The deal and some of the players changed in recent weeks, but the end result is what we reported several weeks ago: the the Northern League's Schaumburg Flyers have been sold.
The deal and some of the players changed in recent weeks, but the end result is what we reported several weeks ago: the Schaumburg Flyers (independent; Northern League) have been sold.
Adriano Pedrelli is leading a syndicated investment group buying the team from Rich Ehrenreich and his group. The broad terms of the deal were finalized last month, but in recent weeks the terms and the players slightly changed; the former lead investor (an accountant, interestingly enough) backed down after failing to come to an agreement to how the existing debts of the team and involvement with costs associated with the new Lake County franchise would play out. No official word on the sale price. We had reported the sale price was between $2 million and $3 million; the final price ended up much closer to $2 million and includes the normal assumption of debts.
The sale has already been approved once by Northern League owners, but apparently the terms changed enough to where another approval is necessary.
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