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  #21   IP: 99.111.219.81
Old 09-18-2012, 08:35 AM
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preeths preeths is offline
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Regardless, the last thing you do is let that asset fall apart now.
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  #22   IP: 108.72.21.230
Old 09-18-2012, 10:35 AM
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Exactly Paul. You asked me what I would do. I would padlock the facilities, set the alarms, and shutter that place down immediately. I agree, the last thing you want is someone ripping out assets like seats or aluminum fixtures then selling them on the black market. If the Riverhawks can come up with enough upfront money to make it worth opening the doors, then maybe I'd keep the doors open on a month-to-month basis. However, I am more in favor of keeping the ballpark closed until I can sell it for a really low price. Once sold, the new owner can do whatever they want. One less headache for me.
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  #23   IP: 99.111.219.81
Old 09-18-2012, 10:53 AM
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Tenancy can make upkeep easier because you have people around with a vested interest in keeping the park in nice shape. Those people are paying you. If they're keeping up with their payments, I see no reason to begin demanding a bunch of money up front. I'm not sure what type of alarm system would be needed to prevent some of the damage that was done to the Sandcastle in Atlantic City. They wish it would have been that easy.
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  #24   IP: 208.80.28.121
Old 09-18-2012, 12:29 PM
wasteland wasteland is offline
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They must do things different in Gary. We have a Property Standards department that will ticket and fine owners of properties, including forclosures owned by banks. All forclosures in my neighborhood are routinely serviced to meet the requirements. Heck some of the lawns are nicer than the ones owner occupied.

Plus who in his/her right mind would buy a commercial property and tell its income source to take a hike. You wouldn't.
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  #25   IP: 99.57.34.48
Old 09-18-2012, 12:36 PM
BoomerFan BoomerFan is offline
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Default RiverHawk Ownership Must have a Plan.

As suggested, only value for private owner is income or potential for income. In that regard the RiverHawks have to be a potential buyer unless the land after demolition is worth something. If the RiverHawks can offer even a greatly reduced amount (something slightly over vacant land), the Bank should sell and write-off some more, since they are one of the few industries still making money to set-off loses.

It might take some time to convince the Bank on any number offered by the RiverHawks or if an AA ownership group emerges (a higher offer brought about by competition), but at some point the Bank will unload this property at a loss.

In the meantime, the Bank might work out a pay as you go, 1 year lease arrangement with the current team. The bank as a temporary owner probably doesn’t want to encumber the property long-term and will leave those decisions to any new owner.

As for private ownership of stadiums, if sports entertainment can be provided at no cost to the taxpayer, that's a plus. The Rockford area should be able to support a baseball team, since the City of Rockford is third largest in the state of Illinois (152,871). Without any rumors the current RiverHawk ownership is trying to sell the team, current ownership must have a plan. Provided the RiverHawks can pay reasonable 2013 rent, there is no reason to lock them out.

Finally, since the Loves Park stadium is privately owned business decisions will decide the stadium’s fate, not political choices which are often devoid of common sense, let alone business sense.
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  #26   IP: 208.80.28.121
Old 09-19-2012, 12:09 PM
wasteland wasteland is offline
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Here's another example. Bank buys golf course, makes improvements and reopens because:

“We wanted it to open, We wanted to sell it as a running business.”

This is local to Rockford and Riverhawks Stadium.

http://www.rrstar.com/blogs/matttrow...ns-golf-course
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  #27   IP: 173.23.107.90
Old 09-20-2012, 07:12 AM
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The current ownership has outstanding bills all over town. They will be laying off employees after this pay peroid. They will give it one more year. Bare bones it out, and run it on a shoestring budget- then bolt town. They only reason this group is staying is because they cant go dark. They would lose their franchise. One year- cask grab and then poof- adios
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  #28   IP: 99.57.34.48
Old 09-20-2012, 10:57 AM
BoomerFan BoomerFan is offline
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Default Not the Plan FL Fans were Hoping For.

Unfortunately the lack of sell rumors can also mean ownership knows the effort and prospects of selling are futile.

For what it is worth, in the “Financial Strength” thread I did rank Rockford 13th out of 13 teams. Selling Jersey ads this year was another sign things were tight.

Last edited by BoomerFan; 09-20-2012 at 12:08 PM.
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  #29   IP: 208.80.28.121
Old 09-20-2012, 01:03 PM
wasteland wasteland is offline
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Does the ownership group still also own the Chillicothe Paints? Anyone know?

Not sure how advertising on jerseys is any indication of a teams financial strength since the NBA is looking to do it next:

http://msn.foxsports.com/nba/story/n...changes-071912

That said, I have yet to hear anything locally. If its true, poor Chris Daleo. I like him (he's great whenever he's on wxrx), maybe he can get the D-League to come to town. LOL
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  #30   IP: 99.57.34.48
Old 09-20-2012, 03:51 PM
BoomerFan BoomerFan is offline
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Default Yea, some will call it ingenious marketing.

By way of background, the RiverHawk ad read, “Muscle Max” across the back of the jersey on space traditionally reserved for the player’s name. A separate thread is on the board about the topic. Don’t think it is in dispute the Rockford ad and if advertising comes to the NBA are placed for money.

The RiverHawk jersey ads were placed mid-season, which in addition to the stadium foreclosure suggest revenue is tight for the Club.
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