Fargo Arena Debt Slashed

Officials with Scheels Arena in Fargo, N.D., have completed a deal with creditors to cut the venue’s debt and put it back on track to earning a profit.

The agreement cuts the debt from $23 million to $6.8 million thanks to $8.5 million from an anonymous donor, private lenders forgiving loans made to finance construction and banks agreeing to reduce their share of the debt.

The Metro Sports Foundation, which operates the facility owned by the Fargo Park District, has been negotiating with lenders for about a year to restructure payments to make them more manageable.

The $25 million arena opened in 2008 and has struggled to bring in enough revenue to pay down the debt and meet operating expenses.