Document:

Promissory Note

 Exhibit 10.13 
 PROMISSORY NOTE 
  

			
	$200,000	  	Dated as of September 4, 2007
		
		  	New York, NY

 Sports Properties Acquisition Corp. (the “Maker”) promises to pay to the order of
Medallion Financial Corp. (the “Payee”) the principal sum of two hundred thousand dollars ($200,000) in lawful money of the United States of America, on the terms and conditions described below. 
 1. Principal. The principal balance of this Note shall be repayable on the earlier of (i) September 4, 2008 or (ii) the date on
which Maker consummates an initial public offering of its securities. 
 2. Interest. No interest shall accrue on the unpaid
principal balance of this Note. 
 3. Application of Payments. All payments shall be applied first to payment in full of any
costs incurred in the collection of any sum due under this Note, including (without limitation) reasonable attorney’s fees, then to the payment in full of any late charges and finally to the reduction of the unpaid principal balance of this
Note. 
 4. Events of Default. The following shall constitute Events of Default: 
 (a) Failure to Make Required Payments. Failure by Maker to pay the principal of this Note within five (5) business days
following the date when due. 
 (b) Voluntary Bankruptcy, Etc. The commencement by Maker of a voluntary case under the
Federal Bankruptcy Code, as now constituted or hereafter amended, or any other applicable federal or state bankruptcy, insolvency, reorganization, rehabilitation or other similar law, or the consent by it to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar official) of Maker or for any substantial part of its property, or the making by it of any assignment for the benefit of creditors, or the failure of Maker
generally to pay its debts as such debts become due, or the taking of corporate action by Maker in furtherance of any of the foregoing. 
 (c) Involuntary Bankruptcy, Etc. The entry of a decree or order for relief by a court having jurisdiction in the premises in respect of Maker in an involuntary case under the Federal Bankruptcy Code, as now or
hereafter constituted, or any other applicable federal or state bankruptcy, insolvency or other similar law, or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar official) of Maker or for any substantial part
of its property, or ordering the winding-up or liquidation of its affairs, and the continuance of any such decree or order unstayed and in effect for a period of 60 consecutive days. 
 5. Remedies. 
 (a) Upon the occurrence of an Event of Default specified in Section 4(a), Payee may, by written notice to Maker, declare this Note to be due and payable, whereupon the principal amount of this Note, and all other amounts payable
hereunder, shall become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived, anything contained herein or in the documents evidencing the same to the contrary
notwithstanding. 

 (b) Upon the occurrence of an Event of Default specified in Sections 4(b) and 4(c),
the unpaid principal balance of, and all other sums payable with regard to, this Note shall automatically and immediately become due and payable, in all cases without any action on the part of Payee. 
 6. Waivers. Maker and all endorsers and guarantors of, and sureties for, this Note waive presentment for payment, demand, notice of dishonor,
protest, and notice of protest with regard to the Note, all errors, defects and imperfections in any proceedings instituted by Payee under the terms of this Note, and all benefits that might accrue to Maker by virtue of any present or future laws
exempting any property, real or personal, or any part of the proceeds arising from any sale of any such property, from attachment, levy or sale under execution, or providing for any stay of execution, exemption from civil process, or extension of
time for payment; and Maker agrees that any real estate that may be levied upon pursuant to a judgment obtained by virtue hereof, on any writ of execution issued hereon, may be sold upon any such writ in whole or in part in any order desired by
Payee. 
 7. Unconditional Liability. Maker hereby waives all notices in connection with the delivery, acceptance, performance,
default, or enforcement of the payment of this Note, and agrees that its liability shall be unconditional, without regard to the liability of any other party, and shall not be affected in any manner by any indulgence, extension of time, renewal,
waiver or modification granted or consented to by Payee, and consents to any and all extensions of time, renewals, waivers, or modifications that may be granted by Payee with respect to the payment or other provisions of this Note, and agree that
additional makers, endorsers, guarantors, or sureties may become parties hereto without notice to them or affecting their liability hereunder. 
 8. Notices. Any notice called for hereunder shall be deemed properly given if (i) sent by certified mail, return receipt requested, (ii) personally delivered, (iii) dispatched by any form of private or
governmental express mail or delivery service providing receipted delivery or (iv) sent by telefacsimile to the following addresses or to such other address as either party may designate by notice in accordance with this Section:

 If to Maker: 
 Sports Properties Acquisition Corp. 
 437 Madison Avenue 
 New York, NY 10022 
 Attn.: Tony Tavares, Chief Executive Officer 
 Fax: (212) 328-2121 
 If to Payee: 
 Medallion Financial Corp. 
 437 Madison Avenue 
 New York, NY 10022 
 Attn: Andrew M. Murstein, President 
 Fax: (212) 328-2121 
 Notice shall be deemed given on the earlier of (i) actual receipt by the receiving party, (ii) the date shown on a telefacsimile transmission
confirmation, (iii) the date reflected on a signed delivery receipt, or (iv) two (2) Business Days following tender of delivery or dispatch by express mail or delivery service. 
 9. Construction. THIS NOTE SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE DOMESTIC, INTERNAL LAW, BUT NOT THE LAW OF CONFLICT OF
LAWS, OF THE STATE OF NEW YORK. 
 10. Severability. Any provision contained in this Note which is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
  

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 IN WITNESS WHEREOF, Maker, intending to be legally bound hereby, has caused this Note to be duly executed
by its President and Chief Executive Officer the day and year first above written. 
  

			
	SPORTS PROPERTIES ACQUISITION CORP.
		
	By:	 	 /s/ Tony Tavares

	Name:	 	Tony Tavares
	Title:	 	President and Chief Executive Officer

  

 - 3 -Charter of the Audit Committee of the Board of Directors

 Exhibit 10.14 
 SPORTS PROPERTIES ACQUISITION CORP. 
 CHARTER OF THE AUDIT COMMITTEE 
 OF THE BOARD OF DIRECTORS 
 The board
of directors (the “Board”) of Sports Properties Acquisition Corp. (the “Company”) hereby establishes the Audit Committee of the Board with the following purpose, authority, powers, duties and responsibilities.

 Purpose 
 The purpose of the Audit
Committee is to represent and assist the board of directors (the “Board”) of the Company in its general oversight of the Company’s accounting and financial reporting processes, audits of the financial statements, and internal
control and audit functions. Management is responsible for (1) the preparation, presentation and integrity of the Company’s financial statements; (2) accounting and financial reporting principles; and (3) the Company’s
internal controls and procedures designed to promote compliance with accounting standards and applicable laws and regulations. The Company’s independent auditing firm is responsible for performing an independent audit of the consolidated
financial statements in accordance with generally accepted auditing standards in the United States (“GAAP”). 
 The Audit
Committee members are not professional accountants or auditors and their functions are not intended to duplicate or to certify the activities of management and the independent auditor, nor can the Audit Committee certify that the independent auditor
is “independent” under applicable rules. The Audit Committee serves a board level oversight role where it oversees the relationship with the independent auditor, as set forth in this charter, receives information and provides advice,
counsel and general direction, as it deems appropriate, to management and the auditors, taking into account the information it receives, discussions with the auditor, and the experience of the Audit Committee’s members in business, financial
and accounting matters. 
 Membership and Structure 
 The Audit Committee is initially comprised of at least three directors determined by the Board to meet the director and audit committee member independence requirements and financial literacy requirements of the
American Stock Exchange, Inc. (“Amex”). At least one member of the Audit Committee must be financially sophisticated, as determined by the Board, and no Audit Committee member may have participated in the preparation of the
financial statements of the Company or any of the Company’s current subsidiaries at any time during the past three years, each as required by American Stock Exchange listing standards. Appointment to the Audit Committee and the designation of
any Audit Committee members as “audit committee financial experts” shall be made on an annual basis by the full Board. 
 Meetings
of the Audit Committee shall be held at such times and places as the Audit Committee shall determine, including by written consent. When necessary, the Audit Committee shall meet in executive session outside of the presence of any senior officer of
the Company. The Chair of the Audit Committee shall report on activities of the Audit Committee to the full Board. In fulfilling its responsibilities the Audit Committee shall have authority to delegate its authority to subcommittees, in each case
to the extent permitted by applicable law. 
 Responsibilities 
 The Audit Committee: 
  

	 	•	 	 is directly responsible for the appointment, retention, compensation, and oversight of the work of the independent auditor. The independent auditor shall report
directly to the Audit Committee. 

	 	•	 	 obtains and reviews annually a report by the independent auditor describing the Company’s internal quality-control procedures, any material issues raised by
the most recent internal quality-control review or by any inquiry or investigation by governmental or professional authorities, and any steps taken to deal with any such issues. 

  

	 	•	 	 reviews and discusses with the independent auditor the written statement from the independent auditor concerning any relationship between the auditor and the
Company or any other relationships that may adversely affect the independence of the auditor, and, based on such review, assesses the independence of the auditor. 

  

	 	•	 	 establishes policies and procedures for the review and pre-approval by the Audit Committee of all auditing services and permissible non-audit services (including
the fees and terms thereof) to be performed by the independent auditor. 

  

	 	•	 	 reviews and discusses with the independent auditor: (a) its audit plans, and audit procedures, including the scope, fees and timing of the audit; (b) the
results of the annual audit examination and accompanying management letters; and (c) the results of the independent auditor’s procedures with respect to interim periods. 

  

	 	•	 	 reviews and discusses reports from the independent auditors on (a) all critical accounting policies and practices used by the Company, (b) alternative
accounting treatments within generally accepted accounting procedures related to material items that have been discussed with management, including the ramifications of the use of the alternative treatments and the treatment preferred by the
independent auditor, and (c) other material written communications between the independent auditor and management. 

  

	 	•	 	 reviews and discusses with the independent auditor the independent auditor’s judgments as to the quality, not just the acceptability, of the Company’s
accounting principles and such further matters as the independent auditors present the Audit Committee under GAAP. 

  

	 	•	 	 discusses with the Company’s officers and the independent auditor quarterly earnings press releases, including the interim financial information and other
disclosures included therein, reviews the year-end audited financial statements and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and, if deemed appropriate, recommends to the Board of
Directors that the audited financial statements be included in the Company’s Annual Report on Form 10-K for the year. 

  

	 	•	 	 reviews and discusses with the Company’s officers and the independent auditor various topics and events that may have significant financial impact on the
Company or that are the subject of discussions between the Company’s officers and the independent auditors. 

  

	 	•	 	 reviews and discusses with the Company’s officers the Company’s major financial risk exposures and the steps the Company’s officers have taken to
monitor and control such exposures. 

  

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	 	•	 	 reviews, passes on the fairness of, and approves related-party transactions. 

  

	 	•	 	 reviews and discusses with the independent auditor, and the Company’s officers: (a) the adequacy and effectiveness of the Company’s internal controls
(including any significant deficiencies and significant changes in internal controls reported to the Committee by the independent auditor or management; (b) the Company’s internal audit procedures; and (c) the adequacy and
effectiveness of the Company’s disclosures controls and procedures, and management reports thereon. 

  

	 	•	 	 reviews annually with the Company’s officers the scope of the internal audit program, and reviews annually the performance of both the internal audit group and
the independent auditor in executing their plans and meeting their objectives. 

  

	 	•	 	 reviews the use of auditors other than the independent auditor. 

  

	 	•	 	 reviews matters related to the corporate compliance activities of the Company. 

  

	 	•	 	 establishes procedures for the receipt, retention and treatment of complaints received by the Company regarding accounting, internal accounting controls, or
auditing matters, and the confidential, anonymous submission by employees of concerns regarding questionable accounting or auditing matters. 

  

	 	•	 	 establishes policies for the hiring of employees and former employees of the independent auditor. 

  

	 	•	 	 prepares the report of the Audit Committee required by the rules of the United States Securities and Exchange Commission to be included in the Company’s annual
proxy statement. 

  

	 	•	 	 when appropriate, designates one or more of its members to perform certain of its duties on its behalf, subject to such reporting to or ratification by the Audit
Committee as the Audit Committee shall direct. 

 Advisors 
 The Audit Committee shall have the authority to engage independent legal, accounting and other advisors, as it determines necessary to carry out its
duties. The Board of Directors shall provide the Audit Committee with adequate funding to engage such advisors and incur such other expenses as it determines necessary to carry out its duties. The Audit Committee shall have sole authority to approve
related fees and retention terms. 
  

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