Baltimore-based Under Amour has been undergoing a broad multi-year restructuring plan. Earlier this year, founder Kevin Plank returned to the helm, hoping to reverse the sales slump and boost profits.
Given that UA shares have been a trainwreck since the company was accused of defrauding shareholders about revenue growth in a bid to beat Wall Street’s forecasts in 2017, Plank, the third largest shareholder, has seen his paper wealth evaporate.
In June, UA agreed to pay $434 million to settle the lawsuit that accused Plank of intentionally deceiving investors about the company’s financial health between Sept. 16, 2015, and Nov. 1, 2019. UA will use cash and a revolving credit facility to pay the settlement.
With UA in the dumps, about 21 miles north of the company’s headquarters in Baltimore City, situated in some of the best steeplechase country in the US, Plank’s 530-acre horse farm, called “Sagamore Farm,” was “briefly listed for $22 million,” according to local media Baltimore Banner.
Here’s more from the local media outlet:
The listing by the real estate firm Compass was publicly available online on Monday morning. Denie Dulin, the listing agent, said the Glyndon estate might be sold privately and declined to comment further.
“It’s not publicly being marketed yet,” Dulin said.
Plank bought Sagamore Farm from a developer in 2007 through an LLC. It’s unclear how much he paid. Property records do not disclose a sale price.
In 2010, several years after Plank bought the race farm, he told the Baltimore Sun paper that he planned to win a ‘Triple Crown.’
The real estate agent did not explain why Plank decided to sell the race farm. Plank has been locked in a zoning dispute with local conservation groups after he proposed building a whiskey distillery on the historic farm. The timing of the sale also comes amid UA restructuring efforts.
Meanwhile, Plank, who previously supported former President Trump, hosted a closed-door fundraiser for far-left Democrats at Sagamore’s main house in mid-May.
See Gov. Wes Moore clapping on the right side of the image. And no, this is not a deep fake.
The nearly two-decade partying at the Plank family’s ‘frat house’ at Sagamore is coming to an end—better start focusing on turning around the sinking UA ship.
Tyler Durden
Sat, 08/17/2024 – 20:25
