Will St. Louis Get Its New Soccer Stadium?

stlouis

What: On April 4, voters in St. Louis, Missouri will decide whether to increase taxes in order to finance a new soccer stadium.
Why it matters: Soccer and Major League Soccer have become important drivers of economic and cultural growth in American cities as the sport continues to grow in popularity across the country.

Next Tuesday April 4, St. Louis citizens will be asked to vote on two propositions related to the construction of a new soccer stadium in the city. The first is related to a sales tax increase on businesses' out-of-state purchases.

The second proposition is for diverting $50 million of the new revenue to help build a new outdoor soccer stadium. In addition, $10 million of tax increment financing money will be come from a portion of Paul McKee's NorthSide development that will be used to build the stadium.

Bain Capital Group, followed by Summit Partners, Lewis & Clark Venture Capital, Tortoise Capital Advisors are among the investment firms interested in joining the building project.

While tax revenue will go far, an additional $150 million in private investment are required for St. Louis to join the MLS. Private investors at the Soccer Club St. Louis (SC STL) are prepared to commit 80.3% of the total estimated $305 million to join the league.

In terms of sports entertainment St. Louise hasn’t been very strong in the past few years, with no professional NFL nor NBA team, which is why building this new soccer stadium and joining the MLS might represent an important business opportunity for the city (and for the fans).

Feature Image: Pixabay

 


MORE FROM PORTADA

SOUNDING OFF: Lee Flynn- How to Use Marketing to Your Business’ Advantage

SOUNDING OFF: Lee Flynn- How to Use Marketing to Your Business’ Advantage

One way in which a company can stand out from the competition is through an excellent marketing strategy that not only attracts, but also retains customers. So what are some key parts of an excellent marketing strategy?


Only These Five Athletes Made it to the Time Magazine 100 List

Only These Five Athletes Made it to the Time Magazine 100 List

Only five athletes from around the world made it into the 100 Most Influential People of 2017 list, and only one of them isn't from the U.S.


RANKING: Top 10 Websites Most Visited by US Hispanics

RANKING: Top 10 Websites Most Visited by US Hispanics

Which websites do US Hispanics prefer? What activities do these sites allow them to do? Does gender play a role when it comes to choosing online media? Read on for the answers to these questions, drawn from comScore’s February 2016 ranking.