Legacy Cares, Inc., owner of Legacy Park near Queen Creek, formerly known as Bell Bank Park, filed for bankruptcy Monday, just over a year after debuting the sprawling Mesa sports and entertainment venue.
Dubbed as "Arizona’s Premiere Sports & Entertainment Complex," the 320-acre family sports and entertainment facility opened to much fanfare in January 2022. Now, Legacy Park has hired a new management company and an investment banking firm to provide options to Legacy Cares as it enters Chapter 11.
In the meantime, public relations representatives for Legacy Park are saying they will "continue to be open and operate in the normal course of business as hundreds of events are scheduled to take place through 2030."
In addition, Legacy Cares has engaged an investment bank, Miller Buckfire & Co, to assist it with options, including a potential sale of all assets of Legacy Cares.
“Legacy Cares’ goal is to preserve this landmark facility so it can continue to serve the community for many years to come. Legacy Cares intends to use this process to protect and support the park’s business operations and address Legacy Cares’ debt obligations while working towards an orderly and efficient possible sale of Legacy Cares’ assets in a manner that maximizes their value.” said Douglas Moss, president of Legacy Cares, Inc.
Public relations representatives for Legacy Park on Monday cited that "over the years numerous businesses in Arizona have successfully emerged from Chapter 11," like Bashas' Supermarkets did in 2009. The chain consisting of Bashas', Food City and AJ’s Fine Foods was eventually sold to a California grocer in 2021. Z’Tejas Restaurants filed Chapter 11 twice (in 2014 and 2018) retaining four restaurants, two in Arizona and two in Texas.
They added that "notable national companies that have successfully emerged from Chapter 11 include General Motors, Chrysler, Marvel Entertainment and Six Flags."
Veteran sports venue manager Rodney Reese has been hired by Legacy Cares as its vice president of park operations to oversee the day-to-day management of Legacy Park. Reese helped launch Legacy Park and has more than 20 years of experience in venue management and business development across multiple sports and entertainment facilities. Elite Sports Group, recently hired by Legacy Cares to replace Legacy Sports, USA to manage Legacy Park, will report to Reese.
Just last month, Bell Bank ended its partnership with Legacy Sports USA as the naming rights partner of the facility. The 320-acre multi-purpose family sports and entertainment complex broke ground in October 2020 and opened in January 2022. They hosted a Feb. 4, 2022 grand opening headlined by hometown musician Lindsey Stirling.
Legacy Park is located at the intersection of State Route 24 and Ellsworth Road in Mesa, near Queen Creek. The park features, among several other amenities, eight baseball and softball fields; 19 basketball courts; 35 soccer, football and lacrosse fields; 57 indoor volleyball courts; and 41 pickleball courts, in addition to 25 acres of festival space, a 2.7-acre great lawn, 3,000-seat outdoor stadium and 2,800-seat indoor arena. They will all remain open throughout the reorganization and beyond, according to Legacy PR reps.
They added that Legacy Park surpassed more than 4.3 million visitors in 2022 and in addition to numerous sporting events, has hosted dozens of concerts, festivals and family friendly community events with over 1.9 million visitors to date in 2023.
“Many millions of people have visited Legacy Park in its first year of operations and will continue to enjoy Arizona’s premiere sports and entertainment complex for many years to come. For months Legacy Cares has been working on new plans to enhance operations and bring revenues in line with expenses. Professionals have been hired to help Legacy Cares with this process by looking at all options for the park’s best possible future. (Monday’s) announcement of a reorganization along with recent significant management changes will better position Legacy Park to serve as a destination where families and athletes of all ages can enjoy a safe, friendly, high-quality environment to experience different sporting, artistic, educational and entertainment amenities,” Moss stated in a press release on Monday.
"Just this past weekend, Legacy Park was filled to the brim hosting several simultaneous events including the Nike EYBL tournament showcasing top high school basketball players in the country, VOS Cheer Grand Canyon State Championships, Soccer Alliance of Arizona league games, AZ Region Girls Volleyball tournament, USSSA/GSL Adult Softball Make It Rain Mega Cash Series tournament and Swish pickleball tournament," they said in the press release.
For more information about Legacy Park’s facilities, leagues or upcoming sporting and special events, visit elitesportsaz.com.
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The group stated in Monday's press release that "as matters are before the courts, Legacy Cares is unable to provide interviews at this time. However, in the interest of transparency, we have provided a list of frequently asked questions and answers."
Who is Legacy Cares, Inc.?
Legacy Cares, Inc. is a 501(c)(3) non-profit organization dedicated to providing athletes and non-athletes of all ages, economic backgrounds and levels of athletic proficiency, the opportunity to participate in sports and e-sports while fostering the enjoyment and camaraderie of teamwork and perseverance, key components in athletic competition and lifetime success. Legacy Cares owns Legacy Park (formerly known as Bell Bank Park).
What did Legacy Cares, Inc., as the owners of Legacy Park, announce?
Legacy Cares announced that it has filed for Chapter 11 reorganization with operations continuing as normal. Here in Arizona such leading businesses as Bashas, Z’Tejas Restaurants and Paradise Valley’s Smoke Tree Resort have successfully used this process.
Legacy Cares intends to use this process to protect and support its business operations and address debt obligations while working towards an orderly and efficient sale of Legacy Cares’ assets in a manner that maximizes the value of these assets for the benefit of all stakeholders.
Legacy Cares, Inc. has engaged an investment banker to look at all possible options for its future, including a potential sale for all assets of Legacy Cares’ assets. In the meantime, Legacy Park will continue to be open and operate in the normal course of business.
What is Chapter 11?
Chapter 11 is the reorganization chapter of the U.S. Bankruptcy Code and has been used by many businesses across the country. Chapter 11 does not mean close of business and Legacy Cares, Inc., together with Elite Sports Group, LLC, as its manager continues to operate Legacy Park in its normal course of business through the period of Chapter 11.
How will this process affect day-to-day operations?
The day-to day operations will not be adversely affected. Recently, Legacy Cares replaced its manager with Elite Sports Group. In addition, Cares hired Rodney Reese, who has a distinguished career in the sports and entertainment business to oversee the management of Legacy Park including Elite Sports Group. Legacy Cares, Inc. is operating under a normal course of business and will continue to support and meet the needs of the communities we serve.
When does Legacy Cares, Inc. expect to complete the sale process?
While Legacy Cares cannot speculate on the exact timing due to the court process, we anticipate a sale process will be concluded in August 2023. Legacy Cares intends to move through this process as quickly and efficiently as possible.
Does Legacy Cares, Inc. have the liquidity to continue operating throughout this process?
Yes, Legacy Cares, Inc. has arranged to obtain sufficient liquidity to operate during the bankruptcy process assuming there is approval by the court.
How does this impact Legacy Cares, Inc.’s current community and business partnerships?
Legacy Cares does not believe there will be a negative impact with our community and business partnerships. Legacy Cares values all of its partnerships, and will continue to serve the needs of the communities and partners we serve.
For staff
Will I be paid on time?
- Yes. All wages will be paid on time and in full.
For vendors
What does this mean for me?
- The important actions we are taking are designed to maximize the value of Legacy Cares for the benefit of all stakeholders.
- Legacy Cares is operating as normal and remain focused on providing its customers with the highest level of quality, service and value, while also continuing to support their vendors.
Will I be paid for goods or services provided on or after the filling date?
- Legacy Cares intends to pay suppliers in full under normal terms for goods and services provided on or after the filing date.
- Legacy Cares has requested debtor-in-possession financing (“DIP”) from its existing lender, which, subject to court approval is expected to support our day-to-day operations during this process.
- Combined with operating cash flows, the DIP financing will be used to, among other things, support the business during this process, including paying suppliers and vendors in full under normal terms for goods and services provided after the filing date.
- Court filings and other information related to the proceedings are available on a separate website administered by the company’s claims agent, Epiq Corporate Restructuring, LLC (“Epiq”), at https://dm.epiq11.com/
LegacyCares, or by calling Epiq representatives toll-free at 888-831-8608 or 1-503-664-9231 for calls originating outside of the U.S.
Will I be paid for goods and services delivered prior to the filing date?
- Under U.S. law, unpaid debts for goods and services provided to Legacy Cares, Inc. prior to the filing date, also known as “pre-petition claims,” generally cannot be paid without specific court approval.
