FC Barcelona Exploring Investment With Expansion MLS Philly
Spanish La Liga club FC Barcelona is "exploring an investment in MLS's Philadelphia expansion franchise, which has been seeking new capital for months," according to Tripp Mickle of SPORTSBUSINESS JOURNAL. FC Barcelona President Joan LaPorta visited MLS Philadelphia's future stadium site in Chester, Pennsylvania, on February 28, before the team announced it was withdrawing its joint bid to land an expansion franchise in Miami. MLS Philadelphia CEO Nick Sakiewicz said that he "didn't discuss investing in the franchise with LaPorta but acknowledged that the Philadelphia franchise is still looking for strategic partners." Sakiewicz: "That's always been part of our plan and it hasn't changed." Mickle notes Barcelona is just the "latest in a string of potential investors to look at the team over the last few months." Sources indicated that Comcast-Spectacor also is "in discussions with the club to provide it with $7[M] in debt as part of an agreement" under which Comcast would "manage the stadium upon completion." A Comcast spokesperson said that "all discussions are private." Sakiewicz noted while the group has had discussions with Comcast, "no (money) has been discussed or formal agreement reached." iStar Financial CEO Jay Sugarman, MLS Philadelphia's majority investor, has "suffered substantial declines in the value of his stake in iStar" over the last year (SPORTSBUSINESS JOURNAL, 3/16 issue).
GETTING A KICK START: MLS Commissioner Don Garber discussed the league's plans to add two expansion franchises for the '11 season, and said the success of the expansion Seattle Sounders FC and Toronto FC, who joined the league in '07, is "helping drive interest from new investors." Garber: "In this environment, to go into a new market that hadn't really shown the same energy that we're seeing in Vancouver and Portland, for example, wasn't worth the risk. I think I got one email from a fan after we announced we weren't going forward in Miami. One email! I'm not saying we won't look at Miami at some point in the future, but when you have to narrow it down to two cities, you go with the ones you think will be most successful." When asked about MLS' current $40M expansion franchise fee, Garber said, "The position we're in today will only improve over time, even in a bad economy. We've got to remain as close to our value as we possibly can" (NYTIMES.com, 3/13).
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