SportBusiness.com

The purchase of the 50 percent stake in ATL was worth $500,000 in cash plus liabilities in the region of $1.3m - some of which has been provided for by the Malaysian investment vehicle Snowy Invest & Trade Inc.
A key term of the acquisition is that with effect from completion all existing civil legal actions between PMG and World Sport Group are either waived, formally withdrawn or discontinued. All other contractual relations between the two parties have been terminated.
In addition WSG will receive all commercial contracts relating to the Dynasty Cup and Volvo Masters of Asia events.
PMG says the deal, along with new capital from a group of influential local Asian investors, revised agreements with the American Express Tour de Las Americas and the Ladies European Tour, will allow it to push forward.
ATL will continue to promote the Carlsberg Malaysian Open, Caltex Masters presented by Carlsberg, TCL Classic, Nations Cup, Hong Kong Open and proposed new events the China Classic, Vietnam Masters and Malaysia Classic.
Under the purchase agreement, ATL will also form a new TV division, Asian Series TV (ASTV), which will produce and distribute the pictures and reports from its event portfolio.
Said David Ciclitira, chairman of PMG: “We are delighted to have consolidated our interest in ATL.
“We can now concentrate on enhancing the value of these key assets in Asia such as the PGA European Tour co-sanctioned Caltex Masters presented by Carlsberg which is being staged this week by ATL in Singapore.”
PMG has transferred ATL to its Asian operations arm, Parallel Media Asia (2003) Limited (PMA) which now owns the whole of ATL.
PMA was established in September 2003 as a joint venture between PMG and a group of influential Malaysian investors who have substantial holdings in golf resort and other property developments throughout the region.