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