(CelebrityAccess News Service) — Pro Sports & Entertainment, an owner, operator and marketer of live sporting and entertainment events, has acquired the Core Tour, a nationwide action sports and music festival tour. This transaction represents PSEI's entry into the action sports market and is a strategic component of its acquisition growth initiative.
The Core Tour series is comprised of pro and amateur competitions in BMX dirt jumping, skateboarding, in-line skating, mountain boarding and live concerts that are conducted at Venice Beach, CA (June 11-13), South Street Seaport, New York, NY (July 16-18) and Huntington Beach, CA (September 10-12). Each venue hosts more than 100,000 attendees during its respective weekend. In its fourth year, The Core Tour is televised on the FOX Sports Network's award winning Core Culture action sports television show. Pro Sports & Entertainment, Inc. intends to expand the television coverage into multiple markets in 2005 through Fox and other broadcast outlets. The Core Tour has a number of annual corporate partners that include Panasonic, Nokia, OTB Jeanswear, Paul Mitchell, Butterfinger, Got Milk?, Lifesavers and Arrowhead Water.
"Pro Sports & Entertainment is excited about entering the action sports market," stated President and CEO Paul Feller. "We researched a number of action sports companies available for acquisition and feel confident that the Core Tour offers the greatest value and growth opportunities within this exciting fast growth sector of televised sports. Tremendous value and sponsorship opportunities are created by this acquisition."
"We feel that PSEI is a perfect partner for us," stated Rick Stark one of the four original partners that all have been retained to operate the tour. "With PSEI behind us we will be able deliver more value to our sponsors, increase the prize purse and improve the product every season. They know we are experts at this and are looking for our guidance to help them grow the property. The Pro Sports & Entertainment brand is also enhanced by the bi-coastal presence of the events, two on our Southern California beaches and the other in New York City's lower Manhattan. A fourth location is being researched in the Midwest."
Many of the Core Tour sponsors are looking forward to the coming season. Julie Solwold, Vice President of Sports Marketing, Paul Mitchell Systems, exclaimed, "The Core Tour has always delivered an incredible return for Paul Mitchell in a market that is very important to us. We anticipate the same level of excellence and innovation with the new team and look forward to another great season with the Core Tour in 2004." –Bob Grossweiner and Jane Cohen