SPRINGFIELD — Hammons Field and the Missouri Sports Hall of Fame will be in control of a JQH Charitable Trust, while MSU will decide the fate of JQH Arena’s name rights.
A bankruptcy settlement between the John Q. Hammons Foundation and investment firm JD Holdings, LLC could bring changes for some Hammons properties.
The plan agreed to by the JQH foundation would allow JD Holdings to purchase JQH hotels.
It will also allow for the creation of the “John Q. Hammons Charitable Trust”, which will be run by JQH CEO Jackie Dowdy, to acquire both Hammons Field and the Missouri Sports Hall of Fame.
As for JQH Arena, Missouri State University will control its fate.
“My goal ever since Mr. Hammons passed was to continue his legacy.”
Those were the words of JQH CEO Jackie Dowdy back in March at the Missouri Sports Hall of Fame.
That was before a reorganization plan was agreed to, and the fate of the Missouri Sports Hall of Fame and Hammons Field were up in the air.
“I think in the near future, everyone will be very thrilled with how things are going to come out. I don’t want anybody to get excited and think there’s not going to be ball in Springfield, and there’s not going to be a sports hall of fame,” Dowdy said.
Thanks to a 47-page settlement, we now know the future of those two properties.
The creation of the John Q. Hammons Charitable trust will prevent the sale of Hammons Field, and the Missouri Sports Hall of Fame to JD Holdings.
Instead, the rights to those properties will be controlled by the new John Q. Hammons Charitable Trust, which will be run by Jackie Dowdy.
The future of JQH Arena is a different story.
Around $20 Million dollars in bond payments are still owed by to Missouri State by JQH for the naming rights of the arena.
A judge approved a plan that JD Holdings will pay over $1.8 Million of that to cover 2018’s bond payments. After that, the University will have options.
In a statement sent to KOLR10 by Missouri State’s Director of Communications Andrea Mostyn, it reads:
“The judge overseeing the Hammons bankruptcy proceedings has approved an interim payment to be made by JD Holding to Missouri State University in the amount of $1,813,999. This payment is expected in July and will cover the March 2018 and October 2018 bond payments owed by the Hammons Trust.
Missouri State agreed it would not object to JD Holding’s proposed reorganization plan in exchange for this payment, and JD Holding’s agreement not to contest any post-petition payments made by the Trust. The university has reserved the right to pursue its claim against JD Holding for approximately $20 million, which is the remainder owed to Missouri State for the naming rights to JQH Arena.
The university is also now free to negotiate with a new donor for the right to rename JQH Arena.”
In the next few years, JD Holdings will be on the hook for that remaining $20 million owed on JQH Arena; that is unless the university decides to seek a new bidder to take over the payments, which could result in JQH Arena getting a new name.