Paula Deen Cooks Up Deal With New Investor

Wednesday, 12 Feb 2014 02:09 PM

By Bill Hoffmann

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Celebrity chef Paula Deen — whose career was burned when she admitted to having used racial slurs in the past — is cooking up a recipe for a comeback.

Deen is starting a new business venture and getting a multimillion-dollar investment from a private equity company that is part owner of  the Phoenix Suns NBA team, The Atlanta Journal-Constitution reports.

The investment, said to be in the range of $75 million to $100 million, comes from an affiliate of Najafi Cos. and is designed "to build and grow" Paula Deen Ventures, the firm said.

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Deen's Food Network show was canceled, and she lost numerous product endorsements after her admission, which was contained in a deposition. She apologized and called her language "totally, totally unacceptable."

Deen said in a statement about her new deal: "I know this is the right decision to lead my team, as we continue to share quality products with my fans — whose love and support have built my brands."

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