SOURCE: Monolith Athletic Club

January 24, 2007 08:00 ET

Monolith Athletic Club and Syracuse Baseball Forge an Understanding

MARCELLUS, NY -- (MARKET WIRE) -- January 24, 2007 -- Monolith Athletic Club, LLC (PINKSHEETS: MNAB) announced today that they have had positive conversations with the AAA International Baseball League's Syracuse Skychiefs. Monolith Athletic Club is in the process of returning professional soccer to the Salt City. Syracuse had a professional soccer franchise that ceased operations in 2004 due to financial difficulties. One of those difficulties was finding common ground with the Alliance Bank Stadium's primary tenant the Syracuse Skychiefs. Although an Onondaga County owned facility the Skychiefs have certain rights within their lease agreement entitling them to portions of revenue generated by the facility. This caused the now defunct franchise to have separate agreements with both the county and the baseball club over use of the stadium, concessions and expenses. "When there are two agreements within the same facility there is the possibility of essentially paying twice for same thing and I think that is exactly what happened with the last club," stated Allen LaVenture, Executive Vice President of Monolith. "I don't think either the Skychiefs, or the County were looking to put the team in that position but it appears that is what happened; which is unfortunate because both parties have expressed that having professional soccer is positive for everyone."

The conversations with Skychiefs' management addressed the baseball clubs concerns. The Skychiefs are not opposed to soccer being played in the stadium and were not looking to profit from the soccer team. The concerns centered around conversion and maintenance of the field and who is responsible for these additional expenses. "The baseball team's management has been very accommodating and we have been able to work through many of the issues that existed with the old team. Moving forward we have discussed how to make field transitions from baseball to soccer easier without occurring tremendous expense and a better way to handle concession revenue. Monolith looks forward to a positive relationship with the baseball team and both helping each other. Syracuse is a 'sports town' and I think we can both benefit from sharing the stadium," added LaVenture.

About Monolith Athletic Club, LLC.

Monolith Athletic Club, LLC. is a sports and recreation holding and development corporation focused on creating, managing and building strong grassroots community programs through ownership of professional soccer franchises in the United States. Monolith is in its initial development stage. Soccer represents the largest growing participation market segment in the U.S. The growth of the sport on the professional level is predicated on the implementation strong grassroots community involvement programs. It is anticipated that Monolith Athletic Club's primary focus will be on building those programs to support the professional franchises. Monolith's goal is to create a "cultural phenomenon" in the United States similar to that in Europe and around the globe. By bringing the "World's game" to American youth through various athletic and education programs Monolith intends on raising the interest and fan participation level of soccer to compete with the United States four "major" professional sports.

Safe Harbor

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the safe harbor provisions of the U.S. federal securities laws. These include, among others things, statements about expectations of future business, revenues, cash flows and capital requirements. Forward-looking statements are subject to risks and uncertainties that may cause the company's results to differ materially from expectations. These risks include the company's ability to further develop its business, the company's ability to generate revenues, develop appropriate strategic alliances and successful development and implementation of its business plans, acceptance of the company's services, competitive factors, and other such risks as the company may identify and discuss from time to time. Accordingly, there is no certainty that the company's plans will be achieved.

Contact Information

  • For more information Contact:
    Allen LaVenture