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Could you give us a brief overview of Crown Sports, including the companys history, products and services?

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Could you give us a brief overview of Crown Sports, including the companys history, products and services?

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10

Mr. Knight: Crown Sports was founded in 1994 with the intention of purchasing a range of golf clubs and associated facilities at a time when the number of such assets were under financial pressure. We purchased several assets early on in the birth of the company. We then merged with another group that had a similar attitude and a similar range of facilities in 1998. By the end of 1999, we had eight courses owned wholly or under management. I say under management because at the very end of 1999, we sold one of our assets, but retained a management contract. We got to the end of 1999 having made a satisfactory profit, and we felt that we had put the company in a position where it had established itself with a very good platform for future growth. Therefore, we were looking for a means of taking the company on to the next level. In that context, in August 2000 we announced that an entity called Sports Assets International, whose principal beneficiary was Mr. Jeff Chapman had become a majo

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