The future of Golden and Popeyes is unclear.
Sources close to the deal say it’s unclear if Golden would be allowed to continue with Pep, which is owned by the family of late owner Michael Jackson.
According to sources close to Pep’s board of directors, there has been no contact with Jackson.
Sources say that the new owners of Golden have been working for the last few months on a deal with an outside investor.
This source also said that the two companies are currently negotiating a licensing deal with a partner to bring live entertainment to the Peabody Center, which the former owners of the Peacocks used to host basketball and football games.
Sources say that Pep is seeking $3.5 million to $4 million per year for the new rights, which could be used for advertising, sponsorships, or other creative endeavors.
Golden has said it wants to remain in the sports arena business, but has also made a commitment to other events.
On Friday, Golden announced it was shutting down its arena business in 2019.
While the company has made other moves in the arena business to make its operations more sustainable, the new ownership will likely be looking for a much more stable financial footing.
The new owners will be tasked with building a brand that will compete with the likes of Bud Light, Budweiser, Coors Light, and other big-name alcohol companies.
As of the end of 2019, Golden was on pace to have nearly $2 billion in annual revenue, and was looking to expand to the next phase of expansion.
With the new team on board, Golden has more than $4 billion in debt.
For its part, Pep has had a long history of paying down debt, but its recent debt restructurings have led to some cash-flow problems.
Peabody is the parent company of the Golden family of sports teams, and the new group will be able to tap into the same $3 billion that Peabones has in cash.