• 23
  • August
    2010

The Tampa Bay Storm returned to compete in the Arena Bowl last weekend after taking a season off from competition following the franchise's bankruptcy filing. The Arena Football League was dissolved when it declared bankruptcy, but it has since been reorganized and started up again as Arena Football One. While the Storm is back on its feet and at the top of its game after the bankruptcy, the team's previous owners are still battling over the team's past financial troubles.

Last week, the former owner of the storm, Peter "Woody" Kern, and the team's coach, Tim Marcum, filed a lawsuit against former owner Dr. Robert Nucci accusing him of failing to make a required July payment. The legal action is a countersuit filed in response to a lawsuit brought against Kern and Marcum by Nucci.

Nucci filed a lawsuit against Kern, Marcum, the Storm, and the current owners in June. He accuses them of deceiving him into buying the team from them for $18.9 million in 2007 when they allegedly knew the team was insolvent and headed for bankruptcy.  

Nucci owned the Storm through the 2008 season. In 2009, the league declared bankruptcy and was dissolved, and the 2009 season was canceled. The team was purchased out of bankruptcy for $6.1 million and is currently owned by Tampa Bay Storm Partners.

The team is back to winning games, but left to be sorted out is who knew what and when about its formerly dire financial situation.  

Source:

Countersuit to be filed in tussle over Tampa Bay Storm (St. Petersburg Times)

Storm Warning (Gulf Coast Business Review)