For months now, Cody and Luann Johnson have been involved in the possible purchase of Lone Star Arena, the struggling rodeo event center located on Hwy. 377.
The Johnsons also own Twisted J Apparel and have said the sale was contingent upon a feasibility study. But after months of haggling and seeking financial assistance to get the facility operational once again, the couple issued a statement Tuesday stating they will no longer pursue its purchase.
“For the last few months we have been involved in plans and discussions to secure the purchase of Lone Star Arena. For our due diligence we prepared a feasibility study to discover the condition of the property and the full scope of renovations necessary to revive it,” the statement reads. “From the results of this study it became clear the renovations necessary would be significantly more than expected. All avenues of additional financial support from area economic entities were explored and none were found to be viable.
“At this time we feel it is not a sound business decision to go forward with the purchase.”
The statement went on to say that as lifelong residents of the Stephenville area, they are disappointed that Lone Star Arena may now close.
“The financial impact of this loss will be felt by all businesses and residents here,” the statement reads. “I want to thank my personal advisors, Chad Decker and Colby Pack, as well as the advisory committee who gave their time working on the project. We also received overwhelming support from the community, as well as from all over the country, and we are thankful for that.
“The importance of Lone Star Arena is undisputed, and we entered into the project with complete sincerity and the best of intentions. Our hope is that there may be another individual or group who may be able to take this project on.”