A contractor filed a lawsuit last week against the owner of Menominee Nation Arena, home of the NBA Gatorade League’s Wisconsin Herd, and has asked the court to appoint a receiver.
Located in Oshkosh, WI, Menominee Nation Arena was completed at a cost of $21.5 million in 2017, with the privately financed venue intended to serve as the anchor of a larger redevelopment initiative. Fox Valley Pro Basketball (FVPB) owns and manages the arena, which is used by the Herd–a G League team owned by the NBA’s Milwaukee Bucks–and hosts other events.
On Friday, arena general contractor Bayland Buildings Inc. filed a lawsuit against FVPB, alleging that it has defaulted on a mortgage, misrepresented its financial state, and failed to make payments to the contractor as required in a previous agreement. It has also asked a Winnebago County Circuit Court judge to appoint a receiver, who would be tasked with overseeing FVPB’s finances and operations while searching for a new owner for the facility. More from Oshkosh Northwestern:
The Hobart-based construction company claims Fox Valley Pro Basketball and its president, Greg Pierce, have defaulted on a $13.2 million mortgage it holds outstanding debt on the construction of the $21.5 million arena.
The lawsuit alleges Pierce frequently misrepresented the organization’s financial condition and had repeatedly failed to live up to agreements to pay Bayland since November 2017, the month the arena opened..
Bayland claims that Pierce provided investors with false financial information to raise money, that Fox Valley Pro Basketball has no cash, and that it also owes money to other creditors, including the Bucks.
“Upon information and belief, FVPB is insolvent or in imminent danger of insolvency,” the lawsuit states.
This lawsuit is separate from another legal complain filed against FVPB. In that case, which was also filed last week, an investor claims that FVPB has defaulted on an $1 million promissory note. While the Herd have proven to be a solid draw since beginning play in 2017, Menominee Nation Arena has reportedly struggled to find success in building and maintaining a slate of lucrative non-G League events.
