By Ben Nicholson
August 28 – Las Vegas’ MLS expansion bid has taken a step forward by having the city and developers sign a term sheet outlining the project. $200 million has been assigned to develop a 24,000-seater stadium, $100 million for expansion fees, and a further $100 million for interest on the bonds issued by the city.
The stadium would be located downtown in Symphony Park, where originally there were plans to build a baseball stadium for an MLB expansion franchise. The site has also been linked with a hockey arena for an NHL expansion franchise, so it is by no means exclusively reserved for soccer yet.
There have been suggestions that an MLS team could share a stadium with an NHL team, though the practicality of accommodating for a football pitch and ice rink simultaneously would appear to be an obstacle in that plan. Whatever the case, Las Vegas are committed to bringing a professional sports team to the city, whichever sport that may be.
The signed deal stipulates that public funding would account for 31% of the total cost, estimated to come to around $123 million, with Cordish Companies and Findlay Sports & Entertainment fronting the rest of the bill.
The city council will vote on approving the project on September 3, and if it survives this stage it will go to a binding vote in December. (It is unknown how this deal affects Jason Ader’s interest in bringing MLS to Las Vegas).
The stadium will not be built, though, unless Las Vegas is granted the franchise by the MLS first.
And, in attempt to foil these plans, Las Vegas’ competitors have been making their own moves. One of San Antonio City’s Councilmen, Mike Gallagher, has submitted a Council Consideration Request, asking for assistance in the city’s bid to secure the 24th expansion spot in the MLS. If his request is granted, the city will provide aid in the bidding in the form of staff and public backing.
Meanwhile in Minnesota, the local NFL franchise has reached a “business agreement” with the Minnesota Sports Facilities Authority (MSFA) to share a stadium with the prospective MLS team, Minnesota Vikings. The club would pay an annual $340,000 to the MSFA, who will be the owner and operator of the $1 billion costing stadium that is scheduled to open in 2016, for game-day expenses.
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