Scheels Arena in Fargo sheds $16 million in debtFARGO, N.D. (AP) — The operator of Scheels Arena in Fargo has finalized a deal with creditors to slash the facility's debt.
FARGO, N.D. (AP) — The operator of Scheels Arena in Fargo has finalized a deal with creditors to slash the facility's debt.
Metro Sports Foundation treasurer Bruce Furness tells The Forum the agreement cuts the arena's debt from $23 million to $6.8 million. He says it was made possible by $8.5 million from a donor who has chosen to remain anonymous, banks agreeing to reduce their share of the debt and private lenders forgiving loans.
Furness says the arena's creditors view it as an asset to the community and want to keep it from failing. Arena General Manager Jon Kram says the facility will turn a modest profit after the deal kicks in at the end of the year.
The nonprofit Metro Sports Foundation runs the arena owned by the Fargo Park District.