The TBK Bank Sports and Entertainment Complex , 4840 Competition Drive, Bettendorf, has new owners and investors.
Doug Kratz, the previous sole owner of the facility, announced on Thursday, Sept. 7, the ownership changes of the facility. Under the changes, Mr. Kratz still owns 50% of the entity, and a group made up of four local residents – led by area businessman Ryan Hintz – also collectively owns 50% of the complex.
Additional details of the ownership deal were not announced on Thursday.
This shared ownership encompasses both the Iron Tee golf venue, currently under construction in The Plex development, and the proposed adjacent indoor multi-sports facility, scheduled for completion in the fall of 2024.
The strategic alignment of these ventures is poised to yield substantial benefits in the years ahead, Mr. Kratz said in a news release.
Mr. Kratz added that he is “thrilled and extremely fortunate to bring on quality investors who are not only friends, but also successful and well-respected area businessmen who will assure the future of TBK Sports and Entertainment Complex, but also Iron Tee and proposed indoor sports facility.”
He added in a statement Thursday: “I know these individuals quite well and they, like myself, understand the importance of long-term sustainability of the youth sports and entertainment venues to the local area. This transaction not only allows my family to retain ownership in both entities for years to come but also allows me to transition executive responsibilities of the Sports and Entertainment Complex to Ryan over the next couple of years. The future is bright.”
Plans for the new Iron Tee golf venue were introduced last year. At that time, the new facility was expected to cost between $45 million and $50 million and be built on 43 acres near TBK.
It will offer a variety of high energy and high-tech golf and entertainment activities, said Mr. Hintze, the local businessman, owner/operator of Corn Belt Capital, and investor who is spearheading the project.
