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The Sports Authority was founded in Lakes Mall in Lauderdale Lakes, Florida by a number of essential founding executives and a syndicate of venture capital groups. Jack A. Smith (formerly COO of Herman’s World of Sporting Goods), CEO Roy M. Cohen, Senior Vice President and CFO Richard Lynch, Senior Vice President and Common Merchandise Manager and Arnold Sedel, Vice President of Stores Operations have been the founding executives. The venture capital syndicate was headed by William Blair Venture Partners and incorporated Initial Chicago Venture Partners, Bain Capital, Marquette Venture Partners, Phillips-Smith Venture Partners and Bessemer Securities. The Sports Authority opened its initially store in November 1973 in Fort Lauderdale, Florida. In 1990, Kmart acquired the firm. 5 years later, the Sports Authority had expanded to 136 stores in twenty-six states.
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