FORBES' Peter Spiegel examines consolidation in the
sports marketing business and writes that "small two- or
three-lawyer shops" are an "endangered species." Spiegel:
"Pushing the consolidations is the increasing role of
corporate sponsorship. ... The big sports agencies offer
their services to corporate clients looking to get
themselves noticed by sports fans" (FORBES, 3/9 issue).
NOTES: NSSN's Steve Mayer goes inside CART's planned
IPO and reports "top" execs have been "granted substantial
stock options." Among them: CART CEO Andrew Craig (600,000
shares), CFO Randy Dzierzawksi (300,000 shares), VP/
Logistics Dennis Swan (20,000) and VP/Competition Kirk
Russell (40,000). At an offering of $15 a share, Craig has
the option to purchase $9M of CART shares (NSSN, 2/25).
...TCI's TCI Gameco Holdings unit sold its 4.3 million-share
stake in Acclaim Entertainment (WALL STREET JOURNAL, 2/27).
ME-based American Skiing Co. announced that total
revenues for the second quarter, ended January 25, increased
to $115.3M from $61.2M for the comparable period last year.
Net income for the second quarter of '97 was $6.6M, versus
$.4M for the prior year. Resort revenue, which excludes
revenues from real estate properties, increased to $107.4M
from $59.4M in the second quarter of '96. America Skiing
Co.'s total skier visits increased by 10.9% (ASC).
MORE ON LES: In Boston, Stephen Jermanok profiled
American Skiing Chair & CEO Les Otten: "The jury is still
out on whether Otten has improved the American ski
experience ... but even the purists admire what he has done
to keep the sport alive. ... No one in the ski industry will
be surprised if ASC continues to gobble up more ski resorts
around the country. As its stock filing states: 'The
Company intends to consider acquisitions of large, well-
established destination resorts'" (BOSTON MAGAZINE, 2/98).
CA-based Lynx Golf has "obtained a $3.55 million bridge
loan" from Union Planters Bank of St. Louis, according to
the SAN DIEGO UNION-TRIBUNE. The loan was "secured" by the
company's assets and is due to be repaid by August 15. Lynx
President & CEO David Schaefer said that the financing will
allow the company to "carry out its strategic plan and
implement operational changes" (UNION- TRIBUNE, 2/25).
VISUALIZE IT: Visual Edge Systems, (VES), producers of
the "One-on-One With Greg Norman" video golf lessons, has
reached agreement in principle with its lenders and
preferred stock holders, who have agreed not to convert
their preferred stock or notes until December 31, 1998.
VES's lenders and stock holders have also agreed to provide
the company with an additional $5M equity line of credit for
working capital. In other news, VES announced that it will
team with the American Cancer Society (ACS) to help raise
funds for cancer research. VES will set up temporary
production facilities in the lobbies of office buildings in
cities such as New York, Boston and San Francisco, among
others, and will offer its Norman golf lessons at $50 per
tape, with a portion of the proceeds going to ACS (VES).