The pioneer of long-body tennis racquets, prominent manufacturer of tennis-related equipment and the sponsor of tennis legends such as Martina Navratilova, Prince Sports Inc. has filed for bankruptcy protection under Chapter 11. The ownership of the company will go to Authentic Brands Group LLC after years of exchanging hands through private-equity deals. Prince Sports blamed its financial woes on the current economic climate and increased competition.

Prince essentially tried to sell itself back in 2010 but failed to do so after interested buyers failed to offer an acceptable price.

Then, in 2011 the company again posted itself up on the market to 13 potential buyers while trying to compete against rivals Wilson Sporting Goods Co. and Head NV.

But now that the company has filed for bankruptcy protection and ABG agreed to acquire the entirety of Prince Sports it will be looking to restructuring itself during the bankruptcy process.

Prince Sports’ value is estimated to be around 54 million U.S. dollars while possessing a debt of more than $77 million, $65 million to ABG and $12 million to vendors.

The company also listed assets from $50 million to $100 million in value. It will receive $2.5 million in debtor-in-possession financing.

It will have to go through the same bankruptcy process as others do including seeking the bankruptcy court’s approval for restructuring plans.