Foundry St. Louis, a group looking to bring MLS to the city, has "proposed joining forces" with another ownership group, SC STL, to construct a $200M stadium in downtown, but the group’s offer "comes with pointed criticism," according to a front-page piece by Mike Faulk of the ST. LOUIS POST-DISPATCH. A letter from Foundry CEO Dan Cordes to the leaders of SC STL, who include former Anheuser-Busch President Dave Peacock and USL St. Louis FC CEO Jim Kavanaugh, "proposes that Foundry cover" up to $80M of the construction costs. SC STL is "working with city officials to place a tax on the April election ballot to fund" approximately 40% or less of the stadium’s construction costs. The Foundry letter was published last night in a "post by an unknown author on a local sports blog." In the letter, addressed to Peacock and dated Nov. 23, Cordes wrote that the arrangement would "negate a public vote and not put taxpayers on the hook for stadium funding." Cordes did "not provide details on how his group would provide" the $80M. His letter also "doesn’t address the cost to the city of purchasing the stadium site." Representatives of SC STL did "not respond to a request for comment on the letter." It is "unclear whether they or anyone at City Hall had heard about the proposal before it was published online" late yesterday. SC STL has the "support" of MLS Commissioner Don Garber, Missouri Gov. Jay Nixon, St. Louis Mayor Francis Slay and other prominent sports and business leaders. But several aldermen have been "publicly skeptical of the public financing proposal." SC STL said that the city would "own the stadium under that proposal." Cordes did "not say whether Foundry’s offer would change whether the city owns the facility" (ST. LOUIS POST-DISPATCH, 11/29).
