A private investing group is pulling out of a deal to take over the historic Wigwam basketball arena in Anderson.
The Anderson Community School Corporation was expected to donate the vacant property to the city’s redevelopment commission yesterday, which would have then handed it over to the private company Wigwam Sports and Entertainment.
That transfer was contingent on the company raising $600,000 for the building’s renovation. As recently as last week, Wigwam Sports and Entertainment had made good on that requirement. However, the group’s president Terry Thimlar says at the eleventh hour, a few individual investors pulled out of the deal, leaving the group short of its goal.
“We are just not in the position to accept the donation by the requirement we have and the agreement we have with our investors,” he says.
Thimlar says the company is still going to attempt to gain back the funds it lost.
“We’re going to continue to try and add investors in to make up for what we’re lacking and see if we can get this thing to the finish line,” Thimlar says.
The city has until September 2nd to take over the property. Thimlar says he hopes to raise the $600,000 by then. If the company can’t reach its goal, the Indiana sports landmark will likely be demolished.