Orlando Predators Entertainment, Inc. Executes Letter Of Intent To Sell League Team
ORLANDO, FL (PRNewswire-FirstCall) -- The Orlando Predators Entertainment, Inc. announced today that it has entered into a non-binding letter of intent to sell its Orlando Predators Arena Football team to an affiliated individual. Terms of the letter of intent were not disclosed, as the Company intends to solicit offers from other interested parties before making a decision on a purchaser for the team. The letter of intent is subject to a number of contingencies including the execution of a definitive purchase agreement, receipt of a fairness opinion concerning the transaction, the possible receipt of improved offers from other interested buyers, approval of the Company's Board of Directors and Arena Football League's Board of Directors approval. The Company has experienced cash-flow difficulties in recent weeks. Accordingly, the Company has elected to sell the Predators and also intends to consider sale of its other sports teams. If the Company is unable to reach a satisfactory agreement for a Predators team sale or generate cash from other sources, including the sale of its other teams, it will have to reduce its overhead expenses and curtail certain of its current operations.
ORLANDO, FL (PRNewswire-FirstCall) -- The Orlando Predators Entertainment, Inc. announced today that it has entered into a non-binding letter of intent to sell its Orlando Predators Arena Football team to an affiliated individual. Terms of the letter of intent were not disclosed, as the Company intends to solicit offers from other interested parties before making a decision on a purchaser for the team. The letter of intent is subject to a number of contingencies including the execution of a definitive purchase agreement, receipt of a fairness opinion concerning the transaction, the possible receipt of improved offers from other interested buyers, approval of the Company's Board of Directors and Arena Football League's Board of Directors approval. The Company has experienced cash-flow difficulties in recent weeks. Accordingly, the Company has elected to sell the Predators and also intends to consider sale of its other sports teams. If the Company is unable to reach a satisfactory agreement for a Predators team sale or generate cash from other sources, including the sale of its other teams, it will have to reduce its overhead expenses and curtail certain of its current operations.