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Rhinos On Brink Of Bankruptcy
Posted: Tue Feb 19, 2008 5:53 pm
by Pounder
http://www.democratandchronicle.com/app ... 007/SPORTS
Thing is, there's someone waiting to buy a new franchise for Rochester. The bank is being foolish and/or desperate to overlook this fact.
However, it's a definite black mark for the league, as well as the former flagship club in USL.
Posted: Tue Feb 19, 2008 10:38 pm
by bomp
[quote=""Pounder""]
http://www.democratandchronicle.com/app ... 007/SPORTS
Thing is, there's someone waiting to buy a new franchise for Rochester. The bank is being foolish and/or desperate to overlook this fact.
However, it's a definite black mark for the league, as well as the former flagship club in USL.[/quote]
The investor won't meet the bank's price. It was a take it or leave it offer and the bank said no. The new franchise will be there in 2009.
pks
Posted: Thu Feb 21, 2008 1:27 pm
by ca
why do baseball and soccer clubs overextend themselves in building facilities that in many cases they dont need ?
Posted: Thu Feb 21, 2008 5:10 pm
by Pounder
Ever pay rent and not get 100% concessions? Heck, often time get 0% of concessions?
Thing is, I doubt that the owners put much money into PaeTec. They got the money the state sent them, held back much of what they promised to contribute, and got phase 1 built.
Problem is that people in Rochester apparently fear the location, Rochester stopped buying all the league's best players... and Montreal passed them up on the fan count anyway. If there was a "scam" involved, that's what backfired.
Posted: Fri Feb 22, 2008 1:10 am
by bomp
Pounder:
Right you are.
BTW, who is that darling? Your daughter? Very sweet and a great photo.
Posted: Fri Feb 29, 2008 5:47 pm
by Fez
Wow. What a disaster. From toast of the league (and demands of MLS Status) to bankruptcy. Ugh.
Posted: Fri Feb 29, 2008 7:30 pm
by Pounder
(Bump... trying to find the full picture from which my avatar is derived. BTW, I think that shot is 7 years old or somesuch.)
Oh, never mind the bump... Dan Williams says that his interest ends either at the end of this week or next. A local bid comes next (which I doubt involves anything ameliorating the bank), then possibly they end up folding.
Posted: Sun Mar 02, 2008 2:01 am
by bomp
My source close to the situation who has been negative for a while and has never trusted Fat Steve says he thinks that a new investor is interested and been talking to all the parties.
Maybe the Rhinos will be back after all? I hope so.
Posted: Tue Mar 04, 2008 10:01 pm
by Pounder
The city has announced their intention to "seize" PaeTec Park.
http://www.13wham.com/news/local/story. ... 3e7cdc9f23
The current ownership is being squeezed out. However, it sounds like the city is attempting to get some mechanism together to keep the Raging Rhinos in operation. The bank may have something to say about Rhino assets, however. Stay tuned.
Posted: Fri Mar 07, 2008 6:47 pm
by Pounder
Seems the bank has a fellow banker who may be stepping up.
http://www.democratandchronicle.com/app ... 007/SPORTS
