Hello SportsQuest Members.
We want to again thank you, our membership, for your continued support. While many members have activated their membership to enjoy current benefits, we realize that others continue to wait to activate their memberships. I wanted to keep you informed about our current steps our organization is taking to move forward.
During the past two years we have been informed by the local as well as national business investment community that our project would be more appealing if it was reconfigured to be three, smaller, single-focus business units versus its original multi-focused enterprise. Guided by that insight, we have worked diligently over the past few months to institute the organizational changes required to effect that change. The resulting three businesses are Events (conducting tournaments and daily programming on the East Campus fields), the Academy (a residential and after-school sports training program) and Memberships (the fitness center and participation in a wide range of recreational sports)
The immediate positive impact of the revised structure is encouraging. Two groups are now engaged in separate acquisitions of two of the businesses: the Academy and Membership. Its seems likely that these transactions will close in the weeks ahead. The net result will be a more sharply focused business with new ownership. We are also actively engaged in discussions with three parties who have a strong interest in working collectively to acquire the Events business and drive this forward. This process will likely take a few months to bring to a close given the larger overall scope of the transaction.
While the independent pursuit of these business units is different than our original plan, it seems that the same positive outcome can be achieved. Indeed, our community should be able to fully realize all of the original benefits and the single focus of each will improve the services delivered by each business.
The future ownership group is currently working with a local developer who has experience financing and constructing facilities like those sought by our members. He is the best opportunity to obtain financing to construct the new member center. When a letter of commitment from the bank is obtained to move forward with financing, we desire to have members review and comment on plans for the new member center. Once confident that the member center will present the features and benefits sought by the members, construction will begin.
It has also come to our attention that that Commonwealth has filed a complaint against SportsQuest related to our member fitness center. While we have experienced delays related to the economy and pursuit of the east campus, we are confident that we will resolve any issues through our on-going discussions.
Our efforts to date have brought millions in sports tourism and construction work to our community. We remain dedicated to carrying forward the process to maximize the value brought to our community. We look forward to the additional benefits soon for our loyal members, your community friends and family, who have helped that all be possible.
Steve Burton, CEO
SportsQuest
Sincerely,
Steve Burton | CEO & Founder
Mark Wood | President, Member Programs
