The American Basketball Association has announced that it has entered into a letter of intent to acquire IEAH Sales Corp., a subsidiary of IEAH Stables that has been created to segregate its pinhooking division.
IEAH (Michael Iavarone, president) is best known for campaigning Big Brown , the Kentucky Derby Presented by Yum! Brands (gr. I) and Preakness Stakes (gr. I) winner who was pulled up during his Triple Crown attempt in the 2008 Belmont Stakes (gr. I). Other notable stakes winners campaigned by IEAH have included Court Vision , and Kip Deville.
“It has long been the goal of the ABA to become a major sports and entertainment company branching out well beyond the ABA,” Joe Newman, CEO of the ABA said in a release. “I have known Michael Iavarone for many years and have been greatly impressed with the progress his company has made in pinhooking and believe that this is the first step towards accomplishing our goal. We are very excited about this new venture.”
According to the release, ABA’s primary business is a professional basketball league currently composed of nearly 90 independently owned teams located throughout the world.
“Joe and I had the same visions for our companies,” Iavarone said. “And knowing one another as we do, we felt that the synergy certainly was right for the two companies to get together.”