ROSWELL, Ga., Oct. 19 /PRNewswire/ -- Golf & Tennis Pro Shop, Inc., owner and operator of PGA TOUR Superstores, today announced it has reached a preliminary agreement for Golf & Tennis Pro Shop to become a majority-owned subsidiary of AMB Group, LLC. AMB Group is owned by Arthur M. Blank and is also the parent company of the Atlanta Falcons Football Club.

The transaction is subject to shareholder approval and other customary closing conditions and approvals. The terms of the transaction will not be disclosed.

As part of the transaction Noro-Moseley Partners has agreed to continue its support of Golf & Tennis Pro Shop by increasing its investment in the company. AMB Group and Noro-Moseley Partners have been significant investors in the company since 2004 and 2005, respectively. Certain other current investors may also participate in the transaction.

"We're delighted at the prospect of joining the Blank Family of Businesses," Golf & Tennis Pro Shop President and CEO Dick Sullivan said. "Arthur Blank has been an active supporter of our business as an investor and board member, and we expect that support will only grow under his increased ownership. The completion of this transaction will more strongly position us for continued growth."

"We believe the prospects are good for this company," Blank said. "Our goal is to increase our level of support for the company by providing human and capital resources for continued growth."

Golf & Tennis Pro Shop currently operates seven PGA TOUR Superstores in the Atlanta, Dallas and Phoenix metro areas and two Martin's PGA TOUR Superstores in Myrtle Beach. The company recently announced plans to open its tenth superstore in Naples, Fla.

ABOUT PGA TOUR SUPERSTORES

PGA TOUR Superstores are owned and operated by Golf & Tennis Pro Shop, Inc., headquartered in Roswell, Ga. Golf & Tennis Pro Shop is the PGA TOUR's exclusive partner for off-course/off-airport golf retailing.

All PGA TOUR Superstores are focused on improving and growing the game of golf. Each store offers a vast selection of golf equipment, golf apparel and golf-themed home furnishings, along with golf instruction by professionals, swing simulators and analysis, club fittings and practice greens. The stores are dedicated to providing customers with exceptional selection, services and prices within an entertaining, interactive store environment.

For more information, visit www.pgatoursuperstore.com.

ABOUT THE BLANK FAMILY OF BUSINESSES

The Blank Family of Businesses is comprised of the Atlanta Falcons; AMB Group, LLC; The Arthur M. Blank Family Foundation; Atlanta Falcons Physical Therapy Centers; and Mountain Sky Guest Ranch and the Pop Stand -- a guest ranch and diner, respectively, in Montana. AMB Group provides investment management support for the Blank family estate, and operational and administrative support as the parent company of the Blank-owned businesses.

SOURCE Golf & Tennis Pro Shop, Inc./AMB Group, LLC