Legacy Park in Mesa will remain in business now that a buyer has stepped forward to operate the popular sports facility. Time was running out, but a come from behind victory in the form of a new owner will allow the Park to live on.
Burke Operating Partners has agreed to purchase the facility, ensuring that fans will continue to enjoy the 320-acre sports complex that includes multiple baseball, soccer, football, and lacrosse fields, as well as basketball courts, a multi-acre great lawn for concerts and festivals, a 650-seat restaurant, and a long list of other outdoor and indoor facilities.
Hundreds of events, big and small, already booked at the Park through the end of the year and beyond will go on as planned.
The planned $25.5 million sale was announced during an October 24th bankruptcy court hearing. The deal is expected to close by the end of November. Much of the sales proceeds will be earmarked to pay the numerous companies that helped build Legacy Park. Other funds will be used to pay bondholders whose proceeds also funded construction.
The purchase not only rescues the Park, but it will go a long way to resolve the complex bankruptcy case over the next few weeks. All parties hope to have the final sale approved by the federal bankruptcy court on November 20th with all assets fully transferred to Burke by the end of November.
With multiple issues resolved, Legacy Park can now focus on its true mission: offering premier sports facilities for athletes, sports enthusiasts, and fans well into the future.
Keith Bierman of MCA Financial Group, Ltd. in Phoenix, who has been serving as the Park’s Chief Restructuring Officer, and Mike Burke, Managing Partner of Burke Operating Partners, issued the following joint statement:
“This purchase ensures that a vibrant and popular sports complex will serve the community for years to come. Millions have enjoyed this facility since its doors opened in January 2022, and now those doors will remain open as a fresh start for this beloved park gets underway.
Indeed, we look forward to capital and operational improvements that will enhance the property’s future while preserving jobs and continuing to bring tremendous benefit to the community.
We also want to thank the many parties that came together to make the best of a very difficult situation. This spirit of compromise is what allowed the best possible result under the circumstances.”
Burke said his additional plans would be announced over the coming weeks, including exciting new partnerships and capital investment in the Park to address issues and benefit all who visit.
Legacy Park is a 320-acre sports park facility and entertainment complex located at the intersection of State Route 24 and Ellsworth Road, in Mesa, Arizona. Legacy Park features, among several other amenities, 8 baseball and softball fields; 19 basketball courts; 35 soccer, football & lacrosse fields; 57 indoor volleyball courts; and 41 pickleball courts, in addition to 25 acres of festival space, a 2.7-acre Great Lawn, 3,000 seat outdoor stadium and 2,800 seat indoor arena.
