February 03, 2008 | 10:35
About two months ago we reported on the financial scrutiny that former RailHawks owners Steve Donner and Frank DuRoss were undergoing as part of the Rochester Sports Group. While the Rhinos management has assured fans that a deep pockets investor (now revealed to Dan Williams, the American business man linked with a takeover of Blackburn Rovers of the English Premier League) would prevent things from getting worse, Rhinos fans have to be nervous as it has been months since this promise has been made with no deal announced.
To make matters worse, both for the fans and the ownership group, it has now been revealed that Rhinos have been named in two separate lawsuits. One comes from a party rental company claiming that the Rhinos failed to pay debts owed for services rendered at PAETEC park, the other, and more severe suit, coming from a New York bank claiming the Rhinos have defaulted on nearly $11 million in loans.
Of some concern to local soccer fans is the fact that RailHawks owner and General Manager Chris Economides, who still owns a small minority stake in the Rhinos is named as a defendant in this lawsuit brought by NBT Bank. The suit claims that DuRoss, Donner, and Economides personally guaranteed the loans.
While Economides has repeatedly reassured TSF that these financial issues have no bearing on the financial or operational management of the RailHawks franchise, we cannot help but wonder how big a distraction this must be for Economides. At a time when we want him focused fully on building the RailHawks for their second season and launching the W-League team on their inaugural season, the distraction of a pending lawsuit is particularly unwelcome. The best RailHawks fans can hope, both for the RailHawks sake and the sake of our sister franchise in Rochester, is that these suits are resolved expediently and Mr. Economides can turn his attention from his past club to the present and future of his current endeavor.
For fans interesting in following this story more closely, Jeff DiVeronica of the Rochester Democrat & Chronicle is maintaining a running commentary on the issue on his blog Devo's Direct Kicks.
UPDATE 2/5/08: Tim Candon has a few more details at CaryNews.com
To make matters worse, both for the fans and the ownership group, it has now been revealed that Rhinos have been named in two separate lawsuits. One comes from a party rental company claiming that the Rhinos failed to pay debts owed for services rendered at PAETEC park, the other, and more severe suit, coming from a New York bank claiming the Rhinos have defaulted on nearly $11 million in loans.
Of some concern to local soccer fans is the fact that RailHawks owner and General Manager Chris Economides, who still owns a small minority stake in the Rhinos is named as a defendant in this lawsuit brought by NBT Bank. The suit claims that DuRoss, Donner, and Economides personally guaranteed the loans.
While Economides has repeatedly reassured TSF that these financial issues have no bearing on the financial or operational management of the RailHawks franchise, we cannot help but wonder how big a distraction this must be for Economides. At a time when we want him focused fully on building the RailHawks for their second season and launching the W-League team on their inaugural season, the distraction of a pending lawsuit is particularly unwelcome. The best RailHawks fans can hope, both for the RailHawks sake and the sake of our sister franchise in Rochester, is that these suits are resolved expediently and Mr. Economides can turn his attention from his past club to the present and future of his current endeavor.
For fans interesting in following this story more closely, Jeff DiVeronica of the Rochester Democrat & Chronicle is maintaining a running commentary on the issue on his blog Devo's Direct Kicks.
UPDATE 2/5/08: Tim Candon has a few more details at CaryNews.com
Category:
News
February 03, 2008 - 12:42
Count your blessings Rhawks fans. Bad news up here is SoccerTown USA. 2008 season is looking bleak. Sad Sad.
-Mark