Fowler to Lower His Offer : He Plans to Bid $470,000 to Keep Sockers in MISL

SAN DIEGO — Ron Fowler, whose bid to purchase the Sockers in federal bankruptcy court has been on hold since July 8, announced Tuesday that he will again offer to buy the defending Major Indoor Soccer League champions, but at a lower price than originally offered.

Fowler notified U.S. Bankruptcy Judge Peter W. Bowie that he will offer $470,000, a little more than half his original $825,000 bid.

Of the $470,000, $150,000 would be paid in cash and would go to creditors, who are owed about $700,000. The remaining $320,000 would cover loans assumed by Fowler’s Liquid Investments Inc. Fowler also said he will present a backup bid of $200,000 in cash for the outside creditors if the first isn’t accepted.

Bowie said he will rule on the offer July 29 in a hearing at 11 a.m. Bids that are higher than Fowler’s also would be considered.

“We’re hoping that since this has been publicized a lot recently, we can get a quick hearing,” said Ron Cady, Socker president. “We need to get the ball rolling soon.”

Fowler’s $825,000 bid was to be ruled on by Bowie July 8 but was put on hold when the Tacoma Stars and Chicago Sting announced that they were folding, leaving the league with six teams. Fowler has said that a minimum of eight teams, including the Sockers, were needed for him to be interested in remaining in the MISL.

Now, a new group of investors has surfaced in Tacoma and is expected to present a bid to the league today to re-start the Stars.

“All indications are that we are ready to go,” said Alan Hinton, a former Star coach and member of the new purchasing group.

The Sockers also say they are ready because the MISL owners and players association reached an accord on a new collective bargaining agreement Monday night.

“There’s been a lot of problems lately,” Cady said. “The league has almost folded, and the worth of a franchise has gone down since our first offer. That’s why Ron’s bid is lower.”