Announcement

Collapse
No announcement yet.

GPS Goes Bankruptcy Route

Collapse
X
  •  
  • Filter
  • Time
  • Show
Clear All
new posts

    GPS Goes Bankruptcy Route

    With GPS owing over $2 million in revolving credit card debt and it’s other businesses also failing, GPS owners Legacy Sports file bankruptcy. What a disgrace. Seriously!!!!

    https://businessbankruptcies.com/cas...bal-sports-l-p

    #2
    Anyone who pays them another dollar is literally brain dead.

    Comment


      #3
      Originally posted by Unregistered View Post
      With GPS owing over $2 million in revolving credit card debt and it’s other businesses also failing, GPS owners Legacy Sports file bankruptcy. What a disgrace. Seriously!!!!

      https://businessbankruptcies.com/cas...bal-sports-l-p
      Guess that means no refunds for the lost spring season

      Comment


        #4
        Holy crap!

        Comment


          #5
          GPS is being bankrolled by the hedge fund parent company of Legacy because of all this

          Comment


            #6
            Expect a lot more clubs/organizations to also fold or declare bankruptcy.

            Comment


              #7
              This talks about 3 petitions by hockey companies. It says nothing about soccer or gps. You shouldn’t post if you don’t read. I would advise reading and understanding, then posting.

              Comment


                #8
                Originally posted by Unregistered View Post
                This talks about 3 petitions by hockey companies. It says nothing about soccer or gps. You shouldn’t post if you don’t read. I would advise reading and understanding, then posting.
                Legacy Global Sports owns GPS. These creditors are petitioning that Legacy Global Sports be put into Chapter 7 bankruptcy (liquidation). If this motion is granted, Legacy Global Sports, and everything it owns (such as GPS) will be liquidated.

                Comment


                  #9
                  So let me get this straight

                  - gps Cali closed
                  - gps Toronto closed
                  - gps Carolinas gone to surf
                  - gps ri gone to surf
                  - gps in 2.2 million debt
                  - gps haven’t paid any winter facilities
                  - gps didn’t pay ref
                  - gps furlough all coaches

                  Gps parent company filing for bankruptcy? Seems to be pretty much a certainty given all that has transpired.

                  Comment


                    #10
                    Originally posted by Unregistered View Post
                    With GPS owing over $2 million in revolving credit card debt and it’s other businesses also failing, GPS owners Legacy Sports file bankruptcy. What a disgrace. Seriously!!!!

                    https://businessbankruptcies.com/cas...bal-sports-l-p
                    GPS didn't file for bankruptcy. Three creditors of GPS's parent company are petitioning the courts to force the parent company into bankruptcy so that it can be liquidated to recover whatever money they can.

                    If granted, yes, GPS will be in bankruptcy and liquidated. But they didn't file to put themselves into bankruptcy. It is being forced upon them.

                    Comment


                      #11
                      Originally posted by Unregistered View Post
                      This talks about 3 petitions by hockey companies. It says nothing about soccer or gps. You shouldn’t post if you don’t read. I would advise reading and understanding, then posting.
                      Hockey debts finally caught up with LGS.

                      Soccer debts ($2.2m) won’t be far behind.

                      Legacy Global Sports will be forced into bankruptcy (process has started) and at that point any money paid to GPS for future programming is liable to disappear down a black hole.

                      Comment


                        #12
                        Will be interesting to see how many of you come back to this thread and say you were wrong and actually had no idea what was going on when GPS are still around and Legacy isn't. But as with many of the postings on this site, there is a lack of critical thinking

                        Comment


                          #13
                          Originally posted by Unregistered View Post
                          GPS didn't file for bankruptcy. Three creditors of GPS's parent company are petitioning the courts to force the parent company into bankruptcy so that it can be liquidated to recover whatever money they can.

                          If granted, yes, GPS will be in bankruptcy and liquidated. But they didn't file to put themselves into bankruptcy. It is being forced upon them.
                          Not the OP, but what does it matter at this point, the writing is on the wall. Anyone who was owed money as a creditor by GPS or Legacy will be getting in line behind other creditors and COD terms. As a parent, who would honestly trust this company to deliver $3000+ of services over the next 12 months in this financial shape. Kiss your deposit good bye.

                          There are plenty of other clubs with stronger financials or just lower cost in order to limit the risk of another bad season or even bankruptcy.

                          Comment


                            #14
                            You love to see it

                            Comment


                              #15
                              Originally posted by Unregistered View Post
                              Will be interesting to see how many of you come back to this thread and say you were wrong and actually had no idea what was going on when GPS are still around and Legacy isn't. But as with many of the postings on this site, there is a lack of critical thinking
                              Really? Have you role played the scenarios hoss? Here’s the most likely: Legacy is forced to try and divest businesses to stave off bankrupt. Unfortunalty, the GPS brand is tainted with scandel, it’s biggest asset, the player base is being eaten by other clubs like hyenas on a dead carcass and coaches, you know, those people who actually do the work of teaching soccer, are running from the club like it’s got the plague.

                              Legacy is desperate and GPS has nothing worth anything at this point. Legacy were the greater fools. GPS won’t be around in two years, guaranteed. I’d bet a Franklin on it... honestly, they likely will not be a going concern in September as they won’t have the teams/players or coaches to pay existing debt or the cash flow to pay facilities and payroll for next season.

                              Comment

                              Previously entered content was automatically saved. Restore or Discard.
                              Auto-Saved
                              x
                              Insert: Thumbnail Small Medium Large Fullsize Remove  
                              x
                              Working...
                              X