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Raging Rhinos Sold; New USL, W-League Team Ownership
Topic Started: Sunday Mar 23 2008, 08:04 PM (170 Views)
WeatherManNX01
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The Emperor

From USLSoccer.com:
Quote:
 
United Soccer Leagues announced that Adirondack Sports Club LLC has acquired the USL First Division and W-League franchise rights for the greater Rochester area. The Rochester Rhinos will call the newly built PAETEC Park home.

Vallow and the Rhinos return to action May 2 (20 Toe Photo)“Rochester soccer has created an outstanding tradition of success, and has built one of the finest soccer facilities in the nation with the assistance of the City of Rochester and State of New York,” said USL Executive Vice President and COO Tim Holt. “We are confident the Adirondack Sports Club ownership group, led by Robert Clark, will solidify Rochester as one of the cornerstones of professional soccer in North America, building upon the traditions of the past and the potential of the future.”

The change, arrived at via the discontinuation of the franchise rights with Empire Professional Soccer LLC and the acquisition of those franchise rights by Adirondack Sports Club LLC, will also be recognized through the modification on the team’s past nickname to the shortened ‘Rochester Rhinos’ and the introduction of a new team logo.


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WeatherManNX01
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The Emperor

I hope the former owners got their money's worth, because now the bank wants their money back.

From the Rochester Democrat and Chronicle:
Quote:
 

Chenango County Supreme Court Justice Elizabeth Garry ruled today that NBT Bank is "entitled to the relief it is seeking," in its lawsuit against the three former principal owners of the Rochester Rhinos soccer team, according to Garry's law clerk, Catherine Murphy.

NBT had sought $10.8 million when it filed suit in January. It's unknown if it is still seeking the same amount.

NBT sold the Rhinos and its assets to Rob Clark in March. The three former owners personally guaranteed the loans, so their personal assets are at stake.


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WeatherManNX01
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The Emperor

From the Rochester Democrat and Chronicle:
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While the scope of an audit of state grants awarded for PAETEC Park construction remains unclear, officials said Tuesday that it will not affect a remaining $4 million grant needed to complete the stadium.

Comptroller Thomas P. DiNapoli announced the audit during a news conference at City Hall, explaining that an initial review had uncovered no wrongdoing but enough questions to warrant further study. The audit — focused on $19 million in state grants previously awarded — should get under way in the next two or three weeks. It could take months to complete.

"We want to track the grants. We want to track how the money was spent. We want to track what sort of oversight was provided," DiNapoli said.

Mayor Robert Duffy had requested an audit in February after revelation of major financial problems confronting the soccer stadium's previous owners. The Rochester Rhinos soccer team now has a new owner, and the city has taken ownership of the stadium.


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