First Arena Buyer Withdraws

Elmira, N.Y.’s  is still on the market after a potential buyer backed out of negotiations June 27.  

First Arena
– First Arena
in Elmira, N.Y.

Brian Barrett, the potential buyer, withdrew from negotiations after reading an article about an investigation into how the Industrial Development Agency acquired the arena, according to Elmira Star-Gazette.

In a press conference, Chemung county sheriff Christopher Moss said his office received tips suggesting the acquisition may have violated state law.

“The allegations that we’re looking into include violations of possible coercion, official misconduct and probably more importantly violations of the New York State General Municipal Law,” Moss told reporters.

The IDA addressed the withdraw in a statement.

“These allegations have caused the potential buyer of the arena, with whom the agency had been negotiating since the issuance of its RFP last year, to withdraw from those negotiations,” the statement read. “As a result, the agency is currently reviewing its options, both legally and with respect to the future viability of the arena.”

Barrett, co-owner of the New York-based Simmons-Rockwell auto dealership group, was set to purchase the arena for $3.5 million. The IDA acquired the arena in June 2016.