Bell Bank Park Venue

Club Soccer

Club Soccer

BRONZE
the non profit developer of the massive sports venue in Mesa, AZ, is now defaulted on the January bond payment. They were to make a 10.3 million interest payment in Jan 2023 but only had $2.68 million in the bond fund according to trustee UMB Bank
 
Club Soccer said:
the non profit developer of the massive sports venue in Mesa, AZ, is now defaulted on the January bond payment. They were to make a 10.3 million interest payment in Jan 2023 but only had $2.68 million in the bond fund according to trustee UMB Bank
Click to expand...
What does this mean for future ECNL + GA showcases that are planned to be hosted at Bell Bank?

Also I heard they did Futsal, Basketball, and Volleyball indoor tournaments there. Are these done as well?

Looks like they're also hosting some big pickleball events.
 
Heres what's going on...
www.gilbertsunnews.com

Default threatens owners’ hold on Bell Bank Park

The organization that built the $280 million, 320-acre youth and amateur sports complex known as Bell Bank Park in southeast Mesa is in default of its loan that covered the
www.gilbertsunnews.com www.gilbertsunnews.com

"Stephen Griffin, a whistleblower in Rhode Island who is a former executive and investor in a failed youth sports company in Boston, has been predicting trouble for Bell Bank Park since September."

Steven Griffen wrote two amazing 100% true books about the youth soccer business. Literally read these. https://www.amazon.com/stores/Steph...ramIntegrated=true&shoppingPortalEnabled=true

"Legacy Cares doesn’t own the land, but leases it from Pacific Proving LLC, a joint venture between William Levine and Arturo Moreno, owner of the Los Angeles Angels MLB baseball team."

"he was surprised Bell Bank Park was financed with municipal bonds, and he thought the 7.5% interest rates offered were “really high for bonds.”

So basically 2 guys bought the property then likely setup a non profit that is funded through crazy 7.5% bonds (WAY higher than what was available in 2020). The non profit pays a monthly to lease the land and is setup to fail. But it wont matter because the 2 guys that setup the scheme arent part of the non profit that's going to blow up. They just collect the rent and get all the $$$.
 
Even better assessment...
stephengriffinauthor.com

Youth Sports Oasis or… Tax-Exempt Bond Mirage?

For the six months ended June 30, 2022, a youth sports complex in Mesa, Arizona reported nearly $15 million in revenues but had an operating loss of about $5 million. How could this be? After all, the developers had pre...
stephengriffinauthor.com stephengriffinauthor.com

Bell Bank Park will end up getting taken over by the State of AZ + they'll likely use tax dollars bail out the situation because of the Bonds.
 
Carlsbad7 said:
What does this mean for future ECNL + GA showcases that are planned to be hosted at Bell Bank?

Also I heard they did Futsal, Basketball, and Volleyball indoor tournaments there. Are these done as well?

Looks like they're also hosting some big pickleball events.
Click to expand...

the value of the bonds could decline significantly and/or the court may approve a exchange of the current bonds for new ones which is likely to happen per previous Arizona news, but SEC Public Finance Abuse Unit may already investigating Legacy Cares
 
It's a nice facility but you can tell the cracks are showing. They charge for parking now + an entrance fee. I suppose they need the revenue, the parking thing is a hassle because cell coverage at the facility is awful. Trash containers not being emptied overnight, restrooms not being serviced, and other things lead me to conclude they're trying to save on upkeep expenses.
 
Phoenix Soccer Dad said:
It's a nice facility but you can tell the cracks are showing. They charge for parking now + an entrance fee. I suppose they need the revenue, the parking thing is a hassle because cell coverage at the facility is awful. Trash containers not being emptied overnight, restrooms not being serviced, and other things lead me to conclude they're trying to save on upkeep expenses.
Click to expand...
I agree it's a really nice facility.

I bet the cleanliness issues are related to the liens other contractors have put on them. Once word get around that you're not paying your bills it becomes hard to find contractors that are willing to work with you. If you are able to find someone it will be at higher rates and lower levels of service.
 
Carlsbad7 said:
I agree it's a really nice facility.

I bet the cleanliness issues are related to the liens other contractors have put on them. Once word get around that you're not paying your bills it becomes hard to find contractors that are willing to work with you. If you are able to find someone it will be at higher rates and lower levels of service.
Click to expand...
You can see deterioration in just a year. Upkeep has been below par. Such a great thing, but parking is a shit show. Sucks that its going to fail.
 
Club Soccer said:
the non profit developer of the massive sports venue in Mesa, AZ, is now defaulted on the January bond payment. They were to make a 10.3 million interest payment in Jan 2023 but only had $2.68 million in the bond fund according to trustee UMB Bank
Click to expand...

BREAKING NEWS: The naming rights sponsor of Bell Bank Park in Mesa announced Monday it was ending its partnership with the sprawling sports complex.

Owner/operator Legacy Cares said the 320-acre multi-purpose sports facility will be known as Legacy Park: Arizona’s Premiere Sports & Entertainment Complex while it seeks a new naming partner.

A 10-year naming rights deal for Bell Bank Park was announced in September 2021, but termination notice of the agreement came in November 2022, according to a press release from the bank.

Bell Bank said it notified the facility of the termination of its agreement following numerous defaults under the deal, as well as public reports of financial concern at the facility.
source: KTARTHE PARK.jpg
 
Club Soccer said:
BREAKING NEWS: The naming rights sponsor of Bell Bank Park in Mesa announced Monday it was ending its partnership with the sprawling sports complex.

Owner/operator Legacy Cares said the 320-acre multi-purpose sports facility will be known as Legacy Park: Arizona’s Premiere Sports & Entertainment Complex while it seeks a new naming partner.

A 10-year naming rights deal for Bell Bank Park was announced in September 2021, but termination notice of the agreement came in November 2022, according to a press release from the bank.

Bell Bank said it notified the facility of the termination of its agreement following numerous defaults under the deal, as well as public reports of financial concern at the facility.
source: KTAR
Click to expand...
While its a nice facility, most every parent I talk to feels practically violated by the $ on everything, from parking to entry to food. I also heard that refs are not keen on going there as its so far away - anecdotal obv.

From a soccer perspective, when I compare it to SSC or Reach, terrific grass fields, free parking, free entry, easy in/out - there's no comparison.

I have been known to grab a beer during games mind, which definitely puts a + by its name ... just not quite enough!
 
What?!? A mid-sized regional bank (those are all well-managed these days) that doesn't have a presence in AZ wants to cancel naming rights to a youth park that may be financially wonky?!? Shocker. Legacy certainly has plenty of issues. But they do have a ton of fields. We are there on a regular basis and those fields seem to be used (soccer, lacrosse, football) all the time. If they go under then all those teams need to go somewhere. That will really put a strain on east side fields. Even with Legacy it's not enough.
 
whatithink said:
While its a nice facility, most every parent I talk to feels practically violated by the $ on everything, from parking to entry to food. I also heard that refs are not keen on going there as its so far away - anecdotal obv.

From a soccer perspective, when I compare it to SSC or Reach, terrific grass fields, free parking, free entry, easy in/out - there's no comparison.

I have been known to grab a beer during games mind, which definitely puts a + by its name ... just not quite enough!
Click to expand...
I suppose we as parents can never be satisfied...to some degree. I wouldn't expect a facility like Legacy to be free and would gladly pay entry fees for access to food, drinks, stadium field, etc. Yes, food/drink is overpriced...but where is food/drink not overpriced at a sports venue?

I do expect it to be better managed. I'm sure there are similar complaints in regards to Silverlakes in Norco. Legacy is a much better facility that should be able to become profitable over time - the amount of traffic it generates across multiple sports is pretty impressive. Besides, they have the coolest pickleball center court on the planet. People travel from all over the country for the pickleball experience. You can shut it all down, but leave the pickleball area alone.

Reach and SSC are great and very valuable to the AZ soccer scene. I suppose we want nice things but just don't want to pay for them.
 
Happened again said:
I suppose we as parents can never be satisfied...to some degree. I wouldn't expect a facility like Legacy to be free and would gladly pay entry fees for access to food, drinks, stadium field, etc. Yes, food/drink is overpriced...but where is food/drink not overpriced at a sports venue?

I do expect it to be better managed. I'm sure there are similar complaints in regards to Silverlakes in Norco. Legacy is a much better facility that should be able to become profitable over time - the amount of traffic it generates across multiple sports is pretty impressive. Besides, they have the coolest pickleball center court on the planet. People travel from all over the country for the pickleball experience. You can shut it all down, but leave the pickleball area alone.

Reach and SSC are great and very valuable to the AZ soccer scene. I suppose we want nice things but just don't want to pay for them.
Click to expand...
Your city taxes pay for Reach & SSC if you are in Phoenix or Scottsdale. We also pay for the field use when we pay league fees or tournament fees. I don't mind paying something, I've paid the Fear Farm $5 for too many years and never begrudged it to them.

BUT, if I want to go to see one of my kids play in a game that I've already paid for (league or tournament) and my wife wants to come and grandma & grandpa and the other kids ... suddenly it's an expensive game. That's the bit that grates. Paying for parking is no big deal, but they were looking for $10 per person (over 5) at one point - $10 per person - that's some BS right there. I don't recall what I paid last time I was there, but there was no way the extended family was going - which is a real shame TBH.
 
whatithink said:
Your city taxes pay for Reach & SSC if you are in Phoenix or Scottsdale. We also pay for the field use when we pay league fees or tournament fees. I don't mind paying something, I've paid the Fear Farm $5 for too many years and never begrudged it to them.

BUT, if I want to go to see one of my kids play in a game that I've already paid for (league or tournament) and my wife wants to come and grandma & grandpa and the other kids ... suddenly it's an expensive game. That's the bit that grates. Paying for parking is no big deal, but they were looking for $10 per person (over 5) at one point - $10 per person - that's some BS right there. I don't recall what I paid last time I was there, but there was no way the extended family was going - which is a real shame TBH.
Click to expand...
I don't disagree at all with what you are saying. Comparing Reach/SSC to Legacy is apples to oranges. Not everyone can or should be forced to afford it. The few times I've been there the crappy restaurant seem to be full of softball/baseball/basketball parents. Plenty of parents/extended family members enjoying a cold beverage on their patio.

SSC/Reach are a bare bones operations - sans food trucks, musical artists, pickleball courts, stadium soccer field, softball fields, baseball fields, annoying big jumbotron scoreboards.

I've been gouged plenty over the years at Silverlakes, and it pales in comparison to the facilities being offered at Legacy. Let's hope Legacy can figure it out...would be a shame to see that place covered in tumbleweeds. Plenty of rumor around establishing an IMG West to take advantage of the facilities. Could be a pipe dream.
 
Happened again said:
I don't disagree at all with what you are saying. Comparing Reach/SSC to Legacy is apples to oranges. Not everyone can or should be forced to afford it. The few times I've been there the crappy restaurant seem to be full of softball/baseball/basketball parents. Plenty of parents/extended family members enjoying a cold beverage on their patio.

SSC/Reach are a bare bones operations - sans food trucks, musical artists, pickleball courts, stadium soccer field, softball fields, baseball fields, annoying big jumbotron scoreboards.

I've been gouged plenty over the years at Silverlakes, and it pales in comparison to the facilities being offered at Legacy. Let's hope Legacy can figure it out...would be a shame to see that place covered in tumbleweeds. Plenty of rumor around establishing an IMG West to take advantage of the facilities. Could be a pipe dream.
Click to expand...
So basically, it's a tournament venue, not a league play venue.
 
whatithink said:
So basically, it's a tournament venue, not a league play venue.
Click to expand...
That's a good way of looking at it - plenty of fields available throughout the valley for state league play. It's a great destination venue for multiple sports. You can only cram in so many softball/baseball/basketball parents into the crappy restaurant on any given weekend.

It would also make a great neutral location for HS championships..plenty of opportunity to leverage the facility.
 
We have played at Silverlakes, Galway Downs, and the Polo Grounds in Del Mar here in SoCal. You pay for parking at every one of these locations. Irvine Great Park is the only location with decent fields that has free parking that we play at.

Jan. 2022 daughter did ODP West Tourney at Bell Bank. It was amazing and puts all four SoCal locations to shame. Had no issues paying $15 for parking and entrance fee. If it has gone downhill in a year, that is sad.

I read they had 4.3 million visitors in 2022 at Bell Bank.
 
socalkdg said:
We have played at Silverlakes, Galway Downs, and the Polo Grounds in Del Mar here in SoCal. You pay for parking at every one of these locations. Irvine Great Park is the only location with decent fields that has free parking that we play at.

Jan. 2022 daughter did ODP West Tourney at Bell Bank. It was amazing and puts all four SoCal locations to shame. Had no issues paying $15 for parking and entrance fee. If it has gone downhill in a year, that is sad.

I read they had 4.3 million visitors in 2022 at Bell Bank.
Click to expand...
I wouldn't say it's gone downhill. They are challenged like many other businesses in doing the mundane tasks - taking care of overflowing trashcans, bathrooms not as clean as they could be, etc. Certainly these are things that are annoying to a paying customer. With that said, I've been to disneyland during spring break and was shocked to find overflowing trashcans and not as clean bathrooms.

There isn't a facility like it in the west. It would be shame to see it fade off into the distance...so much potential and a great destination location for tournament directors. Who doesn't love to play golf from JAN-MAR in Arizona while their child plays...insert sport here..
 
You must log in or register to reply here.
Back
Top