Firm News
GG-Media Limited
| Release Date: |
01 June 2001 |
GG-Media Limited is an English company owned by Fleming Family & Partners (the London based investment house) Lord Hesketh's family and associates and the Board and Management, formed to promote and maximise the value of media rights interests of the UK's independent horse-racecourses.
| Description of Deal: |
On 4 April 2001 GG-Media Limited entered into an agreement with Satellite Information Services Limited (SIS) for the provision by SIS of up to £67.1 million to be made available to GG-Media Limited for the acquisition by GG-Media Limited of the media rights and interests of the 26 UK independent racecourses ("SIS Agreement").
On 24 April 2001 the SIS Agreement went unconditional.
To date GG-Media Limited has acquired, by separate agreement, the media rights and interests of 10 UK independent racecourses on a 5 year term.
(For further information please see the GG-Media Limited press releases below) |
| Firm's Key Personnel: |
Partner Andrew Millett with assistance from his Partners, Tony Morton-Hooper (Sports), Michael Cover (Competition Law) and assistant solicitor, Anne Sablonniere. |
Client's Press Release
GG-Media's £67 Million Offer for Racecourse Rights Goes Unconditional
The directors of GG-Media Ltd announce that the Company's £67 million five-year offer for the media rights owned by 26 of the UK's independent racecourses has been declared unconditional with immediate effect.
The offer will remain open until midnight Wednesday 9th May 2001.
On 11th April 2001, GG-Media announced that racecourses representing more than 250 annual race fixtures had expressed a firm interest in entering into discussions with the Company with regard to its proposals. The decision to declare the offer unconditional has been taken by GG-Media, in agreement with Satellite Information Services (SIS), in the light of the contracts already signed with the independent courses.
Tony Rice, Chairman of GG-Media, commented:
"We are delighted at the positive response and scale of commitment to our offer from racecourses which we first approached less than three weeks ago. Our offer places substantially higher valuations on the independent racecourses' media rights than any other proposal and results in the first payment being made in seven days' time. This is good news for the independent courses. We have left the offer open until 9th May 2001 to allow all the independent courses a full opportunity to evaluate the terms of our unconditional offer."
For further information from GG-Media please contact:
Tony Rice, Chairman GG-Media: 020 7409 5600
Iain Rawlinson, Fleming Family & Partners: 020 7409 5600
Richard Fallowfield, Cardew & Co: 020 7930 0777