I guess there will be no more road trips to Seattle to watch Celtic.
Toronto - After only two summer's of operation soccer's ChampionsWorld
Tour which brought several of Europe's most famous teams to North America
announced Tuesday it has applied for bankruptcy protection.
ChampionsWorld LCC executive president Charlie Stillitano told the
Globe and Mail the New Jersey based company plans to return to Toronto next
summer after setting an attendance record at SkyDome; But its first order of
business is to cover debts incurred last season and then try to attract new
investors.
"The only thing I can say right now is that we are going to stay in
business for the soccer fans," Stillitano said. "Today's announcement is
disappointing but I feel there is light at the end of the tunnel."
Stillitano cited the huge costs associated with running the tour as
part of the company's financial problems. He said it cost over $30-million
(U.S.) to stage last year's nine team, 11-game North American tour.
Some of the enormous expenses incurred happened when ChampionsWorld
announced it was converting SkyDome's artificial playing surface to natural
grass for two games last July. The move caught the attention of Toronto's
usually aloof soccer fans and also helped set an attendance record for a
single game in Toronto.
A Friday night contest between Portuguese side FC Porto and Liverpool
attracted 40,078 fans and a record-setting crowd of 50,435 attended a match
the following night between Scotland's Glasgow Celtic and Italy's AS Roma.
Stillitano acknowledged that a sizable portion of an 8 per cent gate
levy from the games is still owed to the Canadian Soccer Association and CSA
chief operating officer Kevin Pipe said that he has confidence that
ChampionsWorld will honour their debt. A high ranking CSA official, who
chose to remain anonymous, told the Globe and Mail that $250,000 is owed to
soccer's governing body. Pipe refused to acknowledge any exact figures.
"We are working towards fulfilling their account with us and there is
a desire by them to pay the remaining amount," said Pipe.
There was reason for optimism about the ChampionsWorld's returning in
2005 until Tuesday's bankruptcy protection announcement. The entertainment
and sports promotion company which got its start at Giants Stadium in East
Rutherford, N.J. by promoting an Italian Super Cup game in 1993, recently
obtained the North American licensing rights for the highly successful
Manchester United supporters club which also led to speculation that its
finances could only improve.
This is bad new for any local supporters, who travelled south for these games
Toronto - After only two summer's of operation soccer's ChampionsWorld
Tour which brought several of Europe's most famous teams to North America
announced Tuesday it has applied for bankruptcy protection.
ChampionsWorld LCC executive president Charlie Stillitano told the
Globe and Mail the New Jersey based company plans to return to Toronto next
summer after setting an attendance record at SkyDome; But its first order of
business is to cover debts incurred last season and then try to attract new
investors.
"The only thing I can say right now is that we are going to stay in
business for the soccer fans," Stillitano said. "Today's announcement is
disappointing but I feel there is light at the end of the tunnel."
Stillitano cited the huge costs associated with running the tour as
part of the company's financial problems. He said it cost over $30-million
(U.S.) to stage last year's nine team, 11-game North American tour.
Some of the enormous expenses incurred happened when ChampionsWorld
announced it was converting SkyDome's artificial playing surface to natural
grass for two games last July. The move caught the attention of Toronto's
usually aloof soccer fans and also helped set an attendance record for a
single game in Toronto.
A Friday night contest between Portuguese side FC Porto and Liverpool
attracted 40,078 fans and a record-setting crowd of 50,435 attended a match
the following night between Scotland's Glasgow Celtic and Italy's AS Roma.
Stillitano acknowledged that a sizable portion of an 8 per cent gate
levy from the games is still owed to the Canadian Soccer Association and CSA
chief operating officer Kevin Pipe said that he has confidence that
ChampionsWorld will honour their debt. A high ranking CSA official, who
chose to remain anonymous, told the Globe and Mail that $250,000 is owed to
soccer's governing body. Pipe refused to acknowledge any exact figures.
"We are working towards fulfilling their account with us and there is
a desire by them to pay the remaining amount," said Pipe.
There was reason for optimism about the ChampionsWorld's returning in
2005 until Tuesday's bankruptcy protection announcement. The entertainment
and sports promotion company which got its start at Giants Stadium in East
Rutherford, N.J. by promoting an Italian Super Cup game in 1993, recently
obtained the North American licensing rights for the highly successful
Manchester United supporters club which also led to speculation that its
finances could only improve.
This is bad new for any local supporters, who travelled south for these games
