Sage Ranch vs Miami Padel ClubI still cannot wrap my head around how the justification of dropping the JV option with GRB for Sage Ranch could have happened.
PWRs share of the Net Profits (based on the Altus Report) was a whopping $87M.
The JV was dropped because PWR didn't make payments, yet they turned around and all of a sudden had $4.4M + 90M warrrants @ 5c + the club's debt available to purchase Ronnie Strasser's Miami Padel Club.
For Context: Ronnie Strasser is a major shareholder in Greenbriar (Greenbriar also sponsored the club), put up an offer to purchase Sage Ranch for $79M and is the owner of Miami Padel Club.
$88M for Sage Ranch or the Miami Padel Club and its debts?
What do you think was the better decision?
Sage Ranch or Padel debts.