San Angelo Colts File Chapter 11 Bankruptcy 07-02-14

We were the first to report earlier today on our website at Concho Valley Home Page dot com that the San Angelo Colts had filed for Chapter 11 Bankruptcy. Our sports team has been working on this story tonight and Jeff Corean has the latest.

Jeff: "The San ANgelo Colts LLC has filed for chapter 11 bankruptcy but will continue to play the remainder of the 2014 season. Colts General Manager Heath Brown explains what this means."

Heath Brown: "Chapter 11 is just a reorganization of the financial situation for the club. We had several options and that's the option we elected to take. Just to give us some time to get some things regrouped, set the plan out in motion and move forward. For the Colts here in San Angelo it's business as usual."

Jeff: "John Bryant who is Chief Executive Officer of Reunion Sports Group, which is majority owner of the San Angelo Colts, told KSAN Sports that the club has a remaining balance of $384,000 dollars to be paid on the stadium note, which originated 15 years ago in the amount of 3 million dollars. Bryant also says he expects the situation to be resolved within 60 days and Heath Brown is keeping the players abreast of the proceedings."

Brown: "The fact that we are all communicating with each other and that we're all in the loop knowing exactly where we stand. We get in touch with each other if they have any questions that come up along the way. I didn't feel any tension or that anybody was upset or bothered by it. I just told them that we were going to go out and play this game like we would play any other game. Good luck. Let's go win one tonight."

Jeff: "The Reunion Sports Group not only is concerned about resolving the issues the San Angelo Colts face, but also improving it's main property, which is United League Baseball as a whole."

Brown: "Well, I think there are several plans that are in motion right now. There are several other teams that may be a part of things next year. So I think that what we see in 2014 will look dramatically different by October."

Jeff: "Jeff Corean, KSAN, San Angelo's sports channel."

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