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Spokane Shock misses deadline to supply $128,000 credit line

Adams now has until Wednesday, Feb. 23 to submit the payment, otherwise, his Shock contract will be terminated.

SPOKANE, Wash. — As the 5 p.m. deadline passed, the Spokane Public Facilities District (PFD) has not received the $128,000 security bond needed to play at the Spokane Arena this year, KREM 2 has learned. 

However, KREM 2 confirmed that Spokane Shock owner Sam Adams sent a signed contract to the PFD at 5:30 p.m. on Tuesday, 30 minutes past the deadline.

CEO of the Spokane PFD Stephanie Curran said they will accept the contract, but the line of credit is still needed in order to have a contract with PFD.

KREM 2 confirmed on Monday that PFD did not have a signed contract with the team for the upcoming season and that PFD was waiting for Spokane Shock owner Sam Adams to send a $128,000 security bond to play at the arena.

Because the deadline has passed without payment, PFD has issued Adams a "default letter," a formal letter sent by a creditor as a result of missed payments on a credit agreement. 

Adams now has until Wednesday, Feb. 23 to submit the payment, otherwise, PFD said the Shock contract will be terminated.

KREM 2 unveiled Monday how PFD has struggled over the last year to get funding from Adams, who purchased the Shock team in 2020.

“[PFD] sent him his contract in November [2021] and then the payment was due Dec. 31. And he missed that deadline,” Curran said. “And so we sent him a default letter, and then he gets five days to cure. He wired us money that did not clear the bank. Then we sent him a second default letter that he then sent us a check [for], but he told us to hold the check."

Curran said she explained to Adams that the PFD cannot hold the check and that the money needs to be in the bank.

"I'm a steward of public funds. I can't extend credit like a private business could, so everything has to be upfront," she explained. "He missed that deadline. And so we terminated his agreement.”

   

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