Dick’s Wins Sports Authority Brand Name at Auction
Dick’s Sporting Goods Inc., Coraopolis, Pa., recently won an auction for Sports Authority Holdings Inc.’s brand name and other intellectual property with a bid of $15 million, according to The Wall Street Journal.
Dick’s beat out British retailer Sports Direct Intl. PLC, which bid $13 million, according to reports. In addition to the intellectual property, Dick’s also won 31 Sports Authority store leases for $8 million. Other store leases also were sold at the auction.
All winning bids are subject to the approval of the United States Bankruptcy Court in Wilmington, Del., which is overseeing Sports Authority’s chapter 11 case.
Sports Authority also is selling its naming rights at Sports Authority Field at Mile High in Denver, home of the Denver Broncos, in its bankruptcy. The stadium-naming rights were to have gone on the auction block Wednesday but remain available. People familiar with the matter say talks are underway to extending the bid deadline, according to The Wall Street Journal.
Sports Authority’s liquidation sales, which are being conducted by Hilco, Gordon Brothers Retail Partners LLC and Tiger Capital Group LLC, at its 450 stores have been underway since Memorial Day weekend and are expected to be completed by the end of July. — J.L.