The church learned Aug. 16 that La Roche College, the prospective buyer of Ambassador University in Big Sandy, Texas, has been unsuccessful in its attempts to obtain appropriate financing to purchase the property, and thus is withdrawing from the transaction.
"The church has always known that real estate transactions of the size and complexity of the university facility transaction are tentative until they successfully close," Pastor General Joseph Tkach said in an electronic mail message to pastors and headquarters employees.
From the beginning of the sale process the church has maintained secondary and even tertiary plans that could be adopted in the event the current escrow did not close successfully. These plans include renewed negotiations with other parties who informed the church they had interest in the case of a non-sale.
"Although it is of course disappointing that the current transaction was not successful, we are confident of the eventual sale of the property through various opportunities available to us," Mr. Tkach said.
Church income remains one percent under budget for the year. However, this budget was based on the successful closure of escrow in Big Sandy. Because the sale did not conclude, the church will have a larger than planned shortfall at the end of the year, and therefore remains in a financially troubling situation, despite the slight upturn in mail income.
"Please join me in praying for another good month of income as well as the successful completion of new negotiations," Mr. Tkach said.
Copyright © Worldwide Church of God, 1999