Rhinos On Brink Of Bankruptcy

The USL First Division (USL-1) forum
User avatar
Pounder
Site Admin
Posts: 2730
Joined: Tue Mar 23, 2004 7:01 pm
Location: Portland freaking Oregon!

Rhinos On Brink Of Bankruptcy

Post by Pounder » Tue Feb 19, 2008 5:53 pm

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.
Mean Spirited Blogger #107

bomp
Site Admin
Posts: 399
Joined: Sun Oct 22, 2006 5:40 pm
Location: Baltimore, Maryland USA
Contact:

Post by bomp » Tue Feb 19, 2008 10:38 pm

[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.
Unique ideas lead to prison. Don't name your son after a baseball glove. "Listen dude, do you really want the SEX??"

ca
Site Admin
Posts: 275
Joined: Tue Dec 02, 2003 11:30 pm

pks

Post by ca » Thu Feb 21, 2008 1:27 pm

why do baseball and soccer clubs overextend themselves in building facilities that in many cases they dont need ?

User avatar
Pounder
Site Admin
Posts: 2730
Joined: Tue Mar 23, 2004 7:01 pm
Location: Portland freaking Oregon!

Post by Pounder » Thu Feb 21, 2008 5:10 pm

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.
Mean Spirited Blogger #107

bomp
Site Admin
Posts: 399
Joined: Sun Oct 22, 2006 5:40 pm
Location: Baltimore, Maryland USA
Contact:

Post by bomp » Fri Feb 22, 2008 1:10 am

Pounder:

Right you are.

BTW, who is that darling? Your daughter? Very sweet and a great photo.
Unique ideas lead to prison. Don't name your son after a baseball glove. "Listen dude, do you really want the SEX??"

User avatar
Fez
Site Admin
Posts: 160
Joined: Thu Dec 11, 2003 8:40 pm
Location: Phoenix
Contact:

Post by Fez » Fri Feb 29, 2008 5:47 pm

Wow. What a disaster. From toast of the league (and demands of MLS Status) to bankruptcy. Ugh.
Subscribe to Dayton Pro Sports Daily News: http://paper.li/f-1313642591

User avatar
Pounder
Site Admin
Posts: 2730
Joined: Tue Mar 23, 2004 7:01 pm
Location: Portland freaking Oregon!

Post by Pounder » Fri Feb 29, 2008 7:30 pm

(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.
Mean Spirited Blogger #107

bomp
Site Admin
Posts: 399
Joined: Sun Oct 22, 2006 5:40 pm
Location: Baltimore, Maryland USA
Contact:

Post by bomp » Sun Mar 02, 2008 2:01 am

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.
Unique ideas lead to prison. Don't name your son after a baseball glove. "Listen dude, do you really want the SEX??"

User avatar
Pounder
Site Admin
Posts: 2730
Joined: Tue Mar 23, 2004 7:01 pm
Location: Portland freaking Oregon!

Post by Pounder » Tue Mar 04, 2008 10:01 pm

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.
Mean Spirited Blogger #107

User avatar
Pounder
Site Admin
Posts: 2730
Joined: Tue Mar 23, 2004 7:01 pm
Location: Portland freaking Oregon!

Post by Pounder » Fri Mar 07, 2008 6:47 pm

Seems the bank has a fellow banker who may be stepping up.

http://www.democratandchronicle.com/app ... 007/SPORTS
Mean Spirited Blogger #107

Post Reply

Return to “USL-1”