February 27, 2003 Orlando Predators sale final
After three months of negotiations, Orlando Predators Entertainment Inc. (Nasdaq: PRED) has completed the sale of the Arena Football League's Orlando Predators football team to an investor group dubbed Orlando Predators Football Team LLC.
The Predators former president Brett Bouchy is the manager of the investor group.
According to a written statement released by Orlando Predators Entertainment, the sale included all of the team's assets, excluding cash balances but including accounts receivable, inventory, prepaid expenses, fixed assets and the Predators' membership in the Arena Football League.
Further, Bouchy's group will assume certain team debts, trade and cash sponsorship deferred revenues, season ticket deferred revenues, amounts due to the league and liabilities from contracts.
In return, Orlando Predators Entertainment could receive a portion of the team's future earnings.
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The sale of its namesake franchise leaves Orlando Predators Entertainment with two arenafootball2 teams, the Peoria (Ill.) Pirates, the Bayou Bears of Louisiana and the Louisiana IceGators of the East Coast Hockey League. The company also retains its 9 percent net revenue interested in the Arena Football League. |
