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You are bidding on The Indiana Firebird’s membership interest in the Arena Football League, its lease rights to the Conseco Fieldhouse in Indianapolis, Indiana, and all other inventory, rights and assets used in connection with the ownership and operation of The Indiana Firebirds Arena Football League Team (“Seller”). The consummation of the sale will require, and is subject to, further documentation and approvals, including, but not limited to, the execution and delivery of a formal Purchase Agreement relating to the acquisition of the Team, the Arena’s Football League’s approval of the purchaser, as well as the consent of Pacers Sports and Entertainment, as landlord at Conseco Fieldhouse. Buyer and Seller shall work, in good faith, to obtain the required consents for the transfer of the Team, and the closing of the transactions offered herein.
Within one (1) day after close of this auction, the successful Purchaser shall place a $250,000 refundable deposit into an account with Seller’s Escrow Agent. Purchaser shall submit its preliminary transfer approval documents (personal and financial information) to the Arena Football League on or before September 20, 2004, along with a $35,000 transfer fee. The AFL Board of Directors is scheduled to meet on September 20, 2004 and the purchaser may be required to be available at that meeting.
Purchaser shall have ten (10) days to perform its due diligence. At the end of the ten (10) day period, purchaser shall deposit an additional $250,000 with Seller’s Escrow Agent. Upon approval by the Arena Football League Board of Directors, and consent of Consent of Pacers Sports and Entertainment, the entire deposit shall be nonrefundable. Closing shall take place within 30 days from all necessary approvals. At closing, payment shall be made in immediately available U.S. funds. All deposits shall be credited against the purchase price.
For more information on the Indiana Firebirds, please visit our website at http://www.firebirds.com. This site also includes links to the Arena Football League website.
* According to AFL requirements, any purchasers are subject to thorough background and financial investigations and must meet a combined net worth of $60 million and must have at least $6 million liquid post-purchase to operate the team. All application materials and fees must be submitted and processed by the AFL prior to September 20, 2004. Application approval requires a 3/4 affirmative vote by the AFL Board of Directors.