Legacy Park in Mesa is on track to change ownership in the near future due to a pending bankruptcy case. There are various parties interested in the 320-acre sports facility including at least 18 construction firms with outstanding lien balances that total more than $30M.
Sale procedures have gained the Judge’s approval. Interested buyers must submit their bids by September 28, 2023, to be reviewed by a legal team. If multiple qualified buyers emerge, an auction is scheduled for October 5, 2023, at 10:00 a.m. in a bankruptcy courtroom in Phoenix.
Urgency stems from a lack of available funds, UMB Bank, which pledged $9M to support park operations, is projected to exhaust its funding by the end of October. Expectations for additional financial support from bondholders are low.
Ceasing park operations before the sale could significantly reduce its overall value. The sale is anticipated to result in a financial loss since the park’s highest mentioned selling price was $185M, while bondholders are collectively owed $300M. The final sale hearing will be held on October 18, 2023. (Source)