Hockey fans in Arizona may be familiar with the folding of the Trenton Titans last year. The Titans, a member of the Eastern Hockey League, began losing money after failing to make the playoffs in their last four years amid decreased attendance. The current owners of the team have filed for Chapter 7 bankruptcy protection.
The Titans were owned by the New Jersey Devils until 2011. The team was then taken over by Blue Line Sports Management, LLC, and then sold to Delaware Valley Sports Group in 2012. Blue Line and Delaware Valley Sports Group are listed as debtors in the bankruptcy filing. According to court documents, the team has no assets and debt of nearly $500,000. Most of the money owed is to season ticket holders, who paid deposits for season tickets for the 2013-14 season which was never played. The bankruptcy filing came after lawsuits were filed against the team. Sun National Bank Center, the Trenton facility where the team was a tenant and played 36 games a year, has been searching for new events to fill up the openings caused by the team’s departure.
The team was affiliated with both the New Jersey Devils and the Philadelphia Flyers and owes money to both. In addition, money is owed to various companies for marketing, bus services, medical services and housing for the team. A former head coach is also listed as requesting an undisclosed amount from the team. There are 125 creditors listed in the documents.
Chapter 7 is one of several debt relief options that may be available for individuals and businesses. With Chapter 7 bankruptcy, most debt is discharged. An attorney with experience in bankruptcy matters can explain the various requirements attached to that form of filing.
SOURCE: Trentonian, ‘Trenton Titans file for Chapter 7 bankruptcy, owe Devils and Flyers money among others,” Mike Ashmore, March 19, 2014
Source: Venues Today, “Exit of Hockey Team Creates Opportunity in Trenton”, Anthony Caruso, March 25, 2014