Beckham Scores $50M Stadium Financing With Help from Holland & Knight
The Major League Soccer venture plans stadiums in Miami and Fort Lauderdale to get the team off the ground.
May 30, 2019 at 01:13 PM
3 minute read
David Beckham. Photo: Andrea Raffin/Shutterstock.com
David Beckham's Major League Soccer team is closer to starting play after scoring a $50 million loan to help pay for its planned Miami and Fort Lauderdale stadiums.
Soccer team Inter Miami CF will use the capital facility to finance construction costs and expenses, according to Holland & Knight, which represents the team.
Beckham and partners, including MasTec Inc. executives and brothers Jorge and Jose Mas, are pursuing a stadium at Miami's Melreese public golf course as well as a stadium and training facility at Fort Lauderdale's Lockhart Stadium, and a second Miami location also might be at play.
The team is negotiating a lease with Miami for the golf course, where it wants to build a 25,000-seat stadium, over 1 million square feet of office and other commercial space, a 750-room hotel, 23 acres of public soccer fields and a 58-acre park.
Until that complex is finished, the team plans to play its first two seasons starting next year at an 18,000-seat stadium replacing Lockhart, which is being demolished. That 64-acre Lockhart site at 1350 NW 55th St. will include a training facility and public soccer fields.
A second Miami option is in play after Beckham last week announced he will finalize the purchase of 2.79 acres in Overtown, which was the preferred sight before the Melreese idea was floated.
Miami-Dade County Mayor Carlos Gimenez said after a May 21 meeting with soccer group investors that they will start requesting stadium permits for the Overtown site, the Miami Herald reported. The county owns the Overtown land.
It's unclear if the $50 million loan would be for the Melreese or Overtown site. A Holland & Knight statement said the money is for development of stadiums in Miami-Dade County and Fort Lauderdale.
The loan is one of two strides the team, officially named Club Internacional de Fútbol Miami, made this week.
On Tuesday, it announced an agreement with Miami and The First Tee Miami to relocate the nonprofit to another golf course without saying when or which one. The fate of the youth golf training program was a sticking point with supporters citing its community outreach.
First Tee, led by Charles DeLucca Jr. as president and executive director Charles DeLucca III, offers golf lessons to students with disabilities, after-school tutoring, academic advising and the Charles De Lucca School of Golf summer camp.
Goldman Sachs issued the loan. Holland & Knight declined to provide the terms and interest rate.
Firm partner Norberto Quintana, senior associate Faisal Kraziem and associate Brittany Fox represented Inter Miami in the loan deal.
Related stories:
David Beckham Moves on Miami Land Buy After Winning in Court
Miami Considers Suing Nonprofit, Others While in Talks for Beckham Soccer Stadium
Judge: No Stop to Beckham's Soccer Plans in Fort Lauderdale
David Beckham, Mas Brothers Cleared of Improper Lobbying Claims
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