The Pittsburgh Riverhounds soccer team has a plan to get out of bankruptcy with a new owner: a local businessman who has already extended several million dollars to keep the team kicking, the Wall Street Journal reported today. In court papers, officials asked a judge to approve two bankruptcy-exit plans — one for the team and one for its 3,500-seat stadium on Pittsburgh’s South Side — that would allow Terrance “Tuffy” Shallenberger Jr. to become their sole owner. Right now, Shallenberger owns a 51 percent stake in the two partnerships that own the team and the stadium. The partnerships filed for chapter 11 protection on March 26 (several days before the team’s season opener) blaming the larger-than-expected construction costs of Highmark Stadium. Before the stadium opened last year, the team played at local high schools. The team has never made money, according to documents filed in U.S. Bankruptcy Court in Pittsburgh.
