NORWICH – The former owners of a Rochester-based soccer team will be required to pay back $10.8 million they borrowed from NBT Bancorp Inc. in 2004.
Former Rochester Rhinos owners Frank DuRoss, Chris Economides and Steve Donner reportedly stopped paying on the multi-million dollar loans in the summer of 2007, requiring NBT to initiate a lawsuit to hold the owners accountable. The team took out five loans in the million dollar ranges to help finance the construction of Paetec Park stadium.
After a initial hearing was adjourned May 2 due to the defense obtaining new counsel, Supreme Court Judge Elizabeth Garry made a summary judgment in the favor of the bank late Monday.
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