Dick's Sporting Goods Inc., the largest U.S. sporting goods retailer, said yesterday that it was the successful bidder in the auction for the intellectual property of bankrupt competitor Sports Authority with a bid of $15 million, Reuters reported today. Dick's shares jumped as much as 6 percent after Reuters first reported the development earlier, which ensures Dick's will no longer be competing against the Sports Authority brand. Dick's shares closed up 4.1 percent at $45.06. Dick's and Sports Authority still have to finalize paperwork on the deal, and a U.S. bankruptcy court judge has to approve it, the company said in a regulatory filing. The bankruptcy court's hearing to consider approval of the deal is scheduled for July 15. The intellectual property of Sports Authority includes its e-commerce website, SportsAuthority.com, a loyalty program with 28.5 million members, and a list consisting of 114 million customer files, according to an advertisement for the intellectual property auction. Dick's also said that it plans to take over the leases for 31 Sports Authority stores for an additional $8 million.
