Updated 05/08/2018 at 7:22pm
By Jay Luster
AF Insider: Why did you choose to sell the Bucks
TV: I wasn’t interested in being back in Vermont for the winter. It was really tough for my family the year before. It (arena football) is not just March through June, it’s also October through March preparing. My wife and I live in Florida so it was tough over the winter. I got the opportunity to sell the team to two guys who were in the Massachusetts area and they were in talks with the league about putting a team in Massachusetts or southern New Hampshire and apparently they hadn’t had any luck finding an arena. We had some conversations and they wanted to buy the Bucks so we entered into a purchase agreement sometime around October. There was a payment structure that was put in place and I was going to get one-third of the ticket sales for the next three years as a part of the deal. We signed the contract and 30 days later they closed the doors and told the arena they weren’t going to play. They hurt a lot of people’s feelings up there and burned several sponsors and it (the sale) burned me out of the ticket sales portion of it for the next three years. It was a tough deal all around.
AF Insider: There were allegations that there was supposed to be money in bank accounts that they were counting on to run the team but that money was gone.
TV: No. If you’re buying a business or a team it doesn’t come with a bunch of cash in the bank. There are obviously two sides to every story and it’s usually somewhere down the middle, that isn’t exactly what happened. I am in the process right now, my attorney in Florida is going to partner with a firm in Vermont because the corporation was in Vermont. We’re going to be filing a lawsuit against Tom Sturgis and Kyle Jennings. All of my research into these guys shows they are frauds. All of the bank statements they showed us, his business worth two million dollars I think is complete BS. Kyle lives in an apartment and Tom lives in a single-wide trailer. My chance of recovering anything is probably close to nil, but you know what? At this point, it’s about making a point and showing people I was in the right. Continue reading