In a joint press conference today with Shreveport Mayor Cedric B. Glover, Independence Bowl officials announced that PetroSun, Inc., title sponsor of the Independence Bowl since 2006, has defaulted on its sponsorship obligation. PetroSun failed to make payments that were contractually due to the Bowl no later than July 1 and December 1 of 2007. Despite PetroSun’s default, Independence Bowl officials stress that the “.. game will go on”.

“This has been a difficult situation for the Independence Bowl and we have been, and will continue to, work through it to bring a resolution,” said Keith Bergeron, 2008 Independence Bowl Chairman. “We are prepared to do whatever is necessary to secure payment from PetroSun and in turn repay the City the full amount that was paid to the bowl. This bowl has been through a number of challenges in its 33-year history and because of the hard work, dedication, and support of so many who have been a part of the Independence Bowl through the years, our bowl game has persevered and come out better after each challenge. That will not change. We are preparing for another outstanding game and we look forward to kickoff at 7 p.m. on Sunday, December 28.”

Under the terms of its agreement with the NCAA, the Independence Bowl pays each participating team from the Southeastern and Big 12 Conferences $1.1 million. Payouts are due to the team/conferences no later than April 1 of the following year. Due to PetroSun’s default, and without financial assistance from the City of Shreveport, the Bowl would not have been able to satisfy its payout obligation to the schools by the NCAA-mandated April 1 deadline.

“Because PetroSun did not meet its obligations to the 2007 Bowl, we were not going to be able to pay Alabama and Colorado the monies contractually owed to them on April 1. If we had missed these payments, the Bowl would have been in danger of being decertified by the NCAA. In today’s competitive environment, that would have been disastrous to the Bowl, perhaps even fatal. We are grateful to the Mayor and City Council for agreeing to loan us what we needed to get us through.”

“The Independence Bowl has a rich history in the City of Shreveport and I along with the other City officials am committed to seeing that this game continues. The game traditionally provides an opportunity for the powerhouse teams of the Southeastern and Big 12 Conferences to showcase their muscle and most importantly, an opportunity for us to show the visitors and those persons viewing the City by television why we are the “Next Great City of the South,” says Mayor Glover.

“We simply could not lose this game.”