The multi-million pound deal for the sale of Frank McCourt’s shares in the international five-star showjumping series went before the Netherlands Commercial Court. H&H finds out more about the case...
The Global Champions Tour (GCT) has a new owner, following the conclusion of a legal case involving a multi-million pound deal.
The sale of Frank McCourt’s shares in the international five-star showjumping series and the Global Champions League (GCL) has gone ahead. This follows a question mark over whether the new buyer would go through with the deal in light of the coronavirus 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.
“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.
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