Bell Bank Park Venue

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.
 
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),
 
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.
 
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.
 
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.
 
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.
 
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.
 
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.
 
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
 
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
 
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.
 
$150M will be the max someone pays. I think ti will be lower than this due to the lease amount and liabilities. $100M???
 
Anybody know if possibility that AZ Arsenal loses their legacy fields and what other options they have? Trying to figure out what will happen to our AZ Arsenal game scheduled as TBD later this month.
 
rainbow_unicorn said:
Anybody know if possibility that AZ Arsenal loses their legacy fields and what other options they have? Trying to figure out what will happen to our AZ Arsenal game scheduled as TBD later this month.
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Sounds like they want a single buyer to purchase everything on the land as is. (vs piece it all out to different buyers)

Ideally whoever buys the non land assets would get it at a price that allows them to run the facility with a profit + pay the lease.

What this means is that it's unlikely sports teams will stop playing there. However things like trash pickup, cleaning the restrooms, etc might be an issue until the new buyer takes over.
 
I was down there again this weekend for the first time in a while. I'm can live with the $6 parking & $5 entry, but its a complete cluster still. Cellphone service is spotty at best. I saw multiple people trying to get in who couldn't bring up their tickets through lack of cell service (overload I assume). As for exiting the facility - it took 1 hour to get out ... an hour. The facility is nice, but its my least fav one in the Phoenix metro TBH.

As for the auction, with interest rates as high as they are, its probably the worse possible time to ask someone to take a punt. I've no doubt someone will but I'd be amazed if they get anywhere close to $100M, why would you, its a buyers market.
 
whatithink said:
I was down there again this weekend for the first time in a while. I'm can live with the $6 parking & $5 entry, but its a complete cluster still. Cellphone service is spotty at best. I saw multiple people trying to get in who couldn't bring up their tickets through lack of cell service (overload I assume). As for exiting the facility - it took 1 hour to get out ... an hour. The facility is nice, but its my least fav one in the Phoenix metro TBH.

As for the auction, with interest rates as high as they are, its probably the worse possible time to ask someone to take a punt. I've no doubt someone will but I'd be amazed if they get anywhere close to $100M, why would you, its a buyers market.
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I was there as well. I was fortunate to avoid the long lines on and out as our games were around 6pm Friday 3pm Saturday and 9am Friday , but I have dealt with the long lines in the past. A couple of the jumbotrons were out and the auxillary grass fields (just north of field.one and two) are dead now.

I didn't venture to the basketball side
 
GA just pulled all Events from the site formerly known as Bell Bank.

If ECNL, DPL others haven't done the same already they will soon.
 
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