On Monday, November 23, circuit judge Edward Sosnick issued a ruling in regard to the situation surrounding who has the rights to Michigan's Pontiac Silverdome
.
According to a report by the Detroit Free Press, Sosnick issued a written ruling stating that attorney H. Wallace Parker and his development firm, Silver Stallion Corp., had no legal standing to block the sale of the Silverdome.
In 2008, Silver Stallion had proposed to operate an indoor thoroughbred racetrack at the Silverdome. Under the proposal, the location would have also included destination-type restaurants and nightclubs, retail aspects, and a racino and conference centre along with an alternate-energy research site and equine research and development facility.
According to city officials, the Silver Stallion deal didn't close on time and expired November 1, 2008.
A $583,000 deal to sell the Silverdome was struck November 16, 2009 with investors from Toronto. The deal was then halted by an Oakland County judge later that week, as members of Silver Stallion claimed that they had the rights to the 80,311-seat facility.
Toronto-based Triple Properties Inc. are the Toronto investors that are now in line to acquire the Silverdome and some 127 surrounding acres of land.
Andreas Apostolopoulos, chief executive officer of Triple Properties Inc., was quoted by the Detroit Free Press as saying, "as far as I was concerned, I got the deal. That was an issue between the other people and the city."
The sale of the Silverdome is expected to be finalized by the end of the year.
Click here to the read the Detroit Free Press article in its entirety.
(With files from the Detroit Free Press)