Austin will own the $225M stadium and lease it back to the MLS franchisePRECOURT SPORTS VENTURES
Austin City Manager Spencer Cronk "signed a stadium lease and development agreement" with current Crew Owner Precourt Sports Ventures to "bring a 20,000-seat soccer stadium" to the city-owned McKalla Place site, according to a front-page piece by Bils & Jankowski of the AUSTIN AMERICAN-STATESMAN. PSV CEO Anthony Precourt said that the agreement will be the "first of several MLS-related announcements over the coming weeks and months." Under the agreement, PSV will "privately finance the stadium at McKalla Place -- estimated to cost" about $225M. The city of Austin will "own the facility and lease it back" to Austin FC, an MLS expansion club to be owned by PSV, with PSV "agreeing to pay a total" of $8.25M in rent over a 20-year lease term. PSV will also give $3.64M to Capital Metro "over 15 years to be used for transit facilities." The stadium is "slated for completion" in the spring of '21. Austin Mayor Steve Adler "cheered the signing of the lease contract, calling it a 'really good deal' because no government money is being put up to finance the stadium's construction." Precourt said that he "expects MLS Commissioner Don Garber to visit Austin in January for a public appearance and celebration." A news release issued by PSV yesterday and league officials said that MLS is "determining whether the franchise will begin play" in '20 or '21. Precourt "made clear that his preference" is for '21 (AUSTIN AMERICAN-STATESMAN, 12/20).
CONTINUING SAGA: In Austin, Daniel Salazar noted the stadium deal is "one of the most significant steps so far in a more-than yearlong saga" to bring an MLS team to Austin. PSV pushed for most of '18 to relocate the Crew from Ohio, but it "seems the Crew will stay in Ohio under a potential deal" involving Browns Owners Dee and Jimmy Haslam to buy the team from PSV. If Austin FC "takes the field" in '20, the team would "likely play its first games at a temporary facility while the McKalla Place stadium is completed" (BIZJOURNALS.com, 12/19).
