Join Now  | 
Home About Contact Us Privacy & Security Advertise
Soccer America Daily Soccer World Daily Special Edition Around The Net Soccer Business Insider College Soccer Reporter Youth Soccer Reporter Soccer on TV Soccer America Classifieds Game Report
Paul Gardner: SoccerTalk Soccer America Confidential Youth Soccer Insider World Cup Watch
RSS Feeds Archives Manage Subscriptions Subscribe
Order Current Issue Subscribe Manage My Subscription Renew My Subscription Gift Subscription
My Account Join Now
Tournament Calendar Camps & Academies Soccer Glossary Classifieds
Pittsburgh Riverhounds file for bankruptcy protection
by Paul Kennedy, March 27th, 2014 7:03PM
Subscribe to Soccer America Daily

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
What They're Saying: Karl-Heinz Rummenigge    
"Discrimination of any kind in sport and this society deserves the red card. Jerome Boateng is ...
NWSL Week 7: Results & Standings    
The Portland Thorns extended their unbeaten streak to seven matches with a 0-0 tie against its ...
MLS Talking Points: Positives for Rapids and Union    
At Memorial Day, more than one-third into the 2016 MLS regular season, the Colorado Rapids and ...
U.S. Abroad: Gonzalez completes MLS-Liga MX double    
Omar Gonzalez became the ninth American to win the Mexican league title when Pachuca tied Monterrey, ...
What They're Saying: Sergio Ramos    
"He has brought happiness, hope, humility and hard work." -- Sergio Ramos on Frenchman Zinedine Zidane, ...
Video Pick: David Villa's costly slip-up skies PK    
Spaniard David Villa, New York City FC's top player, with 27 goals and eight assists, since ...
Crowd Count: Largest Memorial Day weekend crowds    
The Mexico-Paraguay friendly at Atlanta's Georgia Dome drew 63,049 fans, the largest soccer crowd on Memorial ...
Eight Americans start in Mexico Sub-20 final    
Tijuana started seven Americans, including U.S. international Paul Arriola, and Queretaro started one, Josue Soto, formerly ...
What They're Saying: Sports marketing expert Hector Lopez Zatarain    
"Organized crime usually respects sports figures and singing stars and leaves them alone. Here in Mexico, ...
Video Pick: Keeper blooper dooms Galaxy    
If Los Angeles Galaxy goalkeeper Brian Rowe hadn't lifted his hands to stop Didier Drogba's 30-yard ...
>> Soccer America Daily Archives