The Board of HOK Group, Inc. and managers of HOK Sports Facilities, LLC have jointly agreed to transfer ownership of HOK Sport Venue Event to leaders of that practice.Â HOK Group shareholders approved the transaction at an August 28 meeting.Â
HOK Sport Venue Event has been a part of HOK Group for 25 years and has operated independently as a wholly-owned subsidiary since 2000.Â The buyout will have no impact on clients or projects of HOK or HOK Sport Venue Event, and both practices will continue to collaborate on projects where their combined expertise will benefit the client and project.Â Â Upon completion of the buyout, HOK Sport Venue Event will become an independent company.
Patrick MacLeamy, CEO of HOK, said, â€śBoth practices are enjoying the strongest financial and operational positions in their history.Â This strategic step will facilitate the continued growth and leadership of both HOK and HOK Sport Venue Event within their respective markets.â€ť
Joe Spear, Senior Principal of HOK Sport Venue Event, said, â€śWe are proud of our 25-year association with HOK; indeed it has helped us to grow and build what has become the worldâ€™s leading design firm of sports facilities and convention centers.Â We are very excited about this next phase, in which we intend to build on that success and grow our specialist Sport Venue Event business to the benefit of our clients and our people alike.â€ť
Subject to final terms, the buyout is expected to be complete by the end of 2008.Â In time, under the terms of the arrangement, HOK Sport Venue Event will launch a new corporate name and brand.