AVP Minority Partner RJSM Partners Taking Controlling Interest
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CEO Armato, Other Key
Personnel Have Left AVP |
The AVP has a "new lead investor in RJSM Partners, which is moving from a minority partner to taking over controlling interest in the volleyball tour," according to Terry Lefton in this week's SPORTSBUSINESS JOURNAL. RJSM Partners Managing Member Nick Lewin said that "under a refinancing now in process, his firm would eventually control" 60-70% of the AVP. With controlling interest, the "vision for growing the tour has an international scope." The AVP management "shake-up saw not only the departure" of Chair, CEO & Commissioner Leonard Armato, but also a "handful of other key personnel," including Exec VP Paul Sewell, VP/Partnerships & Events Dave Klewan and VP/Business Development & Legal Affairs Kristine Lefebvre. Lewin said that there was "no connection between RJSM's increased investment and the management shake-up." He added that he "expects to hire a new AVP commissioner at some point." Sources said that the AVP has "reached out to industry executives," including former USTA Chief Exec of Professional Tennis Arlen Kantarian and former volleyball player Karch Kiraly. Lefton reports another "immediate problem facing the AVP is a new deal with its players." The old agreement expired last year and the league is "operating under a 30-day temporary pact." But current AVP COO Jason Hodell, who will replace Armato as CEO, is "promising a new framework." Hodell: "We want a true partnership, one where players feel like they have some upside and where, as the tour grows, they feel like they have stake in the game." Meanwhile, Lefton notes "only two board members remain from those members who served immediately after RJSM's original investment last September." While RJSM has been described by the AVP as an "investment company specializing in sports and entertainment, Lewin acknowledged that RJSM has no other sports holdings." However, RJSM is "contemplating other sports buys" (SPORTSBUSINESS JOURNAL, 4/20 issue).
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