Prince Sports, Battle Sport Science ink trademark license agreement

By Caroline Salls

Pittsburgh, May 9 - Prince Sports, Inc. requested court approval to enter into a trademark license agreement with Battle Sport Science, LLC and to sell related assets, according to a Wednesday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company said the license agreement will allow Battle Sport Science to source, market and distribute licensed products using the trademarks in question.

The licensed products include racquets, balls, strings, tennis-specific on-court footwear, training towels and beach towels.

In exchange for the license and as consideration for the purchase of the related assets, which include accounts receivable and inventory, the licensee will pay Prince Sports guaranteed royalties and will also assume some liabilities.

Specifically, Prince Sports said Battle will pay it a royalty of 15% of specified net sales and an additional royalty of 10% of retail of any goods sold through an e-commerce website.

According to the motion, Battle has agreed to pay guaranteed minimum royalties of $3,028,430 annually for contract years 2013 through and including 2017.

Absent this transaction, the company said it would be unable to fully fund sourcing and distribution of the licensed products for the 2012 season and its brand and position in the industry would be damaged.

The company has requested a May 24 hearing.

Prince Sports, a Bordentown, N.J-based sporting goods company, filed for bankruptcy on May 1. The Chapter 11 case number is 12-11439.

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