Shareholders of the Sports Authority Inc. on Tuesday approved the company’s plan to go private in a $1.3 billion buyout led by Leonard Green & Partners LP and members of the company’s management.
The deal with Los Angeles- based Leonard Green includes the assumption of debt and should be completed within a few days.
At a special meeting held at the company’s Englewood headquarters, shareholders representing 21.5 million shares, or 81 percent of outstanding shares, voted on the deal. Some 21.3 million shares were voted in favor of the deal, which provides stockholders with $37.25 in cash for each share of common stock held.
The Sports Authority operates 400 sporting-goods stores under the Sports Authority and Gart Sports names. It has 25 Gart Sports stores in Colorado. The company employs 14,300 full- and part-time workers nationwide.
Staff writer Kristi Arellano can be reached at 303-820-1902 or karellano@denverpost.com.
