Wednesday, May 25, 2005

LBGP 15 Million does the Trick

Just as I pedicted TG didn't buy the LBGP and the price tag wasn't 25 million as rumored earlier. The going price for a business (that is making money and the LBGP does make money) is one and a half time sales. With Prix revenues at approximately 9 million this year they could reasonably ask 15 million and not be out of line. That's 1.5 times revenue with a little goodwill thrown in. So Kevin and Gerry's new entity AQUARIUM ASSET MANAGEMENT, LLC came away with the Prix for a reasonable 15 million and foiled the efforts of three others bidding on it.

It seems there was a certain other new promoter in the fray as well. The same one that promoted the IRL St. Petersburg race. Clears up the mystery behind the IRL's claim that they were not going to bid on the purchase of the Prix!

The IRL can still go to the LBGP though........as Kevin said the tickets go on sale in July.

WickerBill sez;

Right on KK you are becoming very predictable.

1 Comments:

Blogger Thinice_9 said...

Yep. This is all getting very predictable. KK and company seem to get what ever they want lately. Are they lucky or are they great business men. Or could it be they have more cash?

8:20 PM  

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