Performance Sports Group Ltd., a developer and manufacturer of high performance sports equipment and apparel, announced it will seek the approval of the United States Bankruptcy Court for the District of Delaware and the Ontario Superior Court of Justice, for the sale of substantially all of the assets of the Company and its North American subsidiaries to an acquisition vehicle to be co-owned by affiliates of Sagard Holdings Inc. and Fairfax Financial Holdings Limited for U.S. $575 million in aggregate and the assumption of related operating liabilities.

As previously announced, the "stalking horse" asset purchase agreement entered into with 9938982 Canada Inc. was subject to the receipt of higher or otherwise better bids. Under the bidding procedures approved by the Courts, interested parties were required to submit qualified bids to acquire substantially all of the assets of the Company no later than January 25, 2017. As no qualified bids were submitted by that deadline, the auction scheduled for January 30, 2017 will not be held.

The Company will seek the approval of the Courts for the sale at the final sale hearing, which is scheduled to be held on February 6, 2017 with the anticipated closing expected to occur on or about February 23, 2017, but not later than February 27, 2017, subject to the receipt of applicable regulatory approvals and the satisfaction of waiver of other customary closing conditions.

Performance Sports Group anticipates its operations will continue uninterrupted in the ordinary course of business and that day-to-day obligations to employees, suppliers of goods and services and the Company's customers will continue to be met.