Ohio Stadium Faces Foreclosure

Apr 11, 2017

A 35,000-seat Ohio stadium that once hosted concerts by music legends is now the subject of a foreclosure.

According to a WKSU report, the Rubber Bowl opened in 1940 and was the stadium for the University of Akron until 2008, and it hosted the school’s sporting events along with concerts by the Rolling Stones, and the Grateful Dead; it was also the launch site for the 1983 Simon and Garfunkel reunion tour. The school sold the stadium to Canton, Ohio-based Team 1 Marketing, which announced plans to renovate the structure for concerts and arena football.

However, Team 1’s plans never materialized. Last week, the Summit County Land Bank started foreclosure on the property, which carries nearly $200,000 in unpaid taxes. Team 1 co-owner Sean Mason blamed the situation on the city of Akron, stating that it failed to rezone the property to accommodate his plans. Mason also raised the hope of Akron taking over the Rubber Bowl’s deed and leasing the property back to his company for special events.

“We’re just asking for a partnership, and we can’t get that,” he said. “We need to have that partnership so it alleviates the zoning issues. The property is actually zoned residential, which actually makes no sense, but it just kind of slid by because it was the university that owned it.”

However, the Akron City Council has a different plan: it is currently discussing the demolition of the Rubber Bowl, due to the financial difficulties connected to the stadium and the advanced state of vandalism and deterioration that has occurred at the site since its closure.

About the author

Phil Hall

Link copied

Published

Apr 11, 2017

Military Lending

MISMO, VA Push To Digitize Veteran Loan Eligibility Process

New data standards aim to streamline Certificate of Eligibility requests, reduce manual processing and speed VA loan originations

MISMO has released new standardized data mappings designed to help lenders process VA loan eligibility requests more efficiently as part of the U.S. Department of Veterans Affairs' ongoing digital transformation of its Loan Guaranty program.Developed in collaboration with th...

Non-QM

Untapped Home Equity Creates Opportunity For Alternative-Doc HELOCs

New Home Equity Gap Index estimates U.S. homeowners hold $11 trillion in available equity as some Non-QM lenders expand options for self-employed borrowers

A new Home Equity Gap Index suggests that billions of dollars in home equity remain largely untapped, creating an opportunity for Non-QM lenders offering alternative-documentation HELOCs to borrowers who may not qualify under traditional underwriting.According to The Mortgag...

Jul

New Orleans, LA

More from

Industry News

President Trump Cancels 21st Century ROAD To Housing Act

Trump cancels signing the bipartisan housing bill, leaving affordability package in limbo

Industry News

Jun 24, 2026

Commercial, Multifamily Mortgage Debt Tops $5 Trillion In Q1

MBA says outstanding debt grew by $26.3 billion in the first quarter, led by multifamily lending and increased holdings from banks, agencies, and life insurers

Industry News

Jun 18, 2026

Fed Holds Rates Steady, But Outlook Dims For Mortgage Rate Relief

The Federal Reserve left rates unchanged but updated projections show more policymakers expecting additional hikes

Industry News

Jun 18, 2026

Congress Nears Final Vote On 21st Century ROAD to Housing Act

Senate voted 87-8 to advance House-amended package, with final votes expected in coming days

Industry News

Jun 17, 2026

Florida Pending Sales Signal Strong Summer Housing Market

Closed sales rise for a ninth straight month as inventory gives buyers more negotiating power