Thursday, April 10, 2014

NEWARK BEARS DISBAND, BUT LEAVE OUR DEBT BEHIND

The Newark Bears, which at one time was a great local option for fun, cheap professional baseball, will not play this year, according to The Star-Ledger, which also details an auction of its assets set for April 26.

But the team's legacy will live on with a debt that we Essex County residents must pay on the team's ballpark to the tune of $1.1 million annually through 2029. Thank public officials who agreed to this deal when the $30 million stadium was built.

The paper reports:

The Newark Bears are holding a going out of business sale.

 
The now-defunct professional baseball franchise is selling everything from the team's uniform and equipment to landscaping supplies and office furniture, the organization announced today. Even the 56-passenger team bus is up for grabs.

In November, the Can-Am League announced the Bears wouldn't be returning. While co-owner Danielle Dronet said at the time she was "pretty positive" the team would take the field in some capacity, league's commissioner Miles Wolff said he was told by the team's owners that they would not field a team.
The commissioner proved right.

Three weeks ago Dronet and co-owner Doug Spiel contacted auction company T Paul Wilbert & Associates to inquire about unloading the team's assets, according to Tim Wilbert, the auction company owner.

Newark Mayor Luis Quintana lamented the loss of Newark's baseball team.
“While this is a setback for the Bears, the City of Newark, and the region as a whole, we believe that this is not the end for the Bears or their stadium," the mayor said in a statement. "We will work with the county, our partners in the business and sports’ communities, and local colleges and universities to make full use of Bears and Eagles Riverfront Stadium.”

Essex County Executive Joe DiVincenzo has not yet returned requests for comment.
Wilbert called the auction for a sports team "very unusual" but said he was confident the sale would be ready despite the quick turnaround time.

The team's 6,200 seat Bears & Eagles Riverfront Stadium was funded by bonds and opened in July 1999 at a cost of more than $30 million. Essex County and Newark each must pay $1.1 million annually until 2029 to cover the debt service on the stadium, according to a previous Star-Ledger report.

Read more HERE

3 comments:

Anonymous said...

These New Owners had no clue on how to market a team. Promotions like TOYS FOR BOYS really did not cut it with real baseball fans and team use to have great promos in surrounding towns local papers and used to draw some decent crowds while Members of the ATLANTIC LEAGUE. This was a big mistake leaving the Atlantic League for the Can-Am League. Much better brand of baseball in Atlantic League with more better players including former major Leaguers trying to make way back up to the Show and were definitely crowd draws and at a very resonable price for fans and families. The "REAL SPIEL" turned out to be the real bad owners without a clue on how to run a franchise. Very sad for the City of Newark.Now the Stadium is empty and is in need of some repair work. Hope another minor league team can land there. With proper ownership and promotions I think a team could rise again with decent attendance for fans who love baseball and at a decent price. Taxpayers are taking a beating now for an empty Stadium. This is unaceptable. Someone out there should bring the Bears back and keep them in promience- Is there a savior out there????

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