The Dallas Sidekicks have made a court-ordered payment of $260,000 to their creditors, enabling the team to finish the Major Indoor Soccer League season, a team official says.
President Gordon Jago said Monday that the Sidekicks made the payment required by a federal bankruptcy court judge.
U.S. Bankruptcy Court Judge Robert McGuire ordered the team on Friday to pay creditors $260,000 by Monday or face foreclosure by Dallas Basketball Ltd., the Sidekicks’ leading creditor and the partnership that owns the Mavericks. McGuire also ordered the team to make three additional monthly payments of $130,000. The Sidekicks will then propose a reorganization and financial plan in June that McGuire must accept.
“We plan to finish the year,” said Stan Finney, the Sidekicks’ chairman of the board. “This allows us to put together a reorganization plan in the next couple of weeks.”