Real Estate Execs Focus On Stadium Development In United Buy
MLS United formally announced a $33M purchase agreement with a group headed by MacFarlane Partners Managing Principal Victor MacFarlane. The group also includes Westlake Int’l Group and MLB Giants investor Will Chang, as well as Blue Devil Partners co-Managing Members Brian Davis and Christian Laettner. The group is in discussions to extend ownership interests to Discovery Communications Chair and WUSA Founder John Hendricks, New Faze Development President & CEO Allen Warren and BET talk show host Carlos Watson (United). MacFarlane, the first black major investor in MLS, said, “We would love to help soccer become the sport that African Americans and other children of color first look to for recreation and entertainment” (WASHINGTON POST, 1/9).
STADIUM DEVELOPMENT: DC government sources said that the new group “has offered to pay for stadium construction in exchange for the right to build a development, including a hotel, on city-owned land.” DC Mayor Adrian Fenty “is leaning toward backing the project as a way to kick-start development” in the area. In DC, David Nakamura notes MacFarlane also “did not provide details of his stadium plans yesterday but pledged to build a youth soccer field ... as part of his investment.” He “appears to be trying to establish himself as a major player in DC development” and said that he “plans to invest [$5-10B] in the District during the next several years” (WASHINGTON POST, 1/9).
GRIZZLIES SALE UPDATE: Davis and Laettner are also facing a deadline next Monday to complete their purchase of a majority stake in the Grizzlies. Laettner: “All I can say right now is we're working on it” (AP, 1/8).
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