A management firm overseeing the development of a 320-acre youth sports complex in Arizona ended up overspending and shifting some money intended for construction into its own account, according to a bankruptcy court filing, Bloomberg News reported. The former manager, Legacy Sports, was tied to Randy Miller, a former professional baseball player who was the driving force behind the complex known as Legacy Park. Miller spent more than a decade pitching his vision for the facility, and a separate non-profit entity he founded with his son, Legacy Cares, was able to raise $280 million of debt in the municipal bond market starting in 2020 to help build it. But the complex faced construction delays, labor shortages and cancellations amid the pandemic. Its opening was pushed back, and even when it did start operating in 2022, COVID spikes cut into business. In May, Legacy Cares filed for bankruptcy. In a filing last week, Legacy Cares said that Legacy Sports, a for-profit entity that is no longer managing the facility, expected to be able to raise more money for the complex, and therefore spent money on additional improvements beyond the construction budget outlined in the offering materials for the bonds. Legacy Sports also asked for bond proceeds for its own operating expenses, beyond what the firm was entitled to receive, depleting funds available for construction, the filing said.
