Russell Brands Offers to Buy 94Fifty Smart Sensor Basketball

by San Antonio Attorney

Russell Brands LLC, a U.S.  maker of sports equipments, made an offer to buy the first ever smart basketball, which has sensors that send out data on ball-handling to smartphones.

The Kentucky-based manufacturer, which is a subsidiary of Berkshire Hathaway Co., offered $1.5 million to acquire the insolvent startup company that made 94Fifty Smart Sensor Basketball, based on court papers filed.

The deal is still subject to a bankruptcy judge’s approval.

InfoMotion Sports Technologies Inc., the maker of smart basketball, sought for Chapter 11 bankruptcy protection on March in the U.S.  Bankruptcy Court in Boston.  According to CEO and founder Michael Crowley, the financial problems were caused by low funding.  In 2013, an investor group assured a $5 million in loans but was unable to assist the company to obtain more funds.

The basketballs can capture data on dribble moves, evaluate backspin shots and gauge shooting arc, then transmit that data through Bluetooth technology to a smartphone close by.  The price of a smart basketball is $199.95.

In court documents filed previously, Cowley said the instant and accurate feedback makes it possible for players to enhance their motor skills in a more efficient way.

The 94Fifty Smart Sensor Basketball also allows customers to connect with other owners anywhere in the world.

In 2014, the product was recognized by Time magazine as one of the “Top 25 Inventions of the Year”.

On top of an estimated $1.4 million debt to the investor group, the company also owes around $393,000 to a development agency from Ohio.  The basketball maker was formerly based in a Columbus, Ohio, but the manufacturing was closed down and they hired independent contractors instead.

In a Chapter 11 bankruptcy case, a debtor keeps control of their estate while the financial obligations are being reorganized.  To find out more about the relief provided by Chapter 11, talk to a San Antonio Lawyer who handles bankruptcy cases.

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