Sports Properties Acquisition Corp. Announces Second Liquidating Distribution

Sports Properties Acquisition Corp. (“Sports Properties”) (formerly NYSE Amex: HMR) announced today that it will make its second liquidating distribution of the amounts held in its trust account, which was established in connection with Sports Properties’ initial public offering. Liquidating distributions will be made to holders of shares of Sports Properties’ common stock (excluding shares issued prior to Sports Properties’ initial public offering) who took the necessary steps prior to Sports Properties’ initial liquidating distribution. Stockholders whose stock is held in “street name” through a broker will automatically receive payment through the Depository Trust Company. The second liquidating distribution is expected to be approximately $0.07 per share. Together with a liquidating distribution paid to stockholders on February 1, 2010, Sports Properties has distributed a total of approximately $9.98 per share. Any amounts representing tax refunds for prior taxable periods will be distributed following resolution of any outstanding tax issues. No payments will be made with respect to any of the Sports Properties’ outstanding warrants or shares of common stock that were acquired prior to Sports Properties’ initial public offering.

Sports Properties Acquisition Corp.

Sports Properties was a special purpose acquisition corporation formed for the purpose of acquiring, through merger, capital stock exchange, asset or stock acquisition, exchangeable share transaction, joint venture or other similar type of transaction or a combination of the foregoing, the assets of one or more domestic or international operating businesses, or one or more domestic or international operating businesses themselves. Sports Properties’ activities were limited to identifying and evaluating prospective acquisition targets. Because Sports Properties did not consummate a business combination within the time frame required by its certificate of incorporation and the terms of its initial public offering, Sports Properties liquidated and dissolved itself in accordance with its certificate of incorporation and applicable Delaware law. Sports Properties filed a Certificate and Notice of Termination of Registration on Form 15 with the Securities and Exchange Commission for the purpose of deregistering its securities under the Securities and Exchange Act of 1934, as amended. As a result, Sports Properties is no longer a public reporting company.

Sports Prop Acquisition Corp (AMEX:HMR)
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