MESA, Ariz. – The operator of a massive sports complex in Mesa, Ariz., has filed for bankruptcy only a year after the facility opened.
As reported by BNN Bloomberg, Legacy Cares Inc., a nonprofit organization that oversees Legacy Park (formerly Bell Bank Park) in Mesa, defaulted on a $284 million debt payment in January. The payment was for bonds issued in 2020 and 2021 through the Arizona Industrial Development Authority to finance the construction of the park.
The park, which opened in 2022, includes a 5,000-seat-outdoor stadium, a 2,800-seat indoor stadium, 35 soccer/lacrosse fields, 57 indoor volleyball courts, 41 pickleball courts, a gymnastics center, and a dance studio.
The Bloomberg article states the park is losing as much as $800,000 a month, according to Chad Miller, CEO of Legacy Sports USA, which was managing the park at the time. It was expected to generate around $100 million in revenue in 2022, but the actual revenue generated was around $28 million.
It is reported that Legacy Cares has blamed “supply chain bottlenecks, pandemic-related lockdown restrictions, and labor shortages” for its financial situation. Additionally, the facility has faced cellphone coverage and Wi-Fi issues, making completing payments difficult.
Legacy Cares president Douglas Moss sent an e-mail statement to the media regarding the situation.
“Legacy Cares’ goal is to preserve this landmark facility so it can continue to serve the community for many years to come. Legacy Cares intends to use this process to protect and support the park’s business operations and address Legacy Cares’ debt obligations while working towards an orderly and efficient possible sale of Legacy Cares’ assets in a manner that maximizes their value,” the statement reads.
