Holland Michigan is one of the country’s most popular vacation destinations. It has everything that most family’s could desire in both a vacation destination and a location to call home.
Just south of the historic hockey city of Muskegon Michigan, Holland became a junior hockey city last year in its own right with the founding of the Holland River Bandits. The River Bandits are members of the Mid West Junior Hockey League, an AAU sanctioned league.
Recently reports have been made concerning Mike Chighisola and his involvement with the team.
TJHN has learned that reports concerning Chighisola and his purchase of a portion of the River Bandits team have not been complete. Some reports have Chighisola purchasing a portion of the franchise for $2500.00 While to most this would certainly be a small sum of money, apparently much more was originally offered.
TJHN has obtained emails and documents verifying that Chighisola originally offered $30,000.00 to the outgoing partner. The outgoing partner delayed several times, and the offer was reduced to $2500.00 after roughly two months of delays attributed to other people participating in the negotiation process.
Did the seller get a fair price for the percentage of ownership? That is a question for another day and TJHN will detail the reasons for the price reduction in follow-up stories.
Did the seller agree to the terms? Yes. No one forced the seller to sign the agreement. It is legal and binding.
This type of purchase is no different from a foreclosure real estate purchase. If you see a home that could be valued at $150,000.00 and you have an opportunity to purchase it for $80,000.00 a smart investor makes the discounted purchase. If a team was once valued at $30,000.00 and due to circumstances is latter seen as such a risk that it is later valued at $2,500.00 then you make your decision on that risk.
Did Mike Chighisola make a purchase at a discounted rate? Yes. Did the seller accept the terms? Yes.
Was anyone duped in the purchase agreement? No.
If the team hadn’t been completely mismanaged financially, it wouldn’t have been for sale to begin with. That’s a story for another day.
