Bell Bank Park Venue

W

whatithink

GOLD
FlintDempsey said:
Too many people have too much money wrapped in this, including some govt funds. The reported number to build was $280M. That's without having to buy the land (it's leased). That means they racked up another $90M in operating losses (also could include interest/debt servicing) if the liabilities are now at $366M. The previous group overspent at a terrible time in history and, from what little I can see, had business skills issues (although they suckered a lot of people into giving them a lot of money). I believe that some company/organization is going to end up buying it at a steep discount. It can be a great venue and it is needed in the area. Anyone got some spare change they want to lump together and we can all buy it together? What's a few hundred million between friends...(although, if i had to bet on it, someone is going to get this for less than $200M which would be a major steal if they owned the land, semi-steal with the lease). I would not be surprised if Artie bought it out. I'm rooting for that.
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I think $350M of the $366M is owed to banks. They don't own the land. The majority of the "assets" are property improvements, i.e. the build out. So the question is who can make the banks the best offer and/or how much of a haircut they are prepared to take.

If someone gets it for say $200M, is that really a good deal? The prior guys business plan obviously crashed and burned.

socalkdg said:
4.3 million visitors. $10 per person spent gives us $43 million for the year. With parking, entrance fee, and misc. spending maybe it is $15 per person average, so we hit $64.5 million per year. Is there parking and entrance fees still?
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For example, they tried to introduce a parking fee and an entrance fee for the soccer games. One local league (biggest) who had their games already scheduled there baulked and it ended up with a parking fee only. Their plan was $10 parking & $10 entry per person over 5 - that ended up as $5 parking only.

There's only one place in AZ that charges entry for soccer - $5 a car. The facility is much more than just soccer, but with 30 odd fields, a very large portion of the land and maintenance is soccer related. I don't see $15 avg from most of them as the clubs will just schedule elsewhere. I've seen the biggest club (RSL) "advertise" that they are not scheduling tournaments at Legacy (after the charges came in) and RSL run 6 or 7 tournaments annually and are founders of the SAAZ (biggest) league.
 
FlintDempsey

FlintDempsey

BRONZE
News on Legacy has kind of died out since the bankruptcy filing back in May. I keep looking to see updates but not a lot of news. There are a ton of events planned there the rest of 2023 (not just sports). Hopefully it all gets worked out and a good mgmt team comes in to get things straight. Still tremendous potential for the place. I like it for tournaments, but not practice (prefer grass),
 
Club Soccer

Club Soccer

BRONZE
FlintDempsey said:
News on Legacy has kind of died out since the bankruptcy filing back in May. I keep looking to see updates but not a lot of news. There are a ton of events planned there the rest of 2023 (not just sports). Hopefully it all gets worked out and a good mgmt team comes in to get things straight. Still tremendous potential for the place. I like it for tournaments, but not practice (prefer grass),
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if you want updates, you will need to visit US Bankruptcy Cour District of Arizona, but from what we see, bankruptcy is a Chapter 11, so once all the pieces are in place then based and if all the parties agree, the judge will decide. just hope it doesn't go to Chapter 7, that will closed the doors for sure.
 
FlintDempsey

FlintDempsey

BRONZE
Some recent news: estimates are that bids have been placed for $185M to buy the park, but debts at $300M (per the AZ Republic). Someone's gonna be left out.
 
V

VanMan

SILVER ELITE
FlintDempsey said:
Some recent news: estimates are that bids have been placed for $185M to buy the park, but debts at $300M (per the AZ Republic). Someone's gonna be left out.
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The bondholders. After legal fees, post petition priority claims and the sales commission get paid, it's hopefully going to be half their money back.

What a cluster.
 
Club Soccer

Club Soccer

BRONZE
a buyer lined up to acquire the youth and amateur sporting complex out of bankruptcy by Oct. 3.
A date has been set in September for all bids to be submitted.
 
FlintDempsey

FlintDempsey

BRONZE
I'm going to look in the couch cushions to see if I can scrounge enough to get into the bidding action. It's cents on the dollar at this point. I will down grade my previous $185M guess and go with $150M for the winning bid.
 
C

Carlsbad7

PREMIER
FlintDempsey said:
I'm going to look in the couch cushions to see if I can scrounge enough to get into the bidding action. It's cents on the dollar at this point. I will down grade my previous $185M guess and go with $150M for the winning bid.
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The problem with Bell Bank as I understand it is that you'd be buying the facilities (buildings, stands, fields, parking lot, big video screens, etc) and business relationships (contracts for ECNL, GA, etc using the fields) not the land that it's built on.

You'd still need to pay a monthly lease to the property owner.
 
Ellejustus

Ellejustus

Carlsbad7 said:
The problem with Bell Bank as I understand it is that you'd be buying the facilities (buildings, stands, fields, parking lot, big video screens, etc) and business relationships (contracts for ECNL, GA, etc using the fields) not the land that it's built on.

You'd still need to pay a monthly lease to the property owner.
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And deal with crazy parents
 
Club Soccer

Club Soccer

BRONZE
The troubled Mesa Sports Complex "Legacy Park" headed to auction, the facility will be actioned off Oct 5, 2023
bid procedures to sell the park are set by the Judge of US Bankruptcy Court, that means so any potential buyers who want to take ownership of the 320-acre sports facility must submit register by Sept 29th
 
V

VanMan

SILVER ELITE
Club Soccer said:
The troubled Mesa Sports Complex "Legacy Park" headed to auction, the facility will be actioned off Oct 5, 2023
bid procedures to sell the park are set by the Judge of US Bankruptcy Court, that means so any potential buyers who want to take ownership of the 320-acre sports facility must submit register by Sept 29th
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Wondering if they found a stalking horse bidder...

Looking at the financial disclosure docs a few weeks ago, the overhead on that place is huge. Rent for the land alone is north of 300k per month. That's more than the base rent at the Polo fields per year.
 
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