A purchase of Skylands Park has fallen through after an investor specializing in distressed properties couldn’t make the numbers work.
Mark Roscioli missed a March 1 deadline to close on a purchase of the former home of the New Jersey Cardinals (short season A; NY-Penn League) and the Sussex SkyHawks (independent; Can-Am League) for $950,000.
The issue: Roscioli’s business plan, we’re told, involved buying the ballpark and then leasing it to a pro or summer-collegiate team, who would then put in the millions in investments needed to update the facility. The management of the summer-collegiate Futures Leagues walked away from that sort of lease early on, saying the price tag was too high. It was no secret Roscioli (via 17 Mile LLC) was talking to the independent Atlantic League, which is setting up a feeder league for 2014, about placing a team at the ballpark. One big issue: who would spend the money to upgrade the facility, which has fallen into slight disrepair (especially on the scoreboard and concession sides). The plan to have the team make the investments in the ballpark and pay market rent didn’t make financial sense, we’re told, especially a) considering the limited size of the market and b) the modest financial structure of the new league.
So what’s next? An investor still holds the note on the back taxes owed on the facility. A deal could still be made for someone to buy the ballpark; a base price of $950,000 has been set, but there’s still an outstanding property-tax issue to deal with.
Photo by Mark Cryan.
RELATED STORIES: New owners: We’ll have baseball in Skylands Park in 2014; Skyland Park debt sold; Atlantic League interested in placing team there; Future of Skylands Park in play; Atlantic League: Big plans for 2014 and beyond; Skylands Park on block; baseball unlikely for 2012; Taxes becoming huge issue for Skylands Park; Skyhawks to go dark?
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