Sports Properties Acquisition Corporation

Sports Properties Acquisition Corporation (SPAC) is a publicly traded company who has placed a bid to purchase the Florida Panthers from Alan Cohen and Sunrise Sports and Entertainment. [1]

Previous Opportunities

SPAC sold public shares in the company and must purchase a team by January 2010 or the shares will be returned to the shareholders. They have previously been interested in the Phoenix Coyotes and Montreal Canadiens.

Florida Panthers Purchase

SPAC has offered a $240 million deal to purchase the Panthers, the BankAtlantic Center and the area surrounding the arena. Along with the land, they will acquire Alan Cohen's proposal for a $2 billion project to develop the land surrounding the arena. This project has been code named City of Oz. [2]

Formation

SPAC includes Vice Chairman Andrew Murstein, a New York financier, and CEO/President Tony Tavares, a former president of the Washington Nationals. Tavares also was president and CEO of Disney Sports Enterprises, which launched the NHL's Anaheim Ducks and MLB's Anaheim Angels. Hank Aaron is also a member of this group. [3]

References

  1. ↑ Panthers Changing Hands?
  2. ↑ Florida Panthers owner closes in on deal to sell team
  3. ↑ Report: Group partly led by Hank Aaron bids $240 million to buy Florida Panthers
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