Source: bassfan.com
BASS Sale Closes: Nov. 1, 2010
Photo: Bassmaster.com
Call it the end of another era. The Bass Anglers Sportsman Society, known as BASS, has changed ownership for the third time in its 42-year history.
ESPN’s pending sale of the organization to investors Don Logan, Jerry McKinnis and Jim Copeland was confirmed several months ago, but the sale didn’t close until yesterday. The news was officially announced this morning.
Logan, the former boss of Time Inc. and later AOL Time Warner, is a name recognized worldwide.
McKinnis is a longtime industry and TV veteran, angler and founder of JM Associates, which is now a part of media giant Career Sports & Entertainment.
Copeland’s a financial star best known as former CEO of international financial services firm Deloitte. He currently serves on the board of three Fortune 500 companies. Terms of the sale were not disclosed.
The new ownership addressed BASS personnel today at corporate headquarters in Celebration, Fla.
The sale initially means BASS is now back in private hands after roughly a decade of public ownership through ESPN and its parent Disney.
BASS event programming is expected to remain on ESPN networks “for multiple years,” according to the announcement.
Bassmaster.com in the short-term will continue to run within the ESPN.go domain.
No staffing changes were announced, although swift changes to senior management are the norm when corporations change hands.
There’s uncertainty as to whether the organization will continue to operate out of Celebration or eventually relocate.
In announcing the news, George Bodenheimer, co-chairman, Disney Media Networks and president, ESPN. Inc., said: “We’re proud of our employees’ contribution to BASS this past decade and we’re pleased to continue ESPN’s association going forward. Under the direction of Don Logan, Jerry McKinnis and Jim Copeland, BASS will be well positioned to serve anglers’ interests for many years to come.”
McKinnis Anxious, Logan ‘Settling’
BassFan spoke with McKinnis about the sale close. He confirmed that the deal did close on Monday, Nov. 1 – prior to today’s official announcement.
He received the final news – that the money had changed hands – as he and Logan were seated at a lunch table. Papers were signed prior to the weekend, but Logan confirmed the financial transaction on his Blackberry yesterday, McKinnis said.
McKinnis also noted that the sale process actually matured quite quickly, given the fact that Disney and its subsidiaries are publicly held.
“There were no real problems at all,” McKinnis said. “You’re just dealing with a lot of really big people at ESPN and Disney. And they were actually fantastic. It just takes a long time. There’s so much lawyering that goes on, and we had to do our due diligence, and boy, that was a monster. Really, there are some people in the know who’ve been through some of these things more than me, and they told me they were surprised it got done so soon.”
McKinnis also referred to himself as someone who “doesn’t have a whole lot of patience,” whereas Logan, through his vast corporate experience, was “a true settling force” throughout the sale. And while members and anglers might view McKinnis as the face of the sale, it’s in fact Logan and even Copeland who bring the business acumen needed to re-create a solid business foundation for the organization.
The Periods
McKinnis said the most common question he’s asked is what will be the new ownership’s first order of business. McKinnis did say that his first order will be to “put the periods back in BASS” – a reference to the organization’s traditional, punctuated acronym which was changed by ESPN.
But he added that was a symbolic move. Business, of course, is the first order.
“I’m kind of kidding but I’m not,” he said. “(The periods) are kind of a symbol of what we want to do and that’s really to start reaching out to everybody who ever thought about bass fishing – the weekend guys, the Federation Nation, as well as our Elite guys. Everybody.
“But the first step is to make a good business out of BASS. It just has to be solid. And then we’ll be able to start going down the line and tweaking the Federation Nation and making the (Bassmaster) Opens really strong. I have such a vision of wanting those Opens to be so much more, and of course the Elites. When we get all that going and the business going well, it’s going to be great for everybody in this industry.”
The Bassmaster Opens do seem to be an immediate focus. BASS announced late last week that winners of individual Opens would receive Bassmaster Classic berths – a stark change in qualifying and the first significant change by the new owners.
Additional Details
Although reported previously (see this story), McKinnis stated again that he “didn’t wake up one day last winter and say, ‘Boy, I’d like to buy BASS.'” Instead, Bodenheimer approached him about the sale, introduced him to Logan, and then he and Logan spent a few months investigating both the sale and whether or not they’d “mesh” as partners.
According to Logan, there was a handshake agreement in place between himself and Bodenheimer that if ESPN ever did look into selling BASS, Logan would be invited to bid.
Sale reporting will continue throughout the week.