ENGLEWOOD, CO-Shareholders of the Sports Authority Inc. on Tuesday approved the company’s sale to an investor group led by Southern California-based Leonard Green & Partners, LP. The sale, which amounts to $1.3 billion, will take the company private.

In January, the Sports Authority board of directors unanimously approved the merger, leaving the final vote up to stockholders. During the initial announcement, chairman and CEO Doug Morton commented that “as a private company, Sports Authority will have greater flexibility to accomplish its long-term goals.”

Under the terms of the merger agreement, Sports Authority stockholders will receive $37.25 in cash for each share of Sports Authority common stock held. Merrill Lynch acted as financial advisor for Sports Authority in connection with the merger transaction, while Banc of America Securities LLC advised Leonard Green & Partners. Bank of America N.A. and TCW/Crescent Mezzanine have provided commitments for the debt portion of the financing.

As of April 29, 2006, the Sports Authority operated 402 stores in 45 states under the Sports Authority and Gart Sports names. Leonard Green & Partners is a Los Angeles-based private equity firm specializing in organizing, structuring and sponsoring management buy-outs, going-private transactions and recapitalizations of established public and private companies.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.