Daiei Inc. is expected to reach an agreement with Internet service provider Softbank Corp. early next week to sell its entire stake in the Fukuoka Daiei Hawks, sources said Friday.
Softbank is aiming to buy the Pacific League baseball club from the ailing retail giant for 5 billion yen as well as the rights to ticket sales and team goods from U.S. investment bank Colony Capital LLC for 10 billion yen to 15 billion yen, the sources said.
It is expected to take a little longer for Softbank and Colony Capital to reach an agreement on the proposed transaction because the U.S. firm said earlier this week that it has not decided whether to sell the rights.
Daiei had initially planned to retain a stake in the team after reaching a deal with Softbank, but has apparently changed its position due to opposition from the Industrial Revitalization Corp. of Japan and the retailer's main creditor banks, the sources said.
In October, Daiei was forced to turn to IRCJ for help with its business rehabilitation. Later in the month, Softbank announced its intention to acquire the Hawks from Daiei.
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