Legacy Cares closes sale of its assets for $25.5 million

By Sarah Lizee

Olympia, Wash., Dec. 14 – Legacy Cares, Inc. closed the sale of all of its assets to AZ Athletic Associates LLC, an entity of Burke Operating Partners, for $25.5 million, according to a notice filed Thursday with the U.S. Bankruptcy Court for the District of Arizona.

No other qualified bids were submitted for the assets by the bid deadline, so no auction was held, as previously reported.

Of the total purchase price, $19.14 million will be allocated for mechanics liens; $2.4 million will be paid to bondholders, in addition to preferred equity interests in AZ Athletic Holdings, LLC, the buyer’s parent company; and $3.9 million will be used for administrative claims.

Legacy Cares is a non-profit corporation that owns Legacy Park, formerly known as Bell Bank Park, a 320-acre sports and entertainment complex in Mesa, Ariz. The company filed bankruptcy on May 1, 2023 under Chapter 11 case number 23-02832.

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