RivalNetworks to close shop
Puget Sound Business Journal (Seattle) - by M. Sharon Baker
The board of directors of Internet sports site RivalNetworks Inc. voted to shut the company down Monday night after Chief Executive Saul Gamoran nixed a potential asset sale to Nike Inc.
The Nike deal was a last ditch effort by founder Jim Heckman to keep his idea alive. Heckman founded the Internet sports site three years ago, raised $75 million in debt and equity, but was ousted last summer.
Rivals.com was a network of college and professional sports sites providing in-depth information on topics including the latest recruits, pregame maneuvers, and other player developments.
Nike's interest comes a week after Rival's Gamoran failed to reach buyout deals with ESPN Internet Group, Yahoo! and Global Sports Interactive. With all of those offers, Gamoran was attempting to sell the company and secure jobs for the company's top management as well as staff of 80, confirmed three sources, who each asked not to be identified.
Gamoran and Mark Shuken, the company's president, were unavailable for comment.
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