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Englewood, Colo., In a deal worth about $1.3 billion, sporting-goods retailer The Sports Authority, Inc. has agreed to go private in a management-led buyout.
The buyer is Los Angeles private equity firm Leonard Green & Partners LP, along with members of the retailer’s senior management. The board unanimously approved the deal, which is expected to close in this year’s second quarter.
According to a spokesman for the country’s largest full-line sporting-goods chain, going private will give the company greater flexibility to accomplish its long-term goals. It currently operates 398 stores under The Sports Authority, Gart Sports and Sportmart flags.