The news is out.Randy Bernard has announced that the PBR will be selling majority shares to Spire Capital Partners from NYC.Spires will become the majority investor in the PBR when and if this agreement is ratified after the April shareholders meeting while also receiving regulatory approval.What does this mean for the PBR? I ,for one,cannot say.According to the press release the original shareholders should benefit monetarily from this but this move negates their reason for starting the PBR.Will it be a good thing? I don't know.Randy Bernard and Tom Teague seem to think so.I guess we will just have to wait and see if putting more money in shareholders' pockets is the only benefit that will arise from this.Although Spire reps say they will keep the executives intact that is the standard promise in every sell out or take over and a few months down the line we see the top echelon replaced.That is only natural in business.
Obviously the PBR felt this move was needed to foster the continuanc eof its growth internationally.But what of the "Bull riding group owned by,run by and for the riders"?That issue will be dead in the water once an investment company takes over.Is it best for the riders to give up their autonomy.Was not the PBR founded so that the riders could control their own destiny? I guess we will have to wait and see.
Already comments are appearing on line with speculations about how event ticket prices will go sky high; and who will get axed.So far the comments are raising many questions.I just hope this works out for the riders.
No comments:
Post a Comment