Former football team owner sues Buchanan Ingersoll, says law firm dropped ball on due diligence
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A Florida orthopedic surgeon who formerly was majority owner of the Tampa Bay Storm has sued Buchanan Ingersoll & Rooney
Dr. Robert Nucci says in the Hillsborough County Circuit Court suit he lost some $15 million and had to file for personal bankruptcy because the law firm didn’t discover Arena Football League’s financial issues before he purchased the team in 2007. That also gave him an ownership interest in the league, according to the Tampa Bay Business Journal and the Tampa Tribune.
Nucci says had to borrow $3.6 million to make the first payment of $9.6 million in 2007 that gave him a 51 percent ownership interest in the team. By the end of 2008, the league had folded, so Nucci never made additional payments of $8.3 million and $943,750 that were due in 2010 and 2011 and would have made him the team’s sole owner.
Attorney Adam Hall represents Nucci. “The law firm simply dropped the ball,” the Miami practitioner told the Tribune. “They did not do a proper job of giving Dr. Nucci advice. Did not conduct a due diligence. Did not do the things that an experienced law firm in sports team acquisition would or should be doing.”
In a written statement, Buchanan Ingersoll said it does not comment on pending litigation; however, “Dr. Nucci’s lawsuit relates to a business deal that occurred more than seven years ago,” the firm says. “We stand by the knowledge and integrity of our attorneys and look forward to being able to address these allegations through the legal process.”
