Sky Sells Down Interest In The Kingz
9th March 2002
SKY SELLS DOWN
IN THE KINGZ TO MINORITY SHAREHOLDERS
SKY Television announced today that as from 1 July 2002, SKY would no longer be the largest shareholder in the Football Kingz.
The controlling interest in the club, has been purchased, subject to approval by Soccer New Zealand and Soccer Australia, by two existing shareholders, Ted Midlane and Chris Turner. Midlane and Turner are existing Directors of the Kingz. SKY will retain a 10% stake in the club.
John Fellet, SKY Television Chief Executive said, “We have enjoyed our relationship with the Kingz. We think that the Kingz have not only provided valuable summer evening programming, but have also increased viewership of our entire soccer product on our sport channels. As part of the arrangement SKY will retain its current television rights with the Kingz”.
Kingz CEO Chris Turner said, “SKY has not received the recognition it has deserved for stepping up when the Kingz needed them the most. They will remain as the perfect strategic shareholder.”
SKY confirmed that it never intended to be a long-term holder of the Kingz, “ It was important to SKY that the Kingz become established. To this end they have proven themselves. In spite of their well publicised difficulties on and off the field they have turned in solid television ratings and are currently sixth in the league in attendance” said Fellet.