TLA Worldwide agrees to sell US business to GCM Sports

(Sharecast News) - TLA Worldwide, the athlete agency and sports marketing group, has agreed to sell its US subsidiaries, The Legacy Agency. and TLA Worldwide America to GCM Sports Holdings.GCM Sports Holdings, owned by Gatemore Partners, will buy both the baseball and US sports marketing business from TLA for $8.5m once it has the shareholder approval.As Gatemore is interested in 14.7%. of the issued share capital of the company, the sale is being treated as a Related Party Transaction in accordance with AIM Rule 13.The entire proceeds from the sale, net of costs, will be used to reduce the indebtedness of TLA Worldwide to the bank.