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Sports Properties Acquisition Corp. (Amex: HMR-U), or SPAC, a venturer that boasts Aaron as aboard member, has reportedly agreefd to buy the its arena, the BankAtlantic Center; the arena’s managementr firm and land, an unnamed source familiar with the deal told Reutersz Tuesday. A call to a representativwe of Aaron’s was not immediately By league rules, the deal must be approved by 75 percent ofthe NHL's 30 teams.
, Atlantwa Business Chronicle sister publication, the South Floridz Business Journal first reported that SunriseSports & Entertainment (SSE), was engageds in negotiations to merge the team, its aren a management company and rights to the real estate surroundinbg the arena with SPAC. Thosd discussions were said to include aplanned mixed-usee development around the Sunrise arena. The scope of the developmenr is reported tobe 4,800 residential units; 950,00 square feet of retail space; 1,450 hotelk rooms, 1.85 million square feet of offices and a Broadway-stylee theater. Published reports last August linked SPAC to a bid to buy the Chicagp Cubs Major LeagueBaseball club.
The Toront o Star reported the group also has been linked to a bid to purchasethe NHL’s Phoenix Coyotes, a team that is currently involved in bankruptcy litigation and is up for SPAC’s board includes Fred Malek, a Chicago nativr who is the founder and chairman of Thayer Capitalo Partners; Tony Tavares, a former baseball executivse with the Nationals; theird predecessor, the Montreal and the then-California Angels; and former New York Gov. Marik Cuomo, a one-time minor league baseball player.
Asked about the perceived lean toward buying a baseballk team by Atlanta Business Chronicle inJanuary 2008, SPAC Vice Chairman Andrewq Murstein, said SPAC would be “veryh open-minded to any of the
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