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Post by parentsoccerfan on Jun 11, 2018 17:08:06 GMT -5
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Post by SoccerMom on Jun 11, 2018 17:30:51 GMT -5
I couldnt see article. Just a blurb about liabilities being over 50 million
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Post by oraclesfriend on Jun 11, 2018 17:46:47 GMT -5
Same with me.
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Post by jkdub1 on Jun 11, 2018 17:50:39 GMT -5
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Post by crossbar on Jun 11, 2018 17:52:53 GMT -5
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Post by oraclesfriend on Jun 11, 2018 17:56:28 GMT -5
That is a shame, but hopefully since it is chapter 11 they can find a way to bring it around. We were all complaining about the parking fees, so it seems like there is something else wrong that they are struggling to generate revenue. Not charging enough for the tournaments or not enough events going on there.
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Post by Soccerhouse on Jun 11, 2018 18:38:23 GMT -5
Was their original business model that people would eat, sleep, play and shop there and they thought if you build it they will come?
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Post by Keeper on Jun 11, 2018 18:47:25 GMT -5
Next thing you’ll hear is NasaTophat probably buying it.
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Post by soccerparent02 on Jun 11, 2018 18:51:16 GMT -5
I would guess to many oars in the water leading to no focus. Perhaps had they stuck to one sport they would have been better off. Weekend use only won't pay those bills; neither will $5 parking fees.
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Post by Soccerhouse on Jun 11, 2018 18:57:10 GMT -5
I guess when it was built it was the only game in town. I think Fowler had 1 turf field at the time if any at all. Norcross only had access to cemetery. NASA didn't have their turf fields yet.
Now Fowler has 4 turf fields plus matt, central and lanier land and a few others. Norcross as summerour NASA has a turf field. Ambush has a turf field. SSA has turf at floodcreek.
who did I miss....
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Post by soccernotfootball on Jun 11, 2018 18:58:26 GMT -5
Chapter 11 restructuring with new money coming in. It's not going anywhere for a while yet...
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Post by Soccerhouse on Jun 11, 2018 19:14:12 GMT -5
This was written back in March - www.northwestgeorgianews.com/rome/business/lakepoint-to-enter-th-summer-as-work-begins-on-north/article_0a8c993a-291e-11e8-b1fd-f31252d6d203.htmland a little bit more on the bankrupcy www.daily-tribune.com/stories/lakepoint-sports-files-for-bankruptcy,19094 "Per a court filing, Rimrock is expected to draw up a plan that will "enable the debtors to adjust their respective balance sheets while at the same time allowing [LakePoint Land LLC's] legacy investors to retain an equity interest." That restructuring will be managed by Arnall Golden Gregory LLP, an Atlanta based firm, as well as Garden City Group (a subsidiary of Atlanta's Crawford & Company) and Vantage Point Advisory Inc. Filings suggest LakePoint's may have as many as 49 creditors, with liabilities ranging from $10-$50 million. Among those listed as creditors with unsecured claims include Sports Parks of Georgia LLC ($1.06 million), Wilwat Properties ($1.02 million) and TriCapita LLC ($334,000.) According to the initial bankruptcy filings, both a disclosure statement and Chapter 11 plan is due by Oct. 9. "I don't think there's a lot of uncertainty or risk in the bankruptcy hearings," Olson said. "That's because they spent a lot of time working with all the other creditors and equity to come up with a plan everybody could consent to — it's not like they're involuntarily flinging this thing into bankruptcy and are expecting a long fight amongst all the creditors. They've done their homework and talked to all the equity owners and proposed a structure." The companies petitioning for Chapter 11 bankruptcy are LakePoint Hospitality LLC; LakePoint Merchandise LLC; LakePoint Sports South LLC; LakePoint Land LLC; LakePoint Land III LLC; LakePoint Land IV LLC; LakePoint Services LLC; and LP Housing LLC."
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Post by soccerfan30 on Jun 11, 2018 19:15:47 GMT -5
Think location is an issue, it doesn't get much use on weekdays, it's tough to get to at 5pm on a weeknight for most. Aren't going to generate enough revenue with just tournament income on the weekends
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Post by Soccerhouse on Jun 11, 2018 19:26:02 GMT -5
crazy fact --- I've never been to lakepoint.......
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Post by soccerfan30 on Jun 11, 2018 19:37:41 GMT -5
crazy fact --- I've never been to lakepoint....... It's a great facility, across the street is an entertainment hub with miniature golf, laser tag, arcade, indoor rock climbing and a decent pizza place.
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Post by oraclesfriend on Jun 11, 2018 20:28:44 GMT -5
crazy fact --- I've never been to lakepoint....... It's a great facility, across the street is an entertainment hub with miniature golf, laser tag, arcade, indoor rock climbing and a decent pizza place. We have been there. Kids loved the rock climbing!
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Post by Keeper on Jun 11, 2018 20:31:51 GMT -5
crazy fact --- I've never been to lakepoint....... It's a great facility, across the street is an entertainment hub with miniature golf, laser tag, arcade, indoor rock climbing and a decent pizza place. And now that the Starbucks opened back in January it’s great!!
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Post by newposter on Jun 11, 2018 20:45:35 GMT -5
It is a great facility. Hope they can figure this out. Would love to see state cup move there along with other major soccer events.
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Post by crossbar on Jun 11, 2018 22:02:01 GMT -5
It is a great facility. Hope they can figure this out. Would love to see state cup move there along with other major soccer events. I don’t think there’s enough field space there for State Cup. It could be one of multiple venues, but it probably couldn’t host the whole thing. Plus, you can’t sell outside shirts, etc. there. That’s been an issue at some tournaments. They only allow Lake Point swag to be sold on the premises.
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Post by newposter on Jun 11, 2018 22:31:03 GMT -5
I think there are plans for more fields at the other part of the complex. Interesting about the tee-shirts. Im sure that could get worked out for that large of an event along with Publix as the event sponsor. I just hope they can get it worked out financially.
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Post by Keeper on Jun 11, 2018 23:12:41 GMT -5
It is a great facility. Hope they can figure this out. Would love to see state cup move there along with other major soccer events. I don’t think there’s enough field space there for State Cup. It could be one of multiple venues, but it probably couldn’t host the whole thing. Plus, you can’t sell outside shirts, etc. there. That’s been an issue at some tournaments. They only allow Lake Point swag to be sold on the premises. That’s not true. Puma Cup sold their own Tees and had a soccer merch tent selling the knock off replicas.
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Post by Futsal Gawdess on Jun 12, 2018 6:54:46 GMT -5
Think location is an issue, it doesn't get much use on weekdays, it's tough to get to at 5pm on a weeknight for most. Aren't going to generate enough revenue with just tournament income on the weekends I was thinking the same thing, plus getting there from anywhere outside of Cobb & Kennesaw is always a challenge with I-75. Let's hope the new HOT Overpass lanes will ease things. Which makes me intrigued about the Burruss Park project by UFA. Like you said, there has to be other multi-use sources of income for the facility or that too might go by the wayside. I hope they have a multi-year plan that the investors can get behind. On a side note, I selfishly hope these multi field facilities can find success. I say that because that increases the possibility of more world class events and tournaments/showcases locally. Think DA/ECNL showcases and World Cup, international soccer games and training. Which reminds me, we find out in less that 24 hours if the UNITED 2026 Bid will beat out Morocco's bid(fingers crossed). The festivities begin at 2:00 AM Eastern Wednesday, cue the coffee
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Post by crossbar on Jun 12, 2018 6:56:53 GMT -5
I don’t think there’s enough field space there for State Cup. It could be one of multiple venues, but it probably couldn’t host the whole thing. Plus, you can’t sell outside shirts, etc. there. That’s been an issue at some tournaments. They only allow Lake Point swag to be sold on the premises. That’s not true. Puma Cup sold their own Tees and had a soccer merch tent selling the knock off replicas. That’s good to hear. I know that it was an issue in the past, though that was probably 2 years ago. Maybe they’ve loosened up.
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Post by sportsdad on Jun 12, 2018 7:00:19 GMT -5
This does not surprise me. There was a lot of secured and unsecured debt placed on this facility. I wonder if the fallback will be the personal guarantees, if any, that were given at during initial funding campaign. The issue with many new parks today is trying to keep up with the ever changing demand for different types of field spaces. Having 8 baseball fields is great. But unless you can drive high usage or high revenue per event on the majority of your field space throughout the year the fundamentals are hard to work out. This is an issue today with most municipal parks and rec departments when building new facilities. Multi-use rectangular space vs narrow use specialty space and forecasting utilization over the next 20 years.
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Post by allthingsoccer on Jun 12, 2018 7:17:54 GMT -5
Didn't see them do a lot of Soccer tournaments which is surprising.
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Post by Keeper on Jun 12, 2018 7:55:50 GMT -5
That’s not true. Puma Cup sold their own Tees and had a soccer merch tent selling the knock off replicas. That’s good to hear. I know that it was an issue in the past, though that was probably 2 years ago. Maybe they’ve loosened up. Yeah I think after year one they loosened up a little because didn’t they originally say no to outside food and drinks too.
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Post by soccerlegacy on Jun 12, 2018 8:21:00 GMT -5
This does not surprise me. There was a lot of secured and unsecured debt placed on this facility. I wonder if the fallback will be the personal guarantees, if any, that were given at during initial funding campaign. The issue with many new parks today is trying to keep up with the ever changing demand for different types of field spaces. Having 8 baseball fields is great. But unless you can drive high usage or high revenue per event on the majority of your field space throughout the year the fundamentals are hard to work out. This is an issue today with most municipal parks and rec departments when building new facilities. Multi-use rectangular space vs narrow use specialty space and forecasting utilization over the next 20 years. Yep, they might have been better off starting with focusing on building as many multi-use fields to start with and then line up tournaments to generate revenue, rather than building a few baseball fields.
I get it, being that the majority of original investors were baseball folks, (i.e. Bobby Cox, John Smoltz, Freddy Gonzalez, etc), but if they looked logically, there is a huge need for field space in sports like soccer. Eventually, baseball could then be built later.
BTW, if I remember correctly, I read somewhere that building Lakepoint was the largest "earth move" in the history of the state. That's a lot of dirt being shifted around...
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Post by soccernotfootball on Jun 12, 2018 8:35:48 GMT -5
And still no word on "The mega sports and entertainment development coming to Stonecrest"... Atlanta Sports City. Is this project dead or what?
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Post by Lady Soccer Whistledown on Jun 12, 2018 9:18:24 GMT -5
Maybe because it’s too far out? 🤷🏽♀️
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Post by Soccerhouse on Jun 12, 2018 9:22:47 GMT -5
My guess is these things only thrive when they are county/city funded projects that are looking to provide a service to the community and bring folks in from out of town to spend money in your community vs directly at the facility.
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