Word: racquets
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Dates: during 1990-1999
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...brutal competition in sports equipment won't go away soon--but some brands will. "There's only room for so many," observes Eliasch, who recently bought Penn Racquet Sports from yet another conglomerate, GenCorp. Head is planning an IPO to finance some additional acquisitions. Eliasch is a scratch golfer, and golf brands are struggling. Could he be teeing something...
Andre Agassi isn't the only thing in tennis that's on the upswing. So is the game, and that's good news for racquet makers such as Wilson, Prince and Head, the company that makes Agassi's. With golf muscling in on the leisure market, racquet sales have been in a decade-long decline. This year sales could climb 5%, which is in some measure attributable to the ability of a Swedish turnaround artist to persuade the Austrian government's tobacco monopoly to sell him a sporting-goods company created by an American entrepreneur...
...reverse that for a moment. The entrepreneur is Howard Head, who created a metal ski and later an oversize tennis racquet, revolutionizing both sports. He sold his namesake company in 1971 to AMF, a conglomerate that was busted up in the mid-1980s. Head was sold to a leveraged buyout firm, Freeman Spogli, in 1989, which unloaded the struggling company on Austria Tabakwerke, a government-owned firm that bought Head to try to keep its manufacturing jobs in Austria. "They did even worse," says Johan Eliasch, a Swedish merchant banker who took over the company in 1996. "They threw money...
...third, Passarella took his opponent to atiebreak. After saving a match point, Passarellacompleted the dramatic comeback. The celebrationwas short-lived, however, as Passarella had tododge an airborne racquet thrown in frustrationfrom the other side...
...third, Passarella took his opponent to a tiebreak. After saving a match point, Passarella completed the dramatic comeback. The celebration was short-lived, however, as Passarella had to dodge an airborne racquet thrown in frustration from the other side of the net. The violent hurl seemed to sum up Cornell's feelings throughout...