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Sports Authority aims for Net
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May 19, 1999: 4:01 p.m. ET
Largest U.S. sporting goods chain enters online venture with Global Sports
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NEW YORK (CNNfn) - The Sports Authority Inc., the country's largest sporting goods chain, Wednesday announced a joint venture with Global Sports Interactive to develop a Web site to be called TheSportsAuthority.com
The joint venture will exclusively operate the e-commerce business of Sports Authority (TSA). The site will launch by the fourth quarter.
The site will offer a wide selection of sporting goods, athletic footwear and apparel available in the Fort Lauderdale, Fla.-based company's retail stores.
In addition, the site will integrate related sports content and community programs, as well as corporate communications features.
The Sports Authority initially will own 19.9 percent of the new site, while Global Sports Interactive will own the remaining 80.1 percent. The Sports Authority has the ability to increase its ownership stake up to 49.9 percent over time.
In addition, Sports Authority has been granted warrants to obtain about 1 percent ownership stake in the interactive unit's parent company, Global Sports Inc. (GSPT).
Sports Authority was down 1/4 at 6-5/8 in late afternoon trading. Global Sports Inc. was down 1-13/16 at 18-3/16. 
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