Friday, April 12, 2024

Regional Report Triangle July 2012


He’s a pro at promoting amateur sports

""The sporting events that Hill Carrow brings to North Carolina may not be as familiar as the Atlantic Coast Conference basketball tournament or U.S. Open golf tournament, but some have been more lucrative and drawn bigger crowds. The lawyer-turned-fundraiser-turned-organizer lures niche competitions — pingpong, anyone? — to the state, and the competitions, in turn, generate millions of dollars for the Tar Heel economy.

How Sports & Properties works:

Hill Carrow’s consultation and promotion company has worked with cities such as New York, Cincinnati and Raleigh on how to improve their sports tourism. It also helped broker naming rights for Durham Bulls Athletic Park and BB&T Field in Winston-Salem. Its event-planning arm adapts its business model for different competitions. For example, it took the upfront financial risk for the figure-skating champion- ships, raising the $3 million needed to put on the contest. “You have to bring in at least that much to break even or make money,” Carrow says. Other times, a local sports commission takes the risk and Sports & Properties assists in planning and fundraising. Carrow also volunteers his time. The company employs just a handful of people, the number usually around five. Annual revenue ranges from the low to mid six figures during smaller events to the low seven figures when it runs a large event.

Hill Carrow
CEO of Cary-based Sports & Properties Inc., founded 2002
Age 57 Hometown Kinston
Education UNC Chapel Hill, 1977 Columbia Law School, 1980
Past jobs In-house counsel for Raleigh-based Carolina Power & Light Co. (now Progress Energy Inc.), 1982-84; president and executive director of U.S. Olympic Festival, 1985-88; Downers Grove, Ill.-based Sara Lee Corp.’s sponsorship coordinator for 1994 and 1996 Olympics; director of corporate partnerships and services for 2002 Olympics (reported to Mitt Romney)
Recent in-state events 2011 U.S. Figure Skating Championships, Greensboro; 2012 U.S. Masters Swimming Spring Nationals, Greensboro; North America 2012 Olympic Games Qualifying Tournament for table tennis, Cary
Current targets 2014 USA Gymnastics Championships and 2016 Olympic Trials for swimming, both of which he hopes to bring to Greensboro


CHAPEL HILL — Chapel Hill-based UNC Health Care and Raleigh-based WakeMed Health & Hospital Inc. have reached a truce after a year and a half fighting over Wake County. WakeMed launched an unsolicited $750 million bid last year to buy UNC Health Care-owned Raleigh rival Rex Healthcare Inc., saying a combination would be a wiser use of resources. The peace pact prescribes that:

  • UNC Health Care invest $30 million in a psychiatric hospital in Wake, spend $10 million over five years to support more mental-health services and file IRS Form 990s for each of its private, nonprofit health-care entities.  
  • WakeMed halt its effort to acquire Rex.
  • Both drop public-records requests against each other.


RALEIGH — A Delaware judge ruled in May that Martin Marietta Materials violated its confidentiality agreement with Birmingham, Ala.-based Vulcan Materials and must wait four months before making any attempt to buy the company. The Delaware Supreme Court upheld the decision, but the company says it expects to continue pursuing the merger after that period.

RALEIGH — John Idler, president and general manager of WTVD-TV, was named to the same position at ABC-owned WLS-TV in Chicago. Idler led the Raleigh station’s operations since late 2007.

CARY — Cornerstone Therapeutics will acquire Bedminster, N.J.-based pharmaceutical company EKR Therapeutics for $150 million. Cornerstone, which specializes in commercializing products for hospitals, will gain access to two drugs — a short-term treatment for hypertension and one that helps patients recover from heart attacks.

DURHAM Cree Chief Financial Officer John Kurtzweil resigned to take the same position at Santa Clara, Calif.-based Extreme Networks, which makes Ethernet products. Cree, a maker of light-emitting-diode technologies, named corporate controller Mike McDevitt interim CFO.

RESEARCH TRIANGLE PARK — Tranzyme Pharma will not file an application with the U.S. Food and Drug Administration after its drug to speed up recovery after gastrointestinal surgery disappointed in two clinical trials. The company had hoped ulimorelin would help patients recover bowel functions faster, but it did not test much more effectively than a placebo.

CARY — Video-game maker Icarus Studios will merge with Los Altos, Calif.-based Zabu Studio, which specializes in social and mobile digital games, to form MVF. The combined company will be based in Cary and have 46 employees, 37 in Cary and nine in California.


For 40 years, sharing the stories of North Carolina's dynamic business community.

Related Articles