Business
5:07 pm
Fri March 28, 2014

Pittsburgh Riverhounds, Stadium Owners Bankrupt

The owners of Pittsburgh's minor league soccer team and the riverfront stadium in which they play have filed for Chapter 11 bankruptcy protection.

The Riverhounds Acquisition Group, L. P. owns the team and lists debts of between $1 million and $10 million in its petition. Riverhounds Event Center LP, which owns Highmark Stadium, has $7.2 million in mortgage debt, plus a $1.5 million bank loan and hundreds of thousands of dollars in other debts to smaller creditors.

Riverhounds chief executive officer Jason Kutney says the debts won't affect the team's upcoming season which begins Saturday. The home opener is April 12.

The team was founded in 1999 and plays in the United Soccer Leagues. Eventually, the team hopes to grow in stature and join Major League Soccer, the top-tier professional league in the United States.