Monday, April 2, 2012

AVP sold again to a guy in Irvine

by Jason Schock at 4:49 PM

The sad pile of detritus that was once the AVP — bankrupt and virtually non-operational for well over a year — has been sold to some guy in Irvine, CA for $2M. Acquired for $3.8M in debt in December 2010 by shareholder Nick Lewin, the ever-depreciating AVP property will next be acquired by the guy who traded up a paperclip for a house.

The new owner, 37 year-old Donald Sun, is described in the LA Times as a "former executive" at computer memory giant, Kingston. My shoddy Internet fact-digging also reveals he's probably the son of Kingston founder, David Sun, currently listed on Forbes as the 138th richest person in the US. The younger Sun, who was an all-star high school volleyball player at University High in Irvine, claimed in the Times article "I'm not a volleyball guru, but I understand the enthusiasm people have for volleyball."

So what does this mean for the future of the once-premiere pro beach volleyball tour in America?

The negatives:

Being a 0.0000001% -er right now is totally un-PC, bro. Aside from that, there's a lot of rebuilding to do. A lot. You basically own a logo, some gear, and a bunch of old cases of Gatorade. Sun also seems to have no experience, uh, running a professional sports tour. Hope you've got some good help.

The positives:

Might we see a massive sponsorship from Kingston? Deep pockets from a single sponsor could eliminate the distraction of money concerns while the tour gets back on its feet. Also, just a guess here, but the guy who once headed manufacturing at a company with revenues of $6.5B for 2010 is probably no idiot.

More:

 

2 comments:

Ian Dyer said...

All in all, it's GREAT that Donald Sun has purchased the AVP. He's a local volleyball player who has a passion for the game PLUS business experience and business sense. Since the AVP has gone bankrupt twice, the best combination to finally have it succeed permanently is someone who knows and loves the game AND is a good businessperson.
Ian Dyer, www.AmericanBeachVolleyballClub.com

Ian Dyer said...

All in all, it's GREAT that Donald Sun has purchased the AVP. He's a local volleyball player who has a passion for the game PLUS business experience and business sense. Since the AVP has gone bankrupt twice, the best combination to finally have it succeed permanently is someone who knows and loves the game AND is a good businessperson.
Ian Dyer, www.AmericanBeachVolleyballClub.com