Post by 50 Yard Fan on Jun 22, 2012 23:48:50 GMT -5
www.caller.com/news/2012/jun/22/city-hammerheads-have-until-monday-to-settle-or/
Hammerheads have until Monday to settle debt or have home finale canceled
CORPUS CHRISTI — The Corpus Christi Hammerheads face a Monday deadline to pay the city what they still owe for 2011 rental at the American Bank Center or they will have their final home Lone Star Football League game canceled.
The game is scheduled for Monday night against the Amarillo Venom.
In a letter dated Thursday and addressed to City Manager Ron Olson and assistant City Manager Wes Pierson, Jim Salamenta, general manager of SMG which operates the ABC, wrote that "recent checks" written by team owner Chad Dittman were returned for insufficient funds. That breaches a payment agreement to which Dittman and the city agreed before the Hammerheads' first game this season.
Salamenta wouldn't divulge the amount owed by the Hammerheads nor the number of checks that bounced.
"I can't tell you exactly what they're behind. It's client privilege right now," Salamenta said Friday. "I can tell you that I fully anticipate them to pay up by Monday."
Dittman, too, said he didn't know the exact amount owed to the city from the 2011 season. He and Salamenta met Friday afternoon to discuss the situation.
"We're working on getting the payment to the American Bank Center," Dittman said. "We just met with them today. We're hoping that we should have it all to them by Monday but we also are asking for a potential extension if we can't satisfy it on Monday.
"But we are talking with some of our sponsors and potential investors to help us out to satisfy that but we also are hoping to have a meeting there Monday morning with some of the city officials as well."
Though both parties weren't willing or able to divulge the amount, Salamenta was clear in his letter to Olson and Pierson about the fate of the Hammerheads' final home game if the debt isn't paid.
"As of this moment, the Hammerheads have until Monday, June 25, 2012 to fulfill their financial obligations. If Mr. Dittman fails to provide such payment, we will not be having the final season game ...," Salamenta wrote in the letter.
As per the payment agreement, the extension was granted for the 2011 amount owed as long as the team made current payments for this season's rental. That has been done, Dittman said.
"Every game we've had to pay our rent up front this year, so we're current on our rent for this year," Dittman said, "but we carried over a balance from last year."
The Hammerheads already have forfeited one league game this year when players refused to play because they hadn't been paid. Dittman, who also owns league teams in the Rio Grande Valley and Laredo, said a poor economy and some moneys from sponsors and investors that have been slow to arrive have contributed to the situation.
"We've been working with them as much as possible," Dittman said. "It's just been hard with having three teams trying to make everything work. It's just been a little bit difficult this year.
"We're about three weeks away from having a large decrease in our bills. Our bills are very high during the season. Eighty percent of our operating budget is spent in a four-month period. Our sales are up. We've been trying to climb out of a hole and it's hard with three teams and spreading ourselves thin."
While Dittman hopes to have the debt removed on Monday, he is hoping for another extension if the funds aren't raised. Most of the money the team raises comes during the offseason, he said.
"We feel confident that we're working hard and going to do our very best to get everything satisfied by the last home game or work out an extension with the arena," Dittman said.
Salamenta, too, said he expects the Hammerheads to clear their debt by the deadline.
"The Hammerheads have always thus far been steady in making their financial obligations," Salamenta said. "They are behind, however I anticipate them to meet that obligation prior to Monday."
CORPUS CHRISTI — The Corpus Christi Hammerheads face a Monday deadline to pay the city what they still owe for 2011 rental at the American Bank Center or they will have their final home Lone Star Football League game canceled.
The game is scheduled for Monday night against the Amarillo Venom.
In a letter dated Thursday and addressed to City Manager Ron Olson and assistant City Manager Wes Pierson, Jim Salamenta, general manager of SMG which operates the ABC, wrote that "recent checks" written by team owner Chad Dittman were returned for insufficient funds. That breaches a payment agreement to which Dittman and the city agreed before the Hammerheads' first game this season.
Salamenta wouldn't divulge the amount owed by the Hammerheads nor the number of checks that bounced.
"I can't tell you exactly what they're behind. It's client privilege right now," Salamenta said Friday. "I can tell you that I fully anticipate them to pay up by Monday."
Dittman, too, said he didn't know the exact amount owed to the city from the 2011 season. He and Salamenta met Friday afternoon to discuss the situation.
"We're working on getting the payment to the American Bank Center," Dittman said. "We just met with them today. We're hoping that we should have it all to them by Monday but we also are asking for a potential extension if we can't satisfy it on Monday.
"But we are talking with some of our sponsors and potential investors to help us out to satisfy that but we also are hoping to have a meeting there Monday morning with some of the city officials as well."
Though both parties weren't willing or able to divulge the amount, Salamenta was clear in his letter to Olson and Pierson about the fate of the Hammerheads' final home game if the debt isn't paid.
"As of this moment, the Hammerheads have until Monday, June 25, 2012 to fulfill their financial obligations. If Mr. Dittman fails to provide such payment, we will not be having the final season game ...," Salamenta wrote in the letter.
As per the payment agreement, the extension was granted for the 2011 amount owed as long as the team made current payments for this season's rental. That has been done, Dittman said.
"Every game we've had to pay our rent up front this year, so we're current on our rent for this year," Dittman said, "but we carried over a balance from last year."
The Hammerheads already have forfeited one league game this year when players refused to play because they hadn't been paid. Dittman, who also owns league teams in the Rio Grande Valley and Laredo, said a poor economy and some moneys from sponsors and investors that have been slow to arrive have contributed to the situation.
"We've been working with them as much as possible," Dittman said. "It's just been hard with having three teams trying to make everything work. It's just been a little bit difficult this year.
"We're about three weeks away from having a large decrease in our bills. Our bills are very high during the season. Eighty percent of our operating budget is spent in a four-month period. Our sales are up. We've been trying to climb out of a hole and it's hard with three teams and spreading ourselves thin."
While Dittman hopes to have the debt removed on Monday, he is hoping for another extension if the funds aren't raised. Most of the money the team raises comes during the offseason, he said.
"We feel confident that we're working hard and going to do our very best to get everything satisfied by the last home game or work out an extension with the arena," Dittman said.
Salamenta, too, said he expects the Hammerheads to clear their debt by the deadline.
"The Hammerheads have always thus far been steady in making their financial obligations," Salamenta said. "They are behind, however I anticipate them to meet that obligation prior to Monday."