Overnight, MLS Talk released an article saying that the USSF will help AC St. Louis make their payroll. Richard Farley reports on the matter in his blog, which you can read part of it below. You can read the rest of the article here.
While many of you have questioned the situation, I can confirm through my sources (now that the story has been published), that this story is the correct version of what has happened to date. There was some talk about everything ‘being fine’. But until now, I was not a liberty to speak of the current financial situation. Thus when Richard’s story broke, all I can say is that I can confirm this through my sources as well.
While we are not the Washington Post, we do take journalistic integrity very seriously. This isn’t just a ‘blog’, but reporting as well. We have been given access by a number of clubs (now expanding to Ligue 1 as well, as you might have seen in my other article) because of our journalistic integrity. We plan on keeping up with that standard, and will not publish anything that we know for a fact isn’t true.
Here is part of Richard Farley’s article:
The United States Soccer Federation has used money from a preseason bond submitted by AC St. Louis to make the club’s Friday, men’s club payroll commitments, sources close to the situation have confirmed. The club, however, remains without adequate funding to complete the season, with the USSF continuing to work towards a solution that will allow its teams to complete the 2010 season.
The USSF stepped-in Friday and used money from the $350,000 bond submitted by AC St. Louis in the preseason to make Friday’s obligations. Such bonds were submitted by each Division-2 team before the season to cover situations such as these; however, AC St. Louis’s commitments for the rest of the season exceed the amount of the bond, meaning additional funding and significant cost cuts will be needed if the club’s men’s and women’s teams will complete the season.
AC St. Louis runs their entry in the NASL as well as the Saint Louis Athletica of Women’s Professional Soccer. Athletica did not have a payroll commitment this week, according to sources; however, the team will have an obligation to meet next week.
Womens Professional Soccer teams do not have the same bonding process as Division-2 teams. The athletic club does not currently have resources to make the women’s teams next payroll commitment.
Sources familiar with the situation have also confirmed that Jeff Cooper is no longer functioning in an ownership capacity with the club. According to the St. Louis Post-Dispatch, last fall Cooper sold controlling interest in both the men’s and women’s clubs to Sanjeev and Heemal Vaid, who had been overseeing the clubs’ operations since December. It is unclear the extent to which the Vaids maintain involvement with AC St. Louis; however, sources have verified the Cooper’s involvement with the club is limited and not expected to persist.