53M in costs through "indirect spending cuts, finance cuts, human resources cuts and college contracts....

    Tags: William Morris Endeavor, IMG, Finance
  • SBJ Article

    NHL prepares loan pool that will top $1B

    Published April 14, 2014 by Daniel Kaplan

    ...low clubs to borrow from a centralized loan pool, finance sources said. Another finance source pegged the final deal at $1. Such teams could then refinance their debt by tapping into the new credit facilit... For the sports finance world, news of the NHL deal is sure to be somewha...

    Tags: Finance
  • SBJ Article

    The dealmakers

    Published March 31, 2014 by Daniel Kaplan

    ...the more entertaining personalities in the sports finance world, Galatioto’s firm advised the Maloofs last...

    Tags: In-Depth, Finance
  • SBJ Article

    Seller’s market, but few teams on the block

    Published March 31, 2014 by Daniel Kaplan

    Rising equity markets, owner friendly collective-bargaining agreements, healthy business metrics. Despite these factors blessing sports leagues, or perhaps because of them, the sale of teams has been sluggish at best. In Major League Baseball, for example, there has not been a sale of a team in two years, the last being the San Diego Padres and the Los Angeles Dodgers. “It is pretty unusual,” said Allen & Co. investment banker Steve Greenberg, the ...

    Tags: In-Depth, Finance
  • SBJ Article

    Select sports-related mergers and acquisitions since January 2013

    Published March 31, 2014

    TEAMS Sacramento Kings ■ Seller: Maloof family ■ Buyer: Vivek Ranadivé ■ Price: $534 million Note: Less than two weeks after buying controlling interest, the Ranadivé Group purchased another 7 percent share to bring the total to 72 percent ownership of the team. New Jersey Devils ■ Seller: Jeff Vanderbeek ■ Buyer: Josh Harris and David Blitzer ■ Price: $320 million Florida Panthers ■ Seller: Cliff Viner ■ Buyer: Vincent Viola ■ Price: $250 million Phoenix Coyotes ■ Seller: NHL ■ Buyer: Ic...

    Tags: In-Depth, Finance
  • SBJ Article

    Bank on it

    Published March 31, 2014 by Daniel Kaplan

    The 25-year-old, dyed-in-the-wool Pittsburgh Steelers fan couldn’t believe his eyes. Bill Cowher angrily stormed toward him, approaching on the grounds of the old Municipal Stadium in Cleveland, his trademark spittle flying. Don Cornwell, a young staffer at the NFL in 1994, had gotten the short end of the stick one fall weekend to fly in from New York to enforce league uniform rules before that day’s Browns-Steelers dustup. He had just informed Steelers staff that Greg Lloyd, a recidivist fa...

    Tags: In-Depth, Finance
  • SBD Article

    Nike's Q4, FY '15 Forecasts Fall Short Of Expectations After Strong Q3 Results

    Published March 21, 2014

    Nike's Q3 results "beat analysts' estimates," but after a conference call with analysts on Thursday, the markets "had soured -- reacting to forecasts of lower-than-expected fourth-quarter revenue and slower growth in the next fiscal year," according to Allan Brettman of the Portland OREGONIAN. Nike in Q3 reported a 3% profit jump to $685M, while diluted earnings per share increased 4% to 76 cents. A Reuters report showed that Nike's total revenue rose 12.7% to $6.97B, above the "consensus ana...

    Tags: Finance, Nike
  • SBD Article

    Analyst: Knicks' Phil Jackson Hire Good News For MSG Stock Based On Attendance, TV

    Published March 20, 2014

    ISI Media Managing Dir David Joyce is "reiterating his 'buy' rating on the stock of the Madison Square Garden Company" after Phil Jackson was hired to be Knicks President, according to Eriq Gardner of the HOLLYWOOD REPORTER. Joyce is "upping his average attendance estimate" from 95% to 96% and forecasting a 5% growth "in food and beverage and retail revenue." Joyce had previously "estimated" just a 3% growth for next year. MSG Exec Chair James Dolan on Tuesday announced there will be "no tick...

    Tags: Madison Square Garden, New York Knicks, NBA, Finance
  • SBD Article

    Moody's Gives WME IMG B2 Credit Rating, Calls Company's Outlook Stable

    Published February 28, 2014 by Tripp Mickle

    Moody’s Investor Service gave WME IMG a B2 credit rating and said the new company’s outlook was stable. The B2 rating reflected what Moody’s said was WME IMG’s “very high leverage of 7.6x” and the “challenges of integrating a larger company and achieving substantial cost saving.” Moody’s estimated cost savings of $100M from the acquisition will take two years to complete. It also said that cash flow would be affected by tax reimbursements to equity holders and severance packages. The report s...

    Tags: Finance
  • SBD Article

    Churchill Downs Inc. Posts Record Revenue In FY '13, But Net Income Falls 5%

    Published February 27, 2014

    Churchill Downs Inc. had net income of $55M in '13, down 5% compared with net income of $58.3M in '12, while "posting record revenues for the third year in a row," according to Matt Hegarty of DAILY RACING FORM. Revenue for the year rose 7% to a record $779.3M, with "the gain due entirely to higher revenues" from CDI’s casinos. Live racing revenue fell 9% during the year, "despite strong gains for the Kentucky Derby and Oaks, largely because of losses" at Calder Race Course in Miami. Revenue ...

    Tags: Finance, Churchill Downs Inc.
  • SBD Article

    Bauer Buys Easton-Bell Baseball/Softball, As Company Continues Shedding Assets

    Published February 14, 2014

    Bauer Performance Sports has purchased the baseball and softball business of Easton-Bell Sports for $330M in an all-cash deal. The transaction is slated to close in the next 30-60 days. Bauer will own the Easton brand name as well, but will continue to allow Easton-Bell to use it for its hockey and cycling businesses under a license agreement. Individual pieces of Easton-Bell Sports, parent company of helmet maker Riddell, Giro, and several other brands, became available after a failed effort...

    Tags: Bauer Inc., Easton, Finance
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