SportsQuest files for Chapter 7, facility will stay open - NBC12 - WWBT - Richmond, VA News On Your Side

SportsQuest files for Chapter 7, facility will stay open


SportsQuest filed for Chapter Seven bankruptcy Wednesday. The Chesterfield company's move ends a history of financial problems and debt, but the facility will stay open under its new management.

What's now known as the River City Sports Complex means millions for Chesterfield County, while the company that dreamed it all up has about $1,000 left to its name.

SportsQuest's dream came with mounting debt. The company's managing director Dudley Duncan said in a statement, "The purpose of this to bring closure to the company."

Court documents show SportsQuest, LLC has $1,030 in assets, while it owes millions. The document lists 52 creditors, including its former employees and Chesterfield County, whom it owes $71,803.55 in property taxes.

Meanwhile, the 260-acre facility will remain open. It was purchased by Shaw Industries back in May and began operating under their new name. The facility is expected to bring millions in revenue to Chesterfield through sports tourism.

Pat McStay is with the Chesterfield United Football Team. The group is planning for their annual event, the Ultimate Cup.

"We're going to bring in over 400 teams to Chesterfield," said McStay. "That will certainly have an economic impact."

Meanwhile, SportsQuest calls filing for bankruptcy "saddening."

The company has now been assigned a trustee. The remaining members of SportsQuest and the trustee will meet with creditors in September, but it's unlikely anyone will be reimbursed.

Copyright 2012 WWBT NBC12.  All rights reserved.

Powered by Frankly