American Cricket Enterprises (“ACE”) welcomes yesterday’s decision of the United States Bankruptcy Court for the District of Colorado approving the settlement between ACE and USA Cricket, together with the associated post-petition financing arrangements.
The Court concluded that the settlement meets the applicable legal standards for approval.
The ruling represents an important step toward advancing the restructuring process and supporting the long-term development of cricket in the United States.
Johnny Grave, Chief Executive Officer of ACE, said:
“We are pleased that the Court has approved the settlement and financing arrangements. We recognize this has been a challenging period for everyone involved in U.S. cricket. Throughout this process, our objective has remained the same: to support the long-term future of cricket in the United States while ensuring that USA Cricket has a realistic pathway to emerge from bankruptcy and restore its membership with the ICC.
We appreciate the careful consideration given by the Court, the efforts of the Chapter 11 Trustee, and the work undertaken by all parties to reach this point.
ACE remains committed to investing in the growth of the sport, supporting players, fans and stakeholders, and continuing to build a sustainable future for professional and community cricket across the United States.”
ACE looks forward to continuing to work constructively with the Chapter 11 Trustee, the International Cricket Council, USA Cricket and other stakeholders as the restructuring progresses through the next stage of the Chapter 11 proceedings, and ultimately with a reconstituted USA Cricket Board following its emergence from bankruptcy to help build a stronger and more sustainable future for the sport in the United States.