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

TAGS:  usl


[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



Recent Soccer America Daily
Johnson scores again in Champions League    
Fabian Johnson scored in his second straight game for Borussia Moenchengladbach in the UEFA Champions League ...
Coach Michelle French names 20 for U-20 Women's World Cup qualifying    
Eight collegians and 12 youth club players comprise Coach Michelle French's roster for the U-20 Women's ...
MLS preseason returns to Tucson in 2016    
Ten MLS teams will take part in preseason training in Tucson, Arizona, where the 2016 Desert ...
Ellis calls up Colaprico and Lavelle for first time    
U.S. women's national team coach Jill Eilis called in 28 players -- 20 who went to ...
What They're Saying: Chris Dangerfield    
'We used to go to movies, have cups of tea, strange things you do when you ...
What They're Saying: Tim Leiweke    
"I think we have found a site. It's probably different than what people think we're doing, ...
Video Pick: How Ronaldo gets treated by customs     
Cristiano Ronaldo doesn't seem to have a difficult time getting through customs, as demonstrated by this ...
NASL's Jacksonville banks on Tony Meola    
Hall of Fame goalkeeper Tony Meola, whose previous coaching experience since retiring as a player in ...
Video Pick: Messi proves he's fully recovered    
Lionel Messi, out of Barcelona's starting lineup for two months because of a knee injury, scored ...
Red Bulls' success nets Marsch Coach of the Year honors    
Inexperienced head coaches don't often flourish in MLS, yet in just his second season as a ...
>> Soccer America Daily Archives