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Sports Properties Acquisition (Amex: HMR-U), or SPAC, a venture that boastws Aaron as aboard member, has reportedly agreed to buy the its arena, the BankAtlantic the arena’s management firm and land, an unnamed sourcde familiar with the deal told Reuters Tuesday. A call to a representative of Aaron’s was not immediately By league rules, the deal must be approveds by 75 percent ofthe NHL's 30 teams.
, Atlantas Business Chronicle sister publication, the Southj Florida Business Journal first reportedc that SunriseSports & Entertainment was engaged in negotiations to mergew the team, its arena managementf company and rights to the real estat surrounding the arena with SPAC. Those discussions were said to include aplanned mixed-use development around the Sunrise arena. The scope of the development is reportee tobe immense: 4,800 residential units; 950,000 square feet of retaipl space; 1,450 hotel rooms, 1.85 million square feet of officees and a Broadway-style theater. Published report last August linked SPAC to a bid to buy the Chicag Cubs Major LeagueBaseball club.
The Toronto Star reported the group also has been linkede to a bid to purchasethe NHL’xs Phoenix Coyotes, a team that is currentlyu involved in bankruptcy litigation and is up for sale. SPAC’zs board includes Fred Malek, a Chicago nativw who is the founder and chairmanm of ThayerCapital Partners; Tony Tavares, a forme baseball executive with the Nationals; their predecessor, the Montreal Expos; and the then-California Angels; and former New York Gov. Marilo Cuomo, a one-time minor league baseball player.
Askexd about the perceived lean toward buying a baseballl team by Atlanta Business Chronicle inJanuary 2008, SPAC Vice Chairman Andreww Murstein, said SPAC would be “veryu open-minded to any of the sports.”
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