Bell Bank Park, an Arizona sports complex that opened last year, has hired a financial adviser to address a shortfall in revenue and a default on its tax-exempt municipal debt last year, WSJ Pro Bankruptcy reported. The 320-acre sports complex has hired investment bank Miller Buckfire & Co. and replaced Legacy Sports USA, the manager of the money-losing facility, according to a regulatory filing posted Tuesday to Electronic Municipal Market Access. Miller Buckfire will explore options for the sports complex, including a sale, according to the filing. Legacy Cares Inc., the nonprofit that borrowed $280 million to build the park, brought on Miller Buckfire after falling far short of revenue projections and defaulting on interest payments last year, according to people familiar with the matter. Bell Bank Park brought in only $15 million in revenue for the first six months after opening. It had originally projected $125 million for that period. Since its opening, the park has been managed by Legacy Sports USA, a for-profit firm. Legacy Cares disclosed Tuesday that a new manager, Elite Sports Group LLC, will replace Legacy Sports USA.
