SportsQuest to be sold at auction on courthouse steps - NBC12 - WWBT - Richmond, VA News On Your Side

SportsQuest to be sold at auction on courthouse steps

Financially-troubled SportsQuest said it will not get in the way of a foreclosure auction set for next week.

SportsQuest is in default on a $15 million loan.

The company that made the artificial turf for the fields is moving forward with a foreclosure auction next week.

Experts said potential buyers could come from out of state.

SportsQuest will be sold at auction on the courthouse steps.

"Sorry to hear... it's on the auction block, you said? Wow," said Burgess Rhodes who watched games at SportsQuest.

Such auctions are unusual said real estate broker Brian Liggan.

"Overall, commercial trustee sales are rare especially one of this size," said Liggan.

Two pieces of land, the largest 115 acres, are up for grabs.

Court records show SportsQuest used the property as collateral on a $15 million loan from Shaw Industries.

The Georgia based company made the artificial turf for SportsQuest's athletic fields.   

SportsQuest is now in default.

"Dudley Duncan, the CEO of SportsQuest told us they certainly had deep financial problems and would have to come to some resolution this is probably starting that process on that resolution," said Mike Golden with Chesterfield County Parks and Recreation.

Duncan replaced former SportsQuest CEO Steve Burton last month.

In a statement, Duncan said the board of directors believes the amount of debt owed is significantly more than the real estate's value and won't stop the foreclosure.

SportsQuest is also now seeking bankruptcy-related advice.

Golden said the county is protected under a $4 million, 20-year lease.

"If the property were somehow used for something else besides sports fields the county would be in the front of the line to get paid back," said Golden.

Chesterfield continues to use its eight fields. In fact, a lacrosse tournament is scheduled for Thursday night.

The public auction is scheduled for next Tuesday at 1 p.m. on the steps of the Chesterfield County courthouse.

Copyright 2012 WWBT NBC12.  All rights reserved.

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