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updated: 12/22/2011 1:50 PM

Audit: Peoria Chiefs losing money

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Associated Press

PEORIA -- A pair of audits shows the Chicago Cubs' Class A affiliate in Peoria is losing hundreds of thousands of dollars a season.

And one audit raises questions about the long-term ability of the team to continue.

The Journal-Star in Peoria reports that the Peoria Chiefs lost $848,000 in 2010 and $678,000 in 2009. Losses in both 2008 and 2007 topped $400,000.

The audits were filed with the Peoria County Supervisor of Assessment's Office as part of the Chiefs' appeal of the taxable value of its stadium.

One of the audits by the Clifton Gunderson accounting firm raises "substantial doubt about the ability to continue as a going concern."

Team President Rocky Vonachen disputed that. He says the Chiefs have been hurt by the weak economy.

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