AVP tour files for bankruptcy
LOS ANGELES -- The AVP pro beach volleyball tour has filed for bankruptcy protection.
According to papers filed in U.S. Bankruptcy Court in Los Angeles on Friday, the tour said it has less than $184,000 in assets and $4.97 million in liabilities. Among those owed money are Olympic gold medal winners Todd Rogers, Phil Dalhausser and Kerri Walsh.
The AVP had hoped to cash in on the popularity of the sport after the American sweep of the gold medals at the Beijing Games. But the troubled economy scared sponsors and investors away. The tour shut down in August when it ran out of funding. It canceled the last five events on the schedule.
The filing was first reported on Tuesday by The Wall Street Journal.
Copyright 2010 by The Associated Press
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