Ex-soccer club leader files for bankruptcy
Andrew Ferguson, who was instrumental in development of Speedway Sporting Village, has filed for bankruptcy.
A failed local soccer club and its owner-operator have filed for bankruptcy.
Andrew Ferguson filed for Chapter 7 personal bankruptcy, and his business, Soccer Lincoln Inc., filed a separate Chapter 7 petition for liquidation. Soccer Lincoln's petition says it also did business as Bison Sports Arena, Sporting Lincoln FC and Speedway Sporting Village.
Among about 100 listed creditors are some parents who paid more than $1,000 a year in some cases for their children to be coached and play soccer, and B&J Partnership, the county's biggest property owner, which developed and owns the Speedway Sporting Village soccer complex and other real estate along West Van Dorn Street where the club and its hundreds of players practiced and competed.
Ferguson's popular soccer business, started years ago, teetered and fell from grace since last year, as coaches and players defected.
Speedway Sporting Village, 345 Sporting Village Drive, remains in business there with different tenants and operators. The city of Lincoln has encouraged the development with tax increment financing and a West Van Dorn Redevelopment Plan to help make it a regional amateur sports destination.
A filing for bankruptcy puts on hold lawsuits pending against the person or business.
In Ferguson's case, that means lawsuits filed in district and county court against him and some associates by B&J and others, including Amy Scott, a mother of three children who says Ferguson took their money for soccer club memberships and failed to deliver refunds after his business came undone. In an interview, Ferguson said most of the members got refunds.
B&J -- the real estate development business of the Smith family, owners of Speedway Motors -- said Ferguson and his business didn't meet their obligations in managing and occupying the amateur sports complex.
Ferguson and the club's petitions list his assets at less than $100,000 and debts at up to $1 million.
The petition estimates that, after any exempt property is excluded and administrative expenses paid, there will be no funds available for distribution to unsecured creditors.
Article from:- http://journalstar.com