27 November 2023

Legacy Sports Comples: Mesa Arizona sports venue bankruptcy case

A federal judge signed off on the sale of an Arizona participant sports venue for a price that will result in a miniscule cash payment to owners of the bankrupt facility's defaulted bonds.

24 October 2022

RUNNING AFOUL HERE IN MESA: YOUTH SPORTS COMPLEX HUSTLE

Stephen Griffin, a whistleblower in Rhode Island who is a former executive and investor in a failed youth sports company in Boston, has been predicting trouble for Bell Bank Park since September.

✓ Griffin, an accountant for major firms before becoming an investor, doesn’t think the Mesa project is capable of generating the revenue needed to cover its current obligations.

He said the revenue potential and economic benefits of destination sports facilities like Bell Bank Park have been over-hyped to communities across the country.

✓ That’s also been true in the East Valley, where Mesa and Queen Creek officials have been especially enthusiastic about the park and its future potential as a magnet for visitors to their municipalities. Although some Gilbert officials were concerned about the park’s impact on the town’s Cactus Park sports venue, they too took a broader favorable view of its tourist potential.

✓ . . .Griffin said he is providing information to the Securities and Exchange Commission about Legacy Cares. He shared an email exchange with the Tribune showing communication with Rebecca Olsen, deputy chief of the SEC’s Public Finance Abuse Unit. . .

Whatever the outcome of Legacy Cares’ default and upcoming bondholders’ meeting, a statement Griffin posted in early September to kick off his whistleblowing campaign is resonating today.


“Whoever said municipal bonds are boring has never been to Mesa, Arizona. Stay tuned – this story is incredible,” he wrote."


 Why people commit fraud and continue down the path of fraud: “I think very few people wake up and decide that today is the day I’m going to misrepresent financial statements or book an arbitrary general journal entry to record revenue. That’s inappropriate. I think it sneaks up on somebody typically, and they start making smaller, inappropriate decisions. And then it’s hard to dig out of those decisions. And then they find themselves at a really significant inflection point, which is, do I raise my hand and acknowledge that this business is not performing the way I’ve been reporting to my board or my stakeholders and bite the bullet and deal with the consequences at that momentO r do I continue to perpetrate?” 

Go to >

sportlifestylenetwork.com

Stephen Griffin Front Row Seat S1E34 - Sport Lifestyle Network

6 - 8 minutes

In this episode of the SLN Podcast, John Peters is joined by Stephen Griffin, someone who’s never been afraid of the numbers. Stephen is a father, husband and worked his way up the corporate ladder as a trained accountant. Stephen eventually found himself helping private equity firms as a forensic accountant of sorts and would go on to work as a board member while helping diligence investment opportunities before ultimately becoming a private investor himself. Stephen later invested in Legacy Global Sports, one of the largest youth sports operators at the time. Legacy, who reportedly generated over $1MM / week in revenues, provided elite programming and events in youth soccer, hockey, lacrosse, and more. Today, Legacy is bankrupt and still under an ongoing criminal investigation by the DOJ. John spoke to Stephen about what went wrong...


✓ REPORT 

www.themesatribune.com

Default threatens owners’ hold on Bell Bank Park

Scott Shumaker, Tribune Staff Writer
7 - 9 minutes

"The organization that built the $280 million, 320-acre youth and amateur sports complex known as Bell Bank Park in southeast Mesa is in default of its loan that covered the project. . ."


 


THE BACK STORY

www.golocalprov.com

Providence Author Unveils Corporate Greed and Broken Business Ethics in New Book - GoLocalProv

Josh Fenton
3 - 4 minutes

Thursday, November 12, 2020

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An inside look at chaotic business in 2020

The new book from Providence-based Stephen Griffin is half John Grisham-esque thriller, and half Harvard Business School case study. And, that is a compliment.

Griffin is the most unusual author, but he is the perfect guide that unveils the inner workings of private equity, corporate greed and failed business ethics in 2020.

The book titled, Front Row Seat - Greed and Corruption in a Youth Sports Company is a fast-paced read.


> FROM MESAZONA ARCHIVE

05 February 2022

MESANOW: Nation's Largest $280-Million Multi-Purpose Sports-and-Entertainment Complex

From the City of Mesa's non-profit newsroom

Bell Bank Park Officially Opens as Nation's Largest Multi-Venue Sports and Entertainment Complex

February 4, 2022 at 12:54 pm

WHERE: Bell Bank Park, 1 Legacy Drive, Mesa, AZ 85212
WHAT: Representatives from Legacy Cares, Legacy Sports USA, Bell Bank and Oak View Group Facilities, along with friends, family and supporters, gathered Feb. 4 for a special ribbon cutting ceremony to signal the official grand opening of Bell Bank Park, the new $280 million multi-purpose sports and entertainment complex in Mesa.

Bell Bank Park, fulling the mission of Legacy Cares, opened in January of 2022 to host a number of sports teams, events, and competitions throughout the entire month, but this grand opening and ribbon cutting signifies the official opening of the entire sports and entertainment complex.

ABOUT BELL BANK PARK
Bell Bank Park, a 320-acre world class family sports and entertainment complex, fulfills the mission of Legacy Cares.
The one-of-a-kind complex features a 5,000 seat Outdoor Stadium, 2,800 seat Indoor Arena, (35) Soccer/Lacrosse/Football Fields, (57) Indoor Volleyball Courts, (8) Baseball and Softball fields, (20) Basketball Courts, (41) Pickleball Courts, (12) Beach Volleyball Courts, Obstacle Course Racing Park, (22) Futsal Courts, Gymnastics Center, Dance Studio, Cheer Center, Sports Performance Center, Family Fitness Center, Wellness & Fitness Center, esports Center, Kids Play Center, two zip lines, 2.7 acre Tixr Yard for concerts and events, The G.O.A.T Sports Bar and Restaurant, and so much more. With numerous playing fields, Bell Bank Park powered by Legacy Sports USA serves as a major hub for professional, club and recreation competition at various levels of expertise and proficiency. The Park expands beyond sports. The team at Bell Bank Park will create festivals, signature experiences and live concerts that feature national touring acts. The Park will create a thriving entertainment destination in Mesa and the Greater Phoenix region.

✓ ABOUT OAKVIEW GROUP (OVG)
Oak View Group (OVG) is a global sports and entertainment company founded by Tim Leiweke and Irving Azoff in 2015. OVG is focused on being a positive disruption to business as usual in the sports and live entertainment industry and currently has eight divisions across four global offices (Los Angeles, New York, London, and Philadelphia). 
✓ In addition, OVG is leading the redevelopment and operations of five other new sports and entertainment arena projects, including the Climate Pledge Arena, home to the National Hockey League's newest franchise, the Seattle Kraken, the UBS Arena in Belmont Park, NY, the new home of the NHL's New York Islanders, Co-Op Live in Manchester, England, Enmarket Arena in Savannah, GA, and the Coachella Valley Arena in Coachella Valley, CA, the home of the newest AHL franchise. OVG Global Partnerships is also responsible for securing the naming rights for these projects, and the 2021 winner of the SBJ Sports Awards for best in Sales, Consulting, and Client Service.

✓ ABOUT LEGACY SPORTS USA
Legacy Sports USA is the organization behind Bell Bank Park, initially the vision of Randy J. Miller, Chairman of Legacy Sports USA, Chad J. Miller, CEO of Legacy Sports USA, and Olympic gold medalist Dan O'Brien, Director of Performance Training at Bell Bank Park. Legacy Sports USA is dedicated to hosting premiere tournament events for youth sports and offering opportunities for athletes of all ages and at all levels to develop skills and enjoy training and competition.
Bell Bank Park also includes outdoor and indoor team athletic facilities geared to high-energy entertainment, sports venues, and a multi-purpose arena and outdoor amphitheater for live events, family shows, exhibitions, and conventions.
For more information visit www.LegacySportsUSA.com.

MESANOW: Nation's Largest $280-Million Multi-Purpose Sports-and-Entertainment Complex

From the City of Mesa's non-profit newsroom Bell Bank Park Officially Opens as Nation's Largest Multi-Venue Sports and Entertai...
Bankruptcy court to weigh offer for Legacy Cares venue in Arizona | Bond  Buyer

The 320-acre complex will be called Bell Bank Park, designed to host youth and amateur sports teams and individual and team trainingfamily fun via eventsconcertsyouth sports tournaments, and fitness opportunities,” the announcement last week stated. “It will be the largest of its kind in North America.”

Mesa sports park owner files for bankruptcy, looks to sell 320-acre venue

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