Michael Jordan may lose $1.5M in foreclosure of a health club ...

Posted on 8/15/2012 by healthclubnews

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Michael Jordan stands to lose $1.5 million from an investment in a Chicago-based gym that could soon be entering foreclosure, according to a report from ESPNChicago.com.?Tim Grover, owner of Attack Athletics Gym, filed for Chapter XI bankruptcy but a judge rejected the motion in July. Now, Grover is appealing the ruling so that his gym doesn?t go into foreclosure. Jordan, coming off a physical series against the Detroit Pistons early in his career, was Grover?s first professional client. ?He said he?d try it out for a month, and it ended up being 15 years,? Grover told ESPNChicago.com in 2009. Located on Chicago?s West Side, the 65,000 square-foot-facility, replete with four basketball courts and a 10,000 square-foot weight room, has been a popular offseason training site for the likes of Kobe Bryant, Dwyane Wade and Tracy McGrady. Michael Finley, who is listed as a creditor for guaranteeing a $2 million loan, has also trained at the gym. ?It?s a first-class organization here with Tim Grover, first with Hoops and now with ATTACK Athletics,? Wade told ESPNChicago.com in 2009. ?It?s a first-class thing we run. I say ?we? because I feel so much a part of it because I?ve been coming here since my rookie year.?

Source: http://healthclubnews.org/2012/08/15/michael-jordan-may-lose-1-5m-in-foreclosure-of-a-health-club/

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