Arena’s losses continue to mount

Posted on May 28, 2020 :: Insight on Business, Web Exclusive
Avatar
Posted by of Insight Publications

The bankrupt Menominee Nation Arena in Oshkosh continues to lose money, with its total debts exceeding $29 million.

For the month of March, Fox Valley Pro Basketball — the arena’s owner — reported a net loss of $166,000. All events at the arena were canceled in the second half of that month due to the COVID-19 pandemic. Those losses would have been worse if the arena had not received a $36,000 TIF rebate from the city in March.

So far in 2020, the Menominee Nation Arena has lost $487,000.

Greg Pierce, president of Fox Valley Pro Basketball, is now asking a federal bankruptcy court to let him to borrow an additional $100,000 from his other business, Windward Wealth Strategies, to help cover the arena’s debts. Pierce has already loaned the arena $200,000 from his other company.

Fox Valley Pro Basketball also owes another lender, Two Willows, $70,000, and an extension of that payment was rejected.

Bayland Builders, which built the arena and is owed $13 million by Fox Valley Pro Basketball, has asked the federal bankruptcy court to throw out the case, allowing it to foreclose on the arena and take ownership. In its court filings two weeks ago, Bayland said Fox Valley Pro Basketball made no protection payments to it during April, brought in zero revenue during that month due to COVID-19 and did not pay its property taxes.