USL club FC Cincinnati’s owners have "definite plans to build a soccer-specific stadium" in the market and "plan to have a location picked and financing in place this summer," in time for MLS' decision to award two expansion franchises, according to Steve Watkins of the CINCINNATI BUSINESS COURIER. FC Cincinnati President & GM Jeff Berding said that the second-year club’s owners, including Carl Lindner III and Scott Farmer, have committed to invest $250M "toward winning" a MLS franchise and "building the stadium." Berding said that FC Cincinnati is "not looking to raise taxes or put a new stadium tax in place to finance the stadium." Lindner said that the club is "looking to create a public-private partnership." Ownership's financial commitment includes $150M for the expansion fee and another $100M toward "building a new stadium." Berding said that he "doesn’t know how much of a gap that leaves to be financed publicly." He added that FC Cincinnati’s share will be "more than half of the total financing needed." Berding said that the club has "narrowed its search to three neighborhoods." He "didn’t identify specific sites because FC Cincinnati doesn’t control those sites yet." Berding said that Nippert Stadium at the Univ. of Cincinnati, where the club plays now, "won’t work for FC Cincinnati." He added that Paul Brown Stadium "wouldn’t work because the Bengals have it to themselves based on the lease with Hamilton County." MLS also "wants teams to own their stadium and control all of its revenue streams" (BIZJOURNALS.com, 5/25).
THEY'RE ON THE CASE: In Cincinnati, Williams & Brennan note FC Cincinnati in recent months has been "aggressively pushing to develop a stadium plan." Club officials have been "shopping their stadium financing and location ideas to regional political and business leaders" (CINCINNATI ENQUIRER, 5/25). Also in Cincinnati, Paul Daugherty noted the nascent FC Cincinnati has been a "wild success, at least from an attendance standpoint." The club has "proven, to now, to have been a credible rival to the Reds for weekend entertainment coin." However, Daugherty wrote, "There is no way in hell we’re buying them a stadium." Daugherty: "You want a soccer stadium? Gather a group of investors and tell them to pony up" (CINCINNATI.com, 5/25).
WHO'S WITH ME? Lindner said that he is "'pretty far along' in assembling a larger investor group." He said the investors are "prominent local leaders." Lindner said that he "will be the CEO and head of the general partnership that owns the club." The CINCINNATI BUSINESS COURIER's Watkins noted Lindner "wouldn’t identify any of the new FC Cincinnati owners." Lindner and his family members "will be the largest shareholders, as they are now." Lindner: "I like the idea of having a broad ownership group. It’s a little like the Reds. We wanted to open it up to more people." Lindner and his brother, American Financial co-CEO Craig Lindner, also are among 18 investors in the Reds outside of President & CEO Bob Castellini (BIZJOURNALS.com, 5/23).
