Softbank to Acquire Daiei Hawks Baseball Team

Strategic Insights -

Toshio Hasumi, president of struggling retailer Daiei Inc., and Masayoshi Son, president of internet service provider Softbank Corp., reached a basic agreement on the sale of the Daiei Hawks professional baseball team in the Pacific League. The deal, valued at 15-20 billion yen, marks a significant step in Daiei's efforts to rehabilitate its business. Softbank plans to buy Daiei's stake in the team for 5 billion yen and the rights to the Hawks' games from Colony Capital LLC for 10-15 billion yen.

Key Takeaways:

  • Daiei Inc. and Softbank Corp. have reached a basic agreement on the sale of the Daiei Hawks professional baseball team.
  • The sale is valued at 15-20 billion yen, with Softbank paying 5 billion yen for Daiei's stake in the team and 10-15 billion yen for the rights to the Hawks' games from Colony Capital LLC.
  • The deal marks a significant step in Daiei's efforts to rehabilitate its business after turning to the state-backed Industrial Revitalization Corp. of Japan for help in October.
  • Hiroshige Sasaki, chairman of the Daiei Hawks, confirmed the sale will proceed, with a report on the deal expected to be made in a pro baseball committee meeting on Monday.
  • The sale is expected to be finalized early next week, with Softbank aiming to complete the deal as soon as possible.

Statistics:

  • 15-20 billion yen: Valuation of the sale of the Daiei Hawks professional baseball team.
  • 5 billion yen: Amount Softbank plans to pay for Daiei's stake in the team.
  • 10-15 billion yen: Amount Softbank plans to pay for the rights to the Hawks' games from Colony Capital LLC.
  • October: Month in which Daiei turned to the state-backed Industrial Revitalization Corp. of Japan for help with its business rehabilitation.

Sources:

  • Kyodo News International
  • Softbank Corp.
  • Daiei Inc.
  • Colony Capital LLC
  • Industrial Revitalization Corp. of Japan
  • Japanese professional baseball league (Pacific League)