Sports Properties Acquisition Corp. filed to sell 20 million units at the traditional $10.00 per unit, and the company is granting an overallotment allowance of 3 million more shares. Sports Properties is taking the proposed ticker "HMR" on the American Stock Exchange and so far lists only Banc of America Securities as the lead underwriter.
The company is a SPAC, a special purpose acquisition company, so it has no existing operations. This was formed to acquire, through a merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar business combination, one or more domestic or international operating businesses. It intends to focus efforts on companies that create, produce, deliver, distribute, market content, products and services pertaining to the sports, leisure or entertainment industries.
Here is tha management team:
- Tony Tavares, President and Chief Executive Officer, is the former CEO and President of SMG, a premier management company engaged in the private management of stadiums, arenas, theaters and convention facilities.
- Jack Kemp, Chairman, was the Republican Vice Presidential candidate in 1996k former AFL quarterback.
- Andrew Murstein, Vice Chairman and Secretary, has served as the President and a director of Medallion Financial Corp. (NASDAQ:TAXI), a publicly traded investment company, since its IPO in 1996.
- Richard Mack, Director, is a senior partner at Apollo Real Estate Advisors.
- Henry "Hank" Aaron, Director, the unjuiced homerun king of major League baseball.
- Mario Cuomo, Director, is a former three-term Governor of the State of New York.
- Randel Vataha, Advisor, is a former Stanford football player and NFL wide receiver.
- Robert Caporale, Advisor, is a former sports and entertainment law attorney who has represented a number of professional sports leagues and franchises.
A unit consists of 1 common share and 1 warrant with a $7.50 strike price per unit. Maybe investors will get to own another public sports team since these have essentially all gone private. Prior public sports teams were the Cleveland Indians and Boston Celtics, and the Green Bay Packers are one of the community owned and quasi-public companies (that you can’t buy a share in easily).
Jon C. Ogg
September 28, 2007
Jon Ogg can be reached at [email protected]; he produces the Special Situation Investing Newsletter and does not own securities in the companies he covers.
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