block921 Posted July 17, 2011 Share Posted July 17, 2011 Court battles, unpaid bills and a would-be reality show sidetracked the Newark Bears franchise http://www.nj.com/news/index.ssf/2011/07/how_court_battles_unpaid_bills.html Even with an affiliation, this team is going nowhere but bankrupt. Meanwhile, the taxpayers continue to pick up the tab for Riverfront Stadium, which was funded by bonds and built at a cost of more than $30 million. Essex County and Newark each must pay $1.1 million annually until 2029 to cover the debt service on the stadium, a county official confirmed Friday. Adding to their troubles, the Bears owe nearly $800,000 in back rent to the Essex County Improvement Authority. The team is currently making yearly payments that continue to escalate until 2022, when the debt is scheduled to be paid off, according to Jim Paganelli, the executive director of the ECIA. Bill collectors from PSE&G, seed companies and clothiers are asking for their money, and payroll was delayed for some employees this season, according to court papers and interviews with current and past employees. Jim Hague, the team’s former public relations director, who also served as the stadium announcer, resigned in late June, calling the team a "circus" on his blog. Quote Link to comment Share on other sites More sharing options...
block921 Posted July 17, 2011 Author Share Posted July 17, 2011 Wow I just finished reading the article, the bears are dead. The only reason the last season was played was that schmuck doctor spiel got ripped off and paid the entire bill. What a dummy, so the only hope is to turn the team into a reality series?!? some business plan. Quote Link to comment Share on other sites More sharing options...
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