TLA Worldwide completes sale of US businesses

(Sharecast News) - Athlete representation and sports marketing company TLA Worldwide announced on Friday that, following the result of its general meeting on 27 December, the sale of its US businesses had now completed.The AIM-traded firm had reported its agreement to sell the businesses, consisting of The Legacy Agency and TLA Worldwide Americas, to the newly-incorporated GCM Sports Holdings for consideration of $6.2m in cash on 3 December.GCM Sports Holdings is owned by Guernsey-domiciled Gatemore Capital Management fund Gatemore Partners."It is expected that Michael Principe and Greg Genske will cease to be directors of TLA and the other members of the group following completion of the sale," TLA Worldwide said in its statement."The company will make a further announcement once these resignations are confirmed."In addition, the company announced that the forbearance agreement entered into with SunTrust on 10 October had been terminated and replaced with a new forbearance agreement with SunTrust dated 27 December, with the effect that the forbearance period had been extended from 31 December to 31 January.