Moreno, a former Phoenix billboard executive, was on Forbes magazine's most recent list of the 400 wealthiest Americans with a net worth listed at $940 million. Garcia founded the Phoenix-based firm DriveTime, a used-car sales and finance firm formerly known as Ugly Duckling.
The Phoenix Thunderbirds civic organization, and co-owner Luther Alkhaseh, defaulted on a Bank One loan in September. Play at the facility had dropped precipitously in recent months as the economy had worsened, and in the wake of an incident last July in which 82 people were sickened by tainted water.
The Thunderbirds will maintain operation of a nine-hole course for children next door to the main course. The new owners have indicated they will continue to operate the course, rather than turn it into a housing development, as some neighbors had feared.