By Naomi Mahon
Friday 6th June 2003
|Text too small?|
Best known for its success in animating the Louis Vuitton Cup and America's Cup yacht races, Virtual Spectator was bought by Mr Jordan's investment company, Endeavour Capital, in May 2000.
Mr Jordan restructured the company and changed its emphasis from selling software products over the internet to brand partnering and co-branding. He is understood to have been negotiating selling part of Virtual Spectator for some weeks. Yesterday he confirmed Bermuda-based Investors Guaranty Fund had bought a chunk of the company for an undisclosed sum.
The company is privately owned by over 150 individuals and corporations mainly involved in the securities, insurance, investment and technology fields. According to its website Investors Guaranty owns worldwide patents on "insurance securitisation, asset transformation, and loss mitigation technologies."
Investors Guaranty chief executive and chairman Douglas King and executive vice-president and treasurer Douglas Love are directors of Virtual Spectator.
All the money generated from the sale will be ploughed back into Virtual Spectator. It is understood the company has plans to roll out some new products in the non-sports area.
Meanwhile, Virtual Spectator, through Mr Jordan's company Endeavour Capital, has bought the sports division of Melbourne-based television graphics company Pineapplehead for $700,000. Pineapplehead will also receive 40% of the sports division's earnings after ebita for 2003/04, up to a maximum of $270,000.
No comments yet
NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes