UK: IBL completes trademarks sale
International Brand Licensing (IBL) said it has completed its Greece and Cyprus trademarks sale to Diethnis Athlitiki.
IBL said an initial cash consideration of GBP700,000( US$1.27m) was paid upon completion, and a deferred sum of GBP75,000 will be paid on 31 March 2007.
Chief executive Tony Hutchinson said: "The proceeds will be used in part to fuel the further growth of our Admiral England cricket replica business which continues to exceed expectations.
"We will continue to work closely with Diethnis on other market opportunities in the eastern Mediterranean, and also harness its excellent retail skills for other established Admiral markets."
Admiral is the exclusive kit sponsor of the England and West Indies cricket teams, as well as Leeds United Football Club.
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