Build it like Beckham: Soccer star makes first payment on stadium land bought from county

Build it like Beckham: Soccer star makes first payment on stadium land bought from county

Friday, September 8, 2017

Rendering of the soccer stadium and David Beckham

David Beckham made the first payment toward his $9 million purchase of three acres in Overtown where he plans to build a stadium for his Major League Soccer team.

Beckham and his business partners made the first $450,000 payment on Friday, the Miami Herald reported. The former Manchester United star and his investors have about a year to pay to pay the bulk of the money for the land that Miami-Dade County agreed to sell to the international soccer star in June.

Beckham plans to build a 25,000-seat stadium on the site, which also includes six private parcels his group assembled for $19 million. Major League Soccer gave him tentative approval in August at a steep discount to the $150 million expansion fee that most owners of new teams pay.

Beckham has had an option to buy a franchise for $25 million since he played for the Los Angeles Galaxy a decade ago.

Beckham agreed to pay an initial $5 million at closing and the remaining $4 million over four years at an interest rate of 5 percent.

The no-bid deal with Miami-Dade is facing a legal challenge. [Herald]Rich Bockmann


Source: The Real Deal