The Football Network said Wednesday that it has signed a definitive standby-equity-distribution agreement for up to $30 million with Cornell Capital Partners LLC.
The deal would commit Cornell to purchasing up to $30 million of TFN’s common stock over the course of 24 months, and the network would be able to draw in certain increments over the course of those 24 months.
“I am delighted that we have been able to complete this next step in the process of working with Cornell,” TFN president Jerry Solomon said in a prepared statement.
“They have shown a real understanding of our business objectives, and I am looking forward to shortly beginning the SEC [Securities and Exchange Commission] filing process,” he added. “This agreement with Cornell opens up several avenues for TFN's growth as a football-based multimedia company.”