“The Buying and Selling of Sports
Teams” Featured on CIT “5
Minute Capital” Podcast Series
NEW YORK (Business Wire EON/PRWEB ) September 17, 2008 --
CIT
Group Inc. (NYSE: CIT), a leading global commercial finance company,
today released another installment of “5
Minute Capital,” a series of five-minute
podcasts featuring senior CIT
executives commenting on current market conditions, investment
trends and future growth opportunities in the middle market.
In this episode, entitled “The Buying and
Selling of Sports Teams,” Gordon
Saint-Denis, Managing Director of CIT
Communications, Media and Entertainment, Sports provides his
perspective on the current sports franchises on the market. In
commenting on how current market conditions may affect these
transactions, Saint-Denis says, “It’s
a difficult market on the financing side and sports has been touched by
it like other sectors. With that said deals are still getting done. You
have to pay attention to making sure the deals are structured correctly,
they have tight covenants and they make sense.”
In commenting on what’s needed to close the
deal today he says, “The first thing we look
for is the owner. Is the owner approvable based on league requirements,
with respect to their net worth? Are they going to be living in the city
where they are buying the franchise, or are they going to be an absentee
owner? That’s a little harder to approve. The
league wants someone who is going to be committed to the franchise and
be there. So we work closely with them to see if they are qualified from
a league perspective, from a financial perspective, to make sure we are
looking at something that will pass muster.”
Listeners can access the full interview featured on “5
Minute Capital” by visiting www.5minutecapital.com,
or by adding the feed for the podcast to their RSS software.
EDITOR’S NOTE:
Podcast photos and related artwork can be found at www.5minutecapital.com.
Individuals interested in receiving future updates on CIT via e-mail can
register at http://newsalerts.cit.com.
ABOUT CIT
CIT (NYSE: CIT) is a global commercial finance company that provides
financial products and advisory services to more than one million
customers in over 50 countries across 30 industries. A leader in middle
market financing, CIT has more than $70 billion in managed assets and
provides financial solutions for more than half of the Fortune 1000. A
member of the S&P 500 and Fortune 500, it maintains leading positions in
asset-based, cash flow and Small Business Administration lending,
equipment leasing, vendor financing and factoring. The CIT brand
platform, Capital Redefined, articulates its value proposition of
providing its customers with the relationship, intellectual and
financial capital to yield infinite possibilities. Founded in 1908, CIT
is celebrating its Centennial throughout 2008. www.cit.com
See the original story at: http://eon.businesswire.com/releases/capital/sports/prweb1347104.htm
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