Chuck the Writer
11-07-2007, 06:23 AM
Well, this little tidbit from the Peoria Journal-Star is interesting...
http://www.pjstar.com/stories/110707/KIN_BERTPN3B.072.php
Kings abdicate their throne
Amidst stories of financial problems, ABA franchise's season on hold
Wednesday, November 7, 2007
BY GREG STEWART
OF THE JOURNAL STAR
PEORIA - A second season for the Peoria Kings apparently is over before it began.
Kings general manager Mike Van Antwerp told the team at Monday's practice that the operation in the American Basketball Association has been suspended for the time being. When or if it resumes is anyone's guess.
"At this point, we're kind of unsure who's in charge of the team," said Van Antwerp, retained as GM when outside ownership took over the franchise fewer than six weeks ago. "I told the guys we were going to put it on hold."
A group called Jam Entertainment, fronted by Cynthia Hawkins, had agreed to take over the Peoria franchise from its original owners, Jim and Bill McCaughey, natives of the Livingston County town of Cullom. Hawkins was in Peoria on Nov. 1 for the Kings' media night. She presented herself as CEO of Jam Entertainment, a company based in Rochester, Minn., that had acquired the franchise rights to three ABA teams, including the Kings.
"There are investors," she said of Jam. "And there will be others, since I have other contacts that will be interested in getting involved."
Tuesday, Hawkins told the Journal Star she "declined to take over ownership of Peoria because the current owner (Jam president Steve Rodriguez) had no money."
"I found out that any money that had been given to him was gone," Hawkins said.
Hawkins, who has a background as a mortgage broker and no prior experience in athlet-ics or sports management, said she started as general manager of the Rochester Fire, then was bumped up to CEO of Jam when the company took on the Peoria market.
In an effort to start a first-year franchise in Rochester, Hawkins said she sold more than 60 corporate sponsorships to local investors, most at an average of $5,000. That money, she said, went into an escrow account with Rodriguez's name on it.
That account, and Rodriguez, are gone.
"I don't know where he is," Hawkins said. "If I had to guess, I'd say Georgia."
A story in Tuesday editions of the Rochester Post-Bulletin said Hawkins had taken control of that team and Rodriguez couldn't be reached for comment.
Also gone, it appears, is money from a handful of Peoria-area companies. Hawkins listed Brewers Distributing, AA Accounting, Alwan's Meats, Legacy Consulting Group and Ameren as companies that already had given sponsorship dollars to the team.
Additionally, Jam signed a contract Oct. 10 with the RiverPlex Recreation and Wellness Center to play 18 home games at the Peoria Park District facility. Last year, the team leased office space at the RiverPlex and rented the facility for games and practices. This year's contract included only the 18 home dates, with the team practicing and conducting business elsewhere.
Brent Wheeler, GM of the RiverPlex, said the contract stipulated the Kings would pay $750 per game to use the gym, plus reimburse the park district for security and other staffing needs. Contractually, the team is on the hook only for the first half of the season, until Jan. 31.
"We understood the volatility (of the ABA)," Wheeler said. "We looked into it before they even started last year and made sure we were protected if things didn't work out."
Somebody owes the park district $5,440, be it Rodriguez, Hawkins, Jam Entertainment or the league. But Wheeler is doubtful the district ever will see the money.
"Being part of a park district with elected officials, (pursuing that) is something I would send up the chain," he said. "By the time you get lawyers involved, I'm not sure it's worth it to go after them."
Peoria has been practicing for two weeks in preparation for its season opener Nov. 15. None of the players had yet been paid, as Van Antwerp thought the first payroll date was Nov. 15. His salary still was being paid by the McCaugheys, his cousins, who remain in the picture as minority owners.
Rochester was scheduled to open its season Friday, and Hawkins said she is working with the ABA to get that pushed back in an effort to save the franchise. She also said anyone interested in taking over ownership of the Peoria franchise should contact her.
One person she likely won't be hearing from is Rodriguez.
"With everything, including investors, I'd say he got $90,000 to $100,000, maybe," said Hawkins, who also said she hasn't seen Rodriguez since the end of July. "Now that I think about it, he always changed his cell-phone number and e-mail address.
"I guess I'm still shocked to think it was all a con."
Greg Stewart can be reached at 686-3202 or gstewart@pjstar.com.
I think one of the most telling quotes from this article is this:
Brent Wheeler, GM of the RiverPlex, said the contract stipulated the Kings would pay $750 per game to use the gym, plus reimburse the park district for security and other staffing needs. Contractually, the team is on the hook only for the first half of the season, until Jan. 31.
"We understood the volatility (of the ABA)," Wheeler said. "We looked into it before they even started last year and made sure we were protected if things didn't work out."
So if the arena could perform due diligence on the ABA, why couldn't potential owners?
Oh wait... Joe doesn't want smart owners. He wants owners that are willing to be his own personal ATMs.
And one more thing... With Peoria folding, that wipes 35 games off the ABA schedule. It means the ABA will only finish, if every other game is played, 94% of the original schedule.
http://www.pjstar.com/stories/110707/KIN_BERTPN3B.072.php
Kings abdicate their throne
Amidst stories of financial problems, ABA franchise's season on hold
Wednesday, November 7, 2007
BY GREG STEWART
OF THE JOURNAL STAR
PEORIA - A second season for the Peoria Kings apparently is over before it began.
Kings general manager Mike Van Antwerp told the team at Monday's practice that the operation in the American Basketball Association has been suspended for the time being. When or if it resumes is anyone's guess.
"At this point, we're kind of unsure who's in charge of the team," said Van Antwerp, retained as GM when outside ownership took over the franchise fewer than six weeks ago. "I told the guys we were going to put it on hold."
A group called Jam Entertainment, fronted by Cynthia Hawkins, had agreed to take over the Peoria franchise from its original owners, Jim and Bill McCaughey, natives of the Livingston County town of Cullom. Hawkins was in Peoria on Nov. 1 for the Kings' media night. She presented herself as CEO of Jam Entertainment, a company based in Rochester, Minn., that had acquired the franchise rights to three ABA teams, including the Kings.
"There are investors," she said of Jam. "And there will be others, since I have other contacts that will be interested in getting involved."
Tuesday, Hawkins told the Journal Star she "declined to take over ownership of Peoria because the current owner (Jam president Steve Rodriguez) had no money."
"I found out that any money that had been given to him was gone," Hawkins said.
Hawkins, who has a background as a mortgage broker and no prior experience in athlet-ics or sports management, said she started as general manager of the Rochester Fire, then was bumped up to CEO of Jam when the company took on the Peoria market.
In an effort to start a first-year franchise in Rochester, Hawkins said she sold more than 60 corporate sponsorships to local investors, most at an average of $5,000. That money, she said, went into an escrow account with Rodriguez's name on it.
That account, and Rodriguez, are gone.
"I don't know where he is," Hawkins said. "If I had to guess, I'd say Georgia."
A story in Tuesday editions of the Rochester Post-Bulletin said Hawkins had taken control of that team and Rodriguez couldn't be reached for comment.
Also gone, it appears, is money from a handful of Peoria-area companies. Hawkins listed Brewers Distributing, AA Accounting, Alwan's Meats, Legacy Consulting Group and Ameren as companies that already had given sponsorship dollars to the team.
Additionally, Jam signed a contract Oct. 10 with the RiverPlex Recreation and Wellness Center to play 18 home games at the Peoria Park District facility. Last year, the team leased office space at the RiverPlex and rented the facility for games and practices. This year's contract included only the 18 home dates, with the team practicing and conducting business elsewhere.
Brent Wheeler, GM of the RiverPlex, said the contract stipulated the Kings would pay $750 per game to use the gym, plus reimburse the park district for security and other staffing needs. Contractually, the team is on the hook only for the first half of the season, until Jan. 31.
"We understood the volatility (of the ABA)," Wheeler said. "We looked into it before they even started last year and made sure we were protected if things didn't work out."
Somebody owes the park district $5,440, be it Rodriguez, Hawkins, Jam Entertainment or the league. But Wheeler is doubtful the district ever will see the money.
"Being part of a park district with elected officials, (pursuing that) is something I would send up the chain," he said. "By the time you get lawyers involved, I'm not sure it's worth it to go after them."
Peoria has been practicing for two weeks in preparation for its season opener Nov. 15. None of the players had yet been paid, as Van Antwerp thought the first payroll date was Nov. 15. His salary still was being paid by the McCaugheys, his cousins, who remain in the picture as minority owners.
Rochester was scheduled to open its season Friday, and Hawkins said she is working with the ABA to get that pushed back in an effort to save the franchise. She also said anyone interested in taking over ownership of the Peoria franchise should contact her.
One person she likely won't be hearing from is Rodriguez.
"With everything, including investors, I'd say he got $90,000 to $100,000, maybe," said Hawkins, who also said she hasn't seen Rodriguez since the end of July. "Now that I think about it, he always changed his cell-phone number and e-mail address.
"I guess I'm still shocked to think it was all a con."
Greg Stewart can be reached at 686-3202 or gstewart@pjstar.com.
I think one of the most telling quotes from this article is this:
Brent Wheeler, GM of the RiverPlex, said the contract stipulated the Kings would pay $750 per game to use the gym, plus reimburse the park district for security and other staffing needs. Contractually, the team is on the hook only for the first half of the season, until Jan. 31.
"We understood the volatility (of the ABA)," Wheeler said. "We looked into it before they even started last year and made sure we were protected if things didn't work out."
So if the arena could perform due diligence on the ABA, why couldn't potential owners?
Oh wait... Joe doesn't want smart owners. He wants owners that are willing to be his own personal ATMs.
And one more thing... With Peoria folding, that wipes 35 games off the ABA schedule. It means the ABA will only finish, if every other game is played, 94% of the original schedule.