Performance Sports Group Receives Court Approval of Sale
to Investor Group Led by Sagard Capital and Fairfax Financial
Performance Sports Group (Feb. 6, 2017) -
Performance Sports Group (PSG) announced it received court approval for the sale of substantially all of its assets and its North American subsidiaries to an investor group co-owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Limited for a base purchase price of $575 million (U.S.). That is subject to certain adjustments and the assumption of related operating liabilities pursuant to the "stalking horse" asset purchase agreement.
PSG received the approval of the sale from the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice. PSG expects the sale to be completed on or around Feb. 23 and no later than Feb. 27. The Courts will continue on Feb. 8 to consider a limited objection related to the assignment of the purchaser of a license and related agreements with Q30 Sports, LLC. The assignment of this license and related agreements is a condition to closing.
"We are pleased to have received the Courts' approval of the sale of Performance Sports Group's business to an investor group led by Sagard Holdings and Fairfax Financial, which we continue to believe represents the best path forward for our customers, vendors, retail and business partners, employees and other stakeholders," said Harlan Kent, CEO of PSG. "We look forward to completing the sale in the coming weeks and we remain focused on continuing to deliver our high-quality products across all our brands to our customers and consumers."
Sagard Executive Chairman Paul Desmarais III said they are looking forward to working with Fairfax and PSG to "build an even stronger company for the long term around its iconic sporting brands." Fairfax President Paul Rivett said "a partnership with Sagard provides the stable, long-term ownership necessary to continue innovating for the future."
PSG anticipates its operations will continue uninterrupted in the ordinary course of business and day-to-day obligations to its employees, suppliers of goods and services and customers will continue to be me through to closing of the sale.
NFHS Authenticating Mark Fee Increase Affects Hockey Pucks
The National Federation of State High School Associations (NFHS) announced a fee increase of 15 cents in its Authenticating Mark Program (AMP) that will take effect Jan. 1, 2018. The increase of the fee paid by manufacturers was approved by the NFHS Board of Directors.
The fee increase will increase from 35 cents to 50 cents per dozen for hockey pucks, baseballs, softballs and field hockey and lacrosse balls. The fee increase will go from 35 cents to 50 cents per unit on basketballs, footballs, volleyballs, soccer balls and water polo balls. The NFHS Authenticating Mark is required on all the balls/pucks previously mentioned for use in interscholastic competition.
All balls/pucks in inventory with the NFHS Authenticating Mark may be used in official competition. All balls/pucks currently in schools with the NFHS Authenticating Mark can be used and all balls/pucks already produced with the NFHS Authenticating Mark may be sold.
The fee increase will be assessed on all balls/pucks manufactured after Jan. 1, 2018. The minimum and maximum sizes of the NFHS Authenticating Mark will not change.
There are 17 states and the District of Columbia where high schools play ice hockey under NFHS rules. The states are Alaska, California, Colorado, Connecticut, Maine, Maryland, Massachusetts, Michigan, Minnesota, New Hampshire, New Jersey, New York, North Dakota, Ohio, Rhode Island, Vermont and Wisconsin.
NHL.com (Feb. 3, 2017) -
Opinions were mixed on the new pants NHL goaltenders were required to wear as Feb. 4. The tighter, form-fitting pants are designed to streamline the equipment worn by goalies. The new pants have a defined thigh guard with a width reduced from 10 to 9 inches and they maintain a constant curve that doesn't flare out from the leg.
"Also, more sizes have been created to more closely align with the different waist sizes of today's goaltenders," NHL senior director of hockey operations and goaltender equipment Kay Whitmore, who is also a former goalie, told NHL.com. "In the past, companies basically fit every player in either a large or extra-large pant so the difference from the smallest to the biggest was negligible. We now have enough sizes to properly size all goalies no matter what size they need or company they choose to wear."
Almost 25 percent of the NHL goalies have been wearing the new pants and Washington's Braden Holtby (pictured) and San Jose's Martin Jones were not too concerned about the change. Arizona's Mike Smith didn't like the new pants and thought the change should not have occurred until the start of next season.
The NHL originally planned to make the change before the 2016-17 season but safety concerns with the new pants needed to be addressed by manufacturers.Click here
to read more of the NHL.com story.