Sports Publishing Close to Sale?

By Dermot McEvoy -- Publishers Weekly, 9/5/2008 6:59:00 AM

Sports Publishing LLC of Champaign, Ill. is close to being sold. "We have been working on a transaction for many, many months with a company in Chicago," publisher Peter Bannon told PW via e-mail. "That process has been difficult and has taken much longer than anticipated, but I believe will be consummated within the next few weeks. There are authors and vendors that have gotten caught in the middle of this transaction and that is unfortunate. Hopefully there will be some finality soon."

One of the authors "caught in the middle" is Paul Sterman, and in an e-mail to PW stated that he has yet to be paid $1,200 for a book about the UCLA Bruins. The manuscript was accepted and approved by SP editors. Other SP authors have also been outspoken about not being paid. David Shoalts, on SportsJournalists.com, warns other authors away from SP: "My last two payments on my advance are overdue from April and November, 2007, respectively. I was asked to settle for one-tenth of what is owed to me for a book [Tales from the Toronto Maple Leafs] that was published in November, 2007. I was also asked to sign a waiver releasing the current and future owners from paying the balance."

Several lawsuits have also been filed. Mark Gallagher, author of The Yankee Encyclopedia, filed suit on February 2, 2007 against SP for "Intellectual Property-Copyrights," seeking $75,000 in compensation. Sports Publishing filed its own lawsuit against Lefkosky et al on March 31 of this year for "Other Statues-Racketeer Influenced and Corrupt Organizations," citing the RICO Act. SP is seeking $1 million in compensation. Peter Bannon declined to give any specifics to PW on these pending cases.

SP’s Web site, www.sportspublishingllc.com, is presenting promoting a revised editions of Michael Phelps: Beneath the Surface and Sweet 17, about the Boston Celtics 2007-2008 championship season. Last fall, Bannon acknowledged that SP had been having some financial problems and in response the company had reduced both its staff and title output. At the time, Bannon was hopeful he would be able to turn around the company.

When SP is sold Bannon says that he will not be part of the new management. "On the personal front," he told PW. "I will not be part of the going forward company. I have several publishing and non-publishing opportunities that I can pursue as soon as this deal closes."