Here is the story that was published on the Globe-Democrat website on Saturday by David Lange:
On Day 2 following the demise of the Athletica women’s professional soccer team, some details emerged regarding the end of the franchise.
The event that killed the Athletica, and also threatens the AC St. Louis men’s team, was the pullout of English investors Heemal and Sanjeev Vaid, who were contracted to back both teams through 2011. AC is on the road for a match at 7 p.m. Saturday against the Minnesota Stars.
A source told Globe-Democrat.com Friday that the Athletica failed to provide advance disclosure of the Vaids’ investment, as required by league rules, and Jeff Cooper was considered the sole owner of the team according to the league. Further, WPS was not made aware of the financial problems with Athletica until “early May.”
Contrary to reports from sources on Thursday, Women’s Professional Soccer said on Friday that its eight teams had posted performance bonds, and that WPS had used money from the Athletica’s bond to meet St. Louis’ player payroll for May. But, without enough money in the bond to meet payroll and operating expenses for the rest of the season, the league concluded that the franchise had to fold, and the team ceased operations Thursday just six games into the season.
Meanwhile, in a footnote to the Athletica story, the St. Louis Lions will honor unused Athletica tickets at their remaining seven home games. The Lions, a men’s team in the United Soccer Leagues Premier Development League, next play at home at 5 p.m. Saturday against the Springfield Demize. The Lions play at the Tony Glavin Sports Complex in Cottleville, Mo.