The losses continue to mount for the bankrupt Menominee Nation Arena in Oshkosh.
Fox Valley Pro Basketball is reporting a net loss of $166,000 for the month of March. Events at the arena were all canceled in the second half of that month, because statewide social distancing rules took effect.
Those losses would have been worse if not for the $36,000 TIF rebate Fox Valley received from the city of Oshkosh in March.
For the year, the Menominee Nation Arena has lost $487,000.
Total debts now exceed $29 million.
Ownership group president Greg Pierce is also asking a federal bankruptcy court to let him to borrow an additional $100,000 from his other business, Windward Wealth Strategies, to cover arena debts.
Fox Valley owes another lender, Two Willows, $70,000, and an extension of that payment has been rejected.
Pierce has already loaned the arena $200,000 from Windward Wealth, making them a primary lien-holder, and getting first repayment of that debt at nine percent interest.
Pierce claims he needs to borrow more money because all events at the arena have been canceled since mid-March.
