Crystal Cathedral bankruptcy: the "Hour of Power" televangelist church approved plans to sell its Crystal Cathedral to Chapman University.
The Crystal Cathedral has endorsed selling its sprawling campus to a university as part of a bankruptcy reorganization plan, church officials said Wednesday.
The church's board of directors has backed Chapman University's offer to buy the property if the church is unable to raise enough money to avoid a sale, the church said in a written statement.
Under the plan, the church would be able to continue to use a number of buildings on the Garden Grove campus and possibly repurchase them at a later date.
"Though the preferred outcome of this bankruptcy is to raise the funds needed for the ministries to remain the owner of the entire campus, there loomed a deadline imposed by the creditors' committee to select between two offers approved by the committee," said televangelist andCrystal Cathedral founder Dr. Robert Schuller.
Schuller praised Chapman University in the statement, saying it is compatible with the church in many ways, but added that the church looks forward to a new dream of "buying the core campus back."