Dive Brief:
- Just one week after declaring the possibility of city funding for a $200 million soccer stadium dead, the St. Louis Board of Alderman will reconsider a revised measure for the project, according to St. Louis Public Radio.
- The original plan was to utilize $80 million in public funds that residents would have voted on in August, but, according to the St. Louis Post-Dispatch, the city has lowered its commitment to $60 million and expedited the process so that SC STL officials have the chance to meet a critical MLS franchise application deadline.
- A representative from the SC ownership group, Jim Woodcock, said in a statement that the club had also worked out a "path forward with the state of Missouri" in its efforts to bring the MLS franchise to St. Louis, even though Gov. Eric Greitens has been a vocal opponent of any state funding for the project.
Dive Insight:
Greitens is only willing to provide a commitment to help the team attract additional private investors, according to the Post-Dispatch. Last month, Greitens rejected a proposal that would have seen the state provide $40 million in tax credits for the stadium. He called such a contribution "welfare for millionaires" and said the state's basic needs were the priority, not the 20,000-seat stadium. According to the original proposal, the city would own the venue and then lease it back to the club for a minimum of 30 years.
Professional soccer has been making inroads on the popularity front in the U.S., and teams are building new stadiums to meet that demand. D.C. United officials reportedly expect that the DC Zoning Commission will give its final approval in February for its new $300 million soccer stadium. Team officials said the project should generate 1,000 construction and permanent jobs and deliver a $1 billion economic boon to the area.
St. Paul, MN, is also getting a $150 million stadium along with a new MLS franchise. The facility will be privately funded, but the city has agreed to kick in more than $18 million for infrastructure improvements. The Minnesota United stadium also is expected to create 1,000 construction and permanent jobs and generate $1 billion in economic activity.
Los Angeles construction crews broke ground in August on the city's new $250 million soccer stadium as well. The 22,000-seat Banc of California venue is being constructed on the site of the old Los Angeles Memorial Sports Arena. The $350 million project will also include a soccer museum, office and conference space, retail and restaurants. The celebrity-backed project is privately funded as well.