New owner for global tour in major deal
The multi-million-pound sale has been finalised after a court case
The Global Champions Tour (GCT) has a new owner, following a legal case involving a multimillion-pound deal.
The sale of Frank McCourt’s shares in the international fivestar showjumping series and the Global Champions League (GCL) has gone ahead. This follows a question over whether the buyer would go through with the deal in light of the Covid-19 pandemic.
Lars Windhorst’s Tennor Group is the new co-owner of the GCT and GCL with founder and president Jan Tops, after an “amicable outcome” was reached with McCourt Global.
The case between McCourt Global and Tennor Holding went before the Netherlands Commercial Court in April.
It centred on the fact Tennor Holding, the defendant, had not signed the €169m (£151.37m) transaction agreement for a 50% stake in the company, and whether Tennor Holding was liable for a €30m fee if the paperwork was not completed by the transaction date.
On 14 May, the parties announced they had reached an agreement and the sale had gone through as planned.
“I am delighted to have agreed the new partnership with Jan and I look forward to working together to develop exciting opportunities for this fantastic global sports property,” said Mr Windhorst.
Mr Tops added: “Our business is in good shape and strong as it has always been, pandemic notwithstanding, and all team owners and other key stakeholders are fully committed.
“We will continue to build on our innovation roadmap and the global success of our circuit. We will go forwards not backwards.”
He added they are looking forward “to a positive outcome” in restarting the GCT and GCL when it is safe to do so.
“We all recognise this will be a period of constant adjustment and adaptation and we will decide very soon if it is possible to safely organise some events this year, taking into account the rules of national governments, or whether we will start fresh next year,” he said.