Veritix
Credit agreement with Rockbridge Growth Equity
Date: Nov. 9
Terms: Ticketing company Veritix has acquired a $100-million credit facility from Rockbridge Growth Equity, an investment firm owned by Veritix and Cleveland Cavaliers owner Dan Gilbert.
The deal gives Veritix access to capital and the ability to offer upfront rebate deals and cash payments to teams, venues and entertainment properties.
“This puts us on a level playing field to compete,” said Veritix President Jeff Kline. “In the past year we’ve gone after a lot of business, and we feel access to this capital will make us more competitive.”
Kline said many clients are still asking for cash payments in advance of future ticketing contracts.
“Those days are not over – our deals financially are very lucrative for venues and teams, but the reality is that when we’re competing head to head, these large cash advances have been common practice and in some cases it’s expected and even required.
“I believe in my company and I believe in my industry. Do I think we’re going to go through $100 million? I hope not. If it takes that much money, I’m not sure we’re in the right business.” — Dave Brooks
Interviewed for this article: Jeff Kline, (216) 466-8055
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