MESA, Ariz. – Legacy Park, a sprawling sports complex in Mesa, is set to continue its mission of serving the community following a lifeline extended by a new buyer after the previous owners declared Chapter 11 bankruptcy earlier this year. Burke Operating Partners has emerged as the new owners, securing the future of the 320-acre sports complex in a $25.5 million deal that was reached during a recent bankruptcy court hearing. The sale is anticipated to be finalized by the end of November.
The park had fallen into financial trouble after a partnership with Bell Bank fell through. Legacy Park, located near Ellsworth and Pecos roads, officially opened its doors in early 2022, offering a wide range of sports facilities, including baseball, football, soccer, and lacrosse fields.
In a joint statement, Burke Operating Partners and the park’s restructuring officer expressed their commitment to the community and the facility’s future: “This purchase ensures that a vibrant and popular sports complex will serve the community for years to come. Millions have enjoyed this facility since its doors opened in January 2022, and now those doors will remain open as a fresh start for this beloved park gets underway. Indeed, we look forward to capital and operational improvements that will enhance the property’s future while preserving jobs and continuing to bring tremendous benefit to the community.”
The deal represents a vital step towards resolving the complex’s bankruptcy case and opening doors to new partnerships for the park. The buyer, Burke Operating Partners LLC, is a private equity firm headquartered in the San Francisco Bay Area, known for acquiring businesses facing financial, legal, and operational challenges. This acquisition could prove to be a turning point for Legacy Park.
The transaction’s total cash consideration will amount to slightly over $25.5 million, with Burke contributing approximately $19.5 million, and Pacific Paving LLC, the landowner, providing $6 million in cash. During a recent court hearing, the broad terms of the deal were outlined, with a significant portion of the proceeds, approximately $19 million, allocated to settle mechanics’ liens. UMB Bank, serving as the bond trustee for the bonds used to construct the park, will receive $2.2 million and an 11% equity stake in the park. The remaining funds will be used to pay off professional and administration fees and other claims against Legacy Cares, the nonprofit that owns Legacy Sports Park.
Legacy Park had a calendar packed with events, including numerous sports tournaments and cultural festivals, many of which were already scheduled through the end of the year. The acquisition by Burke Operating Partners ensures that these events will proceed as planned.
All parties involved are aiming to have the final sale approved by the federal bankruptcy court on November 20, with the full transfer of assets to Burke Operating Partners by the end of November.
Keith Bierman, of MCA Financial Group, Ltd. in Phoenix, and Mike Burke, managing partner of Burke Operating Partners, issued a joint statement emphasizing their commitment to Legacy Park’s future and its role in serving the community for years to come.
