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Resolution Approving a Request for Consent to Transfer a Majority Equity Interest in the Cougars Baseball Partnership and American Sports Enterprises Inc. to REV Equity Ventures LLC and Execution of Fifth Amendment
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WHEREAS, It is deemed reasonable and desirable to grant consent from the Forest Preserve District of Kane County, Kane County, IL Board of Commissioners (the “District”) regarding Cougar Baseball Partnership and American Sports Enterprises, Inc. (collectively the “Cougars”) related to the sale of the Cougars operations and to approve the sale of its majority equity interest to REV Equity Ventures, LLC to cause it to continue under the existing stadium license (the “License Agreement”) for Northwestern Medicine Field and related amenities (the “Stadium”); and
WHEREAS, a request has been made by the Cougars and REV Equity Ventures, LLC (“REV”) for approval of an assignment of the majority equity interest as such approval is required under the terms of the License Agreement held by the Cougars in the event of a proposed majority interest sale of the Cougars’ baseball organization arises; and
WHEREAS, the request for approval has been made to the District by the Cougars Baseball Partnership and REV under the terms of the License Agreement, which provision states that such consent and approval will not be unreasonably withheld; and
WHEREAS, the District has been presented a Fifth Amendment to the Second Amended and Restated License Agreement, which provides for an acceleration of license fees under certain conditions related to the removal of the Cougars from the Stadium as its home field; and
WHEREAS, the District is agreeable to conditionally release Dr. Robert Froehlich and Cheryl Froehlich from certain guaranty obligations made by them to assure compliance with the License Agreement terms in the event the transaction involving the assignment of the majority equity interest in the Cougars is completed.
NOW, THEREFORE, BE IT RESOLVED that the Board of Commissioners of the Forest Preserve District of Kane County, Kane County, IL, hereby consent to the proposed majority equity assignment of the majority equity interest in the Cougars to REV, as well as to the terms and conditions of the Fifth Amendment; and
FURTHER RESOLVED, that the President and Secretary of the District be, and hereby are, authorized to execute such Fifth Amendment in accordance with the foregoing resolution and to acknowledge and grant consent for the Cougars Baseball Partnership and American Sports Enterprises Inc. to transfer its majority equity interest as contemplated to effectuate the proposed sale of the Cougars to REV.
APPROVED AND PASSED on this 11th day of March 2025.
___________________________ ____________________________
Bill Lenert Mohammad Iqbal
President, Kane Forest Preserve Secretary, Kane Forest Preserve
Kane County, Illinois Kane County, Illinois