Goldman Sachs Drops Out Of RSL Stadium Project; New Firm In

Goldman Sachs Backs Out As Investor In New Real Salt Lake Stadium

Goldman Sachs is out as MLS Real Salt Lake’s investment partner in a new soccer stadium in Sandy, Utah, and “another multibillion-dollar New York investment firm is in, [but] RSL isn’t saying who,” according to Rosemary Winters of the SALT LAKE TRIBUNE. Goldman Sachs’ backing “was touted as evidence of the team’s solid financial plan” during its negotiations with Salt Lake County, but Sandy Mayor Tom Dolan said that Goldman “became impatient with delays in the deal.” RSL spokesperson Eric Gelfand said that the switch “won’t impact the stadium’s viability.” Gelfand said the new partner is “just stepping into Goldman’s position. The effects on our business plan are materially equal.” Winters noted that means the new partner “would become a 50[%] owner of the team” and would invest $24M and secure a $33M construction loan to build the stadium (SALT LAKE TRIBUNE, 3/17). Gelfand indicated that Goldman Sachs “is still interested in investing in the second phase of the stadium project — a planned development around the stadium that would include retail and office space, as well as a hotel.” But Salt Lake County Mayor Peter Corroon, who “denied a funding plan for the stadium three times,” suggested that Goldman Sachs’ decision to leave the project “is a ‘confirmation’ that the stadium project is not financially viable” (DESERET NEWS, 3/17).