The Santa Barbara Independent published a brief summary on June 28, 2018, of the Grand Jury report on the Champion Center. The columnist, Nick Welsh, described what happened as a “horror story of eyes-wide-shut financial planning….” “The Grand Jury concluded the hospital district failed to pursue basic due diligence before entering into the deal. It also failed to establish the licensing necessary to secure contracts with major insurers. These failures, coupled with the absence of any marketing plan, led to occupancy rates of less than 40 percent.”
While Mr. Welsh’s article included some factual errors about details, he focussed on the key issue: disastrous financial planning and marketing.