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GPS Faces Liquidation, NE Surf Trapped Between Feds and Lawsuits

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    GPS Faces Liquidation, NE Surf Trapped Between Feds and Lawsuits

    The promises to be a very exciting summer in youth soccer circles even if COVID-19 keeps everyone off the soccer fields.

    Multiple news outlets across the country have reported today that the creditors of GPS and its parent company, Legacy Global Sports, are forcing them (Legacy Global and GPS) into bankruptcy and liquidation proceedings. Both organizations are deeply in debt and their remaining assets are likely to be sold to partially satisfy creditors.

    Meanwhile, recent soccer startup New England Surf, which lies at the center of many of the problems faced by GPS, is now trapped precariously between pending lawsuits related to the unraveling of GPS and also a series Department of Justice, Homeland Security, and FBI investigations that included fraud, destruction of evidence in a Federal investigation, etc.

    Legitimate questions exist about whether GPS teams will ever play another game of soccer and also whether troubled startup NE Surf will ever get off the ground and play it’s first competitive match.

    Parents at both clubs are significantly at risk of losing all the monies they have invested each of these clubs for the 2020 season and beyond.

    These are certainly very ugly and embarrassing times for soccer in Massachusetts.

    https://risoccer.wordpress.com/2020/...tate-lawsuits/

    #2
    GPS is dead. Would bet NE Surf does fine. Imagine the GPS v. Surf lawsuits disappear when GPS disappears, ie soon.

    Comment


      #3
      Surf just have to keep the Bradley’s away from their organization.

      Comment


        #4
        Originally posted by Unregistered View Post
        Surf just have to keep the Bradley’s away from their organization.
        Well that one is failed. Who do you think is behind the whole thing?

        Comment


          #5
          Originally posted by Unregistered View Post
          The promises to be a very exciting summer in youth soccer circles even if COVID-19 keeps everyone off the soccer fields.

          Multiple news outlets across the country have reported today that the creditors of GPS and its parent company, Legacy Global Sports, are forcing them (Legacy Global and GPS) into bankruptcy and liquidation proceedings. Both organizations are deeply in debt and their remaining assets are likely to be sold to partially satisfy creditors.

          Meanwhile, recent soccer startup New England Surf, which lies at the center of many of the problems faced by GPS, is now trapped precariously between pending lawsuits related to the unraveling of GPS and also a series Department of Justice, Homeland Security, and FBI investigations that included fraud, destruction of evidence in a Federal investigation, etc.

          Legitimate questions exist about whether GPS teams will ever play another game of soccer and also whether troubled startup NE Surf will ever get off the ground and play it’s first competitive match.

          Parents at both clubs are significantly at risk of losing all the monies they have invested each of these clubs for the 2020 season and beyond.

          These are certainly very ugly and embarrassing times for soccer in Massachusetts.

          https://risoccer.wordpress.com/2020/...tate-lawsuits/
          'Multiple news outlets' = a guy on twitter that posted a screenshot that was then picked up by a blog. Did you read anything in the bankruptcy case? Did you see GPS mentioned at all? Or did you just see hockey and say screw it, let's lump GPS in as well because I want to see them go down?

          Comment


            #6
            Originally posted by Unregistered View Post
            'Multiple news outlets' = a guy on twitter that posted a screenshot that was then picked up by a blog. Did you read anything in the bankruptcy case? Did you see GPS mentioned at all? Or did you just see hockey and say screw it, let's lump GPS in as well because I want to see them go down?
            GPS is owned by and is an asset of Legacy Global Sports, which is being forced into liquidation by its creditors. GPS also owes $2.2 million of revolving credit card debt of its own. There aren't enough young soccer players in Massachusetts to make this problem go away.

            These are facts.

            GPS is a sinking ship with many, many holes. It will no longer be an entity this summer.

            Comment


              #7
              Originally posted by Unregistered View Post
              GPS is owned by and is an asset of Legacy Global Sports, which is being forced into liquidation by its creditors. GPS also owes $2.2 million of revolving credit card debt of its own. There aren't enough young soccer players in Massachusetts to make this problem go away.

              These are facts.

              GPS is a sinking ship with many, many holes. It will no longer be an entity this summer.
              When you are wrong will you agree to block yourself from using this forum?

              Comment


                #8
                Originally posted by Unregistered View Post
                When you are wrong will you agree to block yourself from using this forum?
                Not the poster but I agree GPS is toast. So I will agree to block myself if wrong. Have no doubt that GPS is not getting out of this. They are completely ruined. Also heard Bayern Munich have dumped them and the contract they had.

                Comment


                  #9
                  Originally posted by Unregistered View Post
                  When you are wrong will you agree to block yourself from using this forum?
                  I am the poster and I will block myself if I am wrong, but we both know that isn't the case so this is pointless.

                  GPS is KAPUT.

                  One day you are in and the next day you are out. GPS absolutely knows how that feels now.

                  Comment


                    #10
                    Originally posted by Unregistered View Post
                    I am the poster and I will block myself if I am wrong, but we both know that isn't the case so this is pointless.

                    GPS is KAPUT.

                    One day you are in and the next day you are out. GPS absolutely knows how that feels now.
                    So if they are still here in fall you’ll go away? Perfect!

                    Comment


                      #11
                      Originally posted by Unregistered View Post
                      So if they are still here in fall you’ll go away? Perfect!
                      I promise, but it won't be necessary.

                      You should also know that I am NOT the poster of any of the other GPS threads.

                      Comment


                        #12
                        Originally posted by Unregistered View Post
                        Not the poster but I agree GPS is toast. So I will agree to block myself if wrong. Have no doubt that GPS is not getting out of this. They are completely ruined. Also heard Bayern Munich have dumped them and the contract they had.
                        Oh, is that what happened with Bayern?

                        You clearly don't actually know anything.

                        Comment


                          #13
                          Originally posted by Unregistered View Post
                          GPS is owned by and is an asset of Legacy Global Sports, which is being forced into liquidation by its creditors. GPS also owes $2.2 million of revolving credit card debt of its own. There aren't enough young soccer players in Massachusetts to make this problem go away.

                          These are facts.

                          GPS is a sinking ship with many, many holes. It will no longer be an entity this summer.
                          You claim GPS owes all this money, but you don't know the other ins and outs of the company to know that they aren't going away? That's weird. Almost like you're making something up

                          Comment


                            #14
                            MH time is up, nobody wants to work for him and he can’t stop the floodgates of franchises, regions, directors, coaches and players leaving.

                            Poor leadership if you ask me.

                            Comment


                              #15
                              Originally posted by Unregistered View Post
                              MH time is up, nobody wants to work for him and he can’t stop the floodgates of franchises, regions, directors, coaches and players leaving.

                              Poor leadership if you ask me.
                              MH is a melt

                              Comment

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