Fifth Third Bank Will Finance Louisville City FC Stadium
USL club Louisville City FC said that Cincinnati-based Fifth Third Bank will "head private financing" for the team's new soccer stadium, "adding to funding already secured from the city and the state," according to Danielle Lerner of the Louisville COURIER-JOURNAL. The $60-65M stadium, slated to open by March '20, is part of a nearly $200M "development district with hotels, retail and office buildings planned for the Butchertown neighborhood." Fifth Third Bank will "coordinate financing from multiple banks" to provide $55M for the stadium, which will be "paid back by Louisville City FC owners." Club owners will contribute roughly another $10M in cash to "complete construction." The transaction with Fifth Third Bank is "expected to close in August." Louisville City FC co-Owner Tim Mulloy previously said that the club "hopes to have a general contractor hired by August and to begin laying foundations Sept. 1." Meanwhile, Lerner notes Fifth Third Bank already owns the naming rights to Kennesaw State Univ.'s multipurpose athletic facility, and thus is "unlikely to be considered as a naming rights partner for Louisville City FC's stadium" (Louisville COURIER-JOURNAL, 7/18).