"The Lizards' average home attendance last year (3,827) ranked fifth out of six teams. Newsday (N.Y.) reported the selling price for the team was in the neighborhood of $1.5 million, with Medallion holding about 60 percent and Brown roughly 20 percent of ownership."
I'm out! I bought after the dip on the secondary. I thought the selloff from the secondary was excessive, but now I'm wondering if the secondary offering was to finance the lacross team. I can't see any way a lacross team can be profitable.
I sent an email to investor relations to see if I could get any answers. If there was no press release, I would assume that the information and dollar amount of the investment is immaterial. Below is a summary of the email. I will post a response if I receive one.
1.) What was Medallion's financial commitment?
2.) What percent of the team does Medallion now own?
3.) How much was the team's net profit or net loss in 2011?
4.) What is the anticipated return on investment?
I second that opinion. Huh? Hopefully a professional lacrosse team only costs a couple hundred thousand and they better expect a 15% return on investment. But seriously, huh? There's no press release put out by the company.
Took a look at the 10k and found that Andrew Murstein was an officer at Sports Properties Acquisition Corp. Also found that TAXI has a subsidiary called Medallion Sports Media.
Gotta wonder why buying a lacrosse team in Long Island is a wise investment...