Texas Attorney General Ken Paxton asked the Bankruptcy Court of the Northern District of Texas to convert the San Angelo Colts baseball team’s bankruptcy to Chapter 7, or liquidation, on behalf of the Texas Tech University System and Angelo State University. The order was granted last week, according to court documents.
The San Angelo Colts originally filed for reorganization, not liquidation. A trail of previous court documents and Paxton’s filing indicate that the Colts have failed to follow through with reorganization. “The debtor has failed to enter into a new Stadium Use Agreement with ASU or commence payments to creditors as contemplated by the confirmed Third Amended Plan of Reorganization. Despite repeated inquiries, the Debtor has remained silent and failed to cure those defaults,” Paxton wrote the court.
The stadium structure, financed by 1st Community Federal Credit Union and located on leased ASU land, is said to be the Colts’ largest asset.
A previous court filing from the TAG on April 24 stated that the Colts had 10 days to enter a new lease agreement, by May 4.
The San Angelo Colts were the minor league baseball team in San Angelo. Its last season was in 2014. There is no season planned for 2015.
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It's unclear from this article why ASU and TTU are able to petition for anything regarding the Colts.
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PermalinkASU owns the land underneath the stadium, and the Colts didn't attempt to negotiate to renew the lease.
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PermalinkThe problem with the Colts and ultimately all of the failed sports teams here, is bad ownership. When the Colts originally opened, the stadium was mostly full, the product on the field was decent, and there was entertainment for the fans. At the end of the Colts lifecycle, the stadium was empty, the facility was in bad repair, the product on the field was mediocre at best, and there was nothing to keep the fans attention. This is a good move for ASU though as they can finally put some money and time into that stadium and get it back into the shape that it should have been all along.
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PermalinkThe colts provided cheap entertainment in a place without much else to do. They had some great support and then stopped getting corporate sponsors to purchase season tickets. I don't think ASU would let another pro team use the stadium after they buy it.
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