Join Now | 
HomeAboutContact UsPrivacy & SecurityAdvertise
Soccer America DailySpecial EditionAround The NetSoccer Business InsiderCollege Soccer ReporterYouth Soccer ReporterSoccer on TVSoccer America Classifieds
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
Liverpool rallies to win clash of EPL's top teams    
[INTERNATIONAL FRIENDLIES] Stevan Jovetic twice scored to put Manchester City ahead, but Liverpool got goals from ...
2014 PDL All-League Team    
[AWARDS] The Michigan Bucks and FC Tucson led all teams with two selections apiece on the ...
Grondona dies after 35 years as Argentine boss    
[OBITUARY] Julio Grondona, FIFA senior vice president, died on Wednesday after being admitted to a Buenos ...
Philly acquisition of Mbolhi 'no-brainer'    
[MLS SPOTLIGHT] The Philadelphia Union already has Zac MacMath, who at the age of 22 is ...
Montreal dismisses De Santis as sporting director    
[MLS SPOTLIGHT] Halfway through what is shaping up to be one of the worst seasons in ...
Rubin likes FC Utrecht's ambitions    
[AMERICANS ABROAD] Rubio Rubin had to wait until he turned 18 in March to be eligible ...
Corona scores in Tijuana's Copa MX win    
[AMERICANS ABROAD] U.S. international Joe Corona scored the winner for Tijuana in its 3-1 win over ...
What They're Saying: Mark Geiger     
"It was very strange, with the way [Brazil] walked out on the field and just their ...
Manchester United wins third tour game in shootout    
[INTERNATIONAL FRIENDLIES] Manchester United won the third game of its U.S. tour with a 5-3 shootout ...
Cuevas gets start in Lobos BUAP victory    
[AMERICANS ABROAD] Former U.S. under-20 national team forward Daniel Cuevas started for Torneo Ascenso (second division) ...
>> Soccer America Daily Archives