Amusement park giant buys Harlem Globetrotters

PHOENIX (AP) Georgia-based Herschend Family Entertainment Corp. has bought the Harlem Globetrotters from Shamrock Capital Advisors.

Terms of the deal were not revealed.

Herschend, based in Norcross, Georgia, is a family-owned company that owns and operates 26 theme parks, aquariums and other attractions in the U.S. Among its operations is a partnership with country singing star Dolly Parton for Dollywood and Dollywood's Splash Country in Tennessee.

The Phoenix-based Globetrotters have provided basketball hilarity to the masses since 1916, performing 25,000 "games" around the globe. The Globetrotters display their antics in about 400 games per year.

Shamrock Capital Advisors, a Los Angeles-based investment firm, purchased Harlem Globetrotters International Inc. in 2005 and reportedly had been shopping the team in recent months. The Los Angeles Business Journal in June listed the proposed price as anywhere from $50 million to $100 million.

Joel Manby, president and CEO of Herschend, said the Globetrotters fit perfectly in the company's family-oriented operations.

"The team is coming off its best touring year ever, and this acquisition helps HFE diversify into a new but complementary business," Manby said in a statement announcing the sale.

Globetrotters CEO Kurt Schneider said the team's "brand is hotter than ever."

Herschend said the Globetrotters management team and roster would remain in place. The Globetrotters have about 90 employees.