Sports Properties Acquisition Corp. raised $200 million in an initial public offering late last month and is already eyeing major deals, including a NASCAR team.
Financier Andrew Murstein, a longtime suitor of sports franchises, created Sports Properties last year as a stock vehicle to acquire companies in sports and leisure. Tony Tavares, former president of the Washington Nationals, is chief executive.
Murstein said that by borrowing against the $200 million, Sports Properties will be able to spend between $400 million and $1.2 billion. Under federal rules, Sports Properties was prohibited from speaking to acquisition targets until its IPO was completed.
“We will be talking to a minimum of 30 companies in the next month,” said Murstein, one of the largest stockholders in Medallion Financial. Among the companies he already has talked to are the NASCAR team, which he declined to identify, and what he described as a sports holding company.
Sports Properties’ board of directors includes MLB hall of famer Hank Aaron and former New York Gov. Mario Cuomo.
The stock is traded on the American Stock Exchange under the symbol HMR.U. Because of high demand for the stock, Murstein said, the underwriter may sell up to another 15 percent of the shares.
— Daniel Kaplan
