Restructuring underway at SportsQuest as CEO steps down
CHESTERFIELD COUNTY, Va. (WTVR) – The CEO of SportsQuest, LLC in Chesterfield has resigned, as the mega sports facility remains in financial turmoil.
Now company leaders are scrambling to figure out how to move the project forward as the financial and legal hurdles mount.
A major restructuring is underway after CEO Steve Burton stepped down. Dudley Duncan is at the forefront as the new general manager.
“We are doing audits on the financial status of the company and the legal status seeing where we are as far as the lawsuits are concerned,” said Duncan. “We are also meeting with the shareholders to see what should be done going forward.”
CBS 6 News spoke with Chesterfield officials to see if they are impacted by the changes at SportsQuest.
The county spent $4.3 million to enter a lease with SportsQuest to be able to utilize the 8 sports fields and some of the other facilities once they’re built.
Chesterfield Director of Parks and Recreation Mike Golden said their little league and adult teams are are still using the fields Monday through Thursdays.
Golden said the leadership changes at SportsQuest haven’t affected them and adds the company is still honoring its contract with the county.
Golden added that the economic impact from the SportsQuest facility has been significant. He pointed to the soccer tournaments held the past five weekends at the fields.
The tournaments drew in athletes from all over the country. That means people patronizing Chesterfield hotels, restaurants and other businesses, bringing in several million dollars.
“We figure about $15 million in economic impact last year came from sports tourism. We do have a strong youth sports orientation here in the county and we’re proving that,” said Golden.
Jim Holland, a county supervisor who initially voted against spending any county money on this project said he is hopeful the project will move forward.
“In the past, I was skeptical and voted against the board involving county funds in this private SportsQuest venture,” said Holland. “At the time I thought the process was rushed. We are now seeing benefits and I know whatever happens, the county is well protected.”
Duncan said the shareholders have restructured the board of directors and is now working feverishly to figure out how to bring the company back on firm financial footing.