Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySoccer World DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America ClassifiedsGame Report
Paul Gardner: SoccerTalkSoccer America ConfidentialYouth Soccer InsiderWorld Cup Watch
RSS FeedsArchivesManage SubscriptionsSubscribe
Order Current IssueSubscribeManage My SubscriptionRenew My SubscriptionGift Subscription
My AccountJoin Now
Tournament CalendarCamps & AcademiesSoccer GlossaryClassifieds
Pittsburgh Riverhounds file for bankruptcy protection
by Paul Kennedy, March 27th, 2014 7:03PM

MOST READ
TAGS:  usl

MOST COMMENTED

[USL PRO] Soccer-specific stadiums are a wonderful idea. If you can pay for them. Two days before the start of the club's season, the owners of the USL PRO Pittsburgh Riverhounds and their acclaimed riverfront Highmark Stadium sought Chapter 11 bankruptcy protection to restructure their obligations that include a $7.16 million mortgage, $1.5 million credit line and other debts owed to more than 50 creditors.

Principal owner Terrance Shallenberger moved to assure the club's players, fans and sponsors that it would move forward.

"We’ve taken steps to operate as lean as possible while still delivering a championship-level team and running a first­-rate facility," he said. "To continue operations, we have determined it is necessary to file for Chapter 11 bankruptcy protection to restructure high levels of existing debt and to ensure the long­-term viability of the companies. We want our employees, fans and sponsors to know that our commitment to growing the game of soccer and to realizing the full potential of Highmark Stadium will continue during the reorganization process.”

The Riverhounds insisted said debts related to the construction of the 3,500-seat stadium at Station Square were the cause of the problems. Shallenberger assumed an ownership interest in the club after it opened the stadium in 2013. He will provide interim financing to operate the club as it proceeds through the bankruptcy process. In a statement, the club added that its season would start as scheduled, as would its academy program activities.

The Riverhounds had re-signed many of the players from the team that made the 2013 USL PRO playoffs with a 10-8-8 record and upgraded their roster with the addition of Brian Fekete from Orlando City, Anthony Obodai from FC Phoenix and former Fulham forward Collins John, as well as three loan players from the Houston Dynamo.


No comments yet.

Sign in to leave a comment. Don't have an account? Join Now




AUTHORS

ARCHIVES
FOLLOW SOCCERAMERICA

Recent Soccer America Daily
Lloyd golazo ups her goal streak to seven games    
If there is one lesson NWSL opponents should have learned from the Women's World Cup, it's ...
What They're Saying: Abby Wambach on her future plans    
"I haven't made a decision about the Olympics next summer and I would have to make ...
USL Roundup: Board of Governors meets in Denver    
For the third straight year, the USL has held its annual midseason Board of Governors meeting ...
How does MLS All-Stars vs. Liga MX All-Stars sound?    
With Wednesday's AT&T MLS All-Star Game set to pit the MLS All-Stars against Tottenham at Dick's ...
TV Report: Gold Cup reaches more than 6.8 million viewers    
The Gold Cup final between Mexico and Jamaica was watched by 6 million viewers on Univision, ...
Donovan: 'I'm not going to be Mexico's next coach'    
Landon Donovan has always had a great sense of humor, and he's lost none of that ...
Video Pick: Houston's Miranda stands out with stylish finish    
On a week with 39 goals in nine games, there were lots to choose from for ...
Northwest Division teams dominate PDL All-League team    
Sounders FC U23 defender Jonathan Campbell, who was named to attend the U.S. Men's U23 College ...
What They're Saying: Osvaldo Alonso     
"This is a gift for me. When I come here, it was never to come back. ...
What They're Saying: Mexican federation president Decio de Maria    
"Our values, our principles, are above any result. In our profession, our industry, the matches are ...
>> Soccer America Daily Archives