On August 31st, proposal documents were filed in court listing Raymond James Stadium as one of the leases the seller and owner had planned on assuming and assigning. This is the venue lease for the XFL’s Tampa Bay Vipers.
On Monday, the managing group for the stadium, the Tampa Sports Authority (TSA) filed a limited objection to the proposed order, claiming the cure amount of $0 was incorrect.
To put this into context, having a zero amount doesn’t always mean they don’t believe any money is owed. It usually means that the amount is being negotiated.
While the TSA does not object to the assigning of the lease, they do contend that the cure amount should be for $90,000. Broken down as $30,000 per game not played. The stoppage of the league was prior to three scheduled games at the venue.
In the filing, the entire agreement is included, outlining what was signed by both parties on January 21st, 2020. The TSA also released the following statement in the document:
“TSA expressly reserves the right to supplement and/or amend this Limited Objection at any time to add additional sums that may accrue and/or become due under the Venue Use Agreement after the date hereof. Furthermore, nothing contained herein shall be
construed as a waiver of any rights or remedies of TSA provided for in the Venue Use Agreement; its right to enforce any other provision of the Venue Use Agreement; or its rights provided for in its proof of claim filed against the Debtor’s bankruptcy estate.
WHEREFORE, Creditor, Tampa Sports Authority, requests this Honorable Court to enter an Order: (i) correcting the amount set forth in the Cure Notice to reflect the accurate prepetition
cure amount of $90,000.00; (ii) that TSA be paid a cure amount of $90,000.00 in connection with the assumption of the Venue Use Agreement; and (iii) that TSA be awarded any further and
additional relief this Court deems just and proper.”
The University of Houston filed a similar objection, and it was handled quickly with an agreement to amend the cure amount. The assumption of the lease was never a problem. This was also the only issue with the Tampa Sports Authority, and once that has been taken care of, the lease assumption should be approved.
Could this mean the Vipers are staying in Tampa Bay and not moving to Orlando? All of these agreements are not part of any final decision but one would think why restart an agreement if you have no plans to play there. Stay Tuned…
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