Jeff Berding announced that FC Cincinnati’s ownership group will be putting $300M into the stadium project. A massive announcement as the club continues to scrap for an MLS expansion bid. FCC is looking to solidify their bid by the mid-December deadline the MLS has set.
FCC’s announcement feels like a reaction to Nashville solidifying their bid Tuesday night. Voters in the Music City voted in favor of giving $25M to their club for a soccer-specific stadium required by MLS. Cincinnati’s local government has been steadfast in the fact they will not provide public money for the stadium.
That brings us to Wednesday/Thursday’s news that the club will now be putting $300M into the project. That’s $100M more than previously announced and should be enough to cover the project. Except it won’t. Jeff Berding said the club is still seeking $100M in public funds.
Let’s Talk Money
Somehow over the last couple of months, the stadium has somehow skyrocketed in construction costs or something. Originally it was stated the club would pay $150M in expansion fees and another $100M to cover half the stadium costs. They asked for $100M in public funds to cover the other half. Quick math for everyone at home.
Quick math for everyone at home:
Expansion fee = $150M + Stadium Cost $100M = $250M from the club
Stadium cost = $200M. A 50/50 split in private money and public money.
So originally they need $350M for the stadium. Now months later they need $400M. For the same stadium at one of the same sites, they’ve been looking at for months. Without any real explanation.
Now that the ownership group has added an extra $50M to their contribution they still want $100M in public funds. That’s the problem here. Why do they still need the same amount of money when they added 50% of that to their contribution? A $250M stadium will be one of the most expensive soccer-specific stadiums in the league.
Oakley Looks To Be The Spot, Not Great For The Residents
Jeff Berding showed up at the Oakley council meeting where board members gave their blessing to FCC. The club is looking at the old Milacron site next to I-71. Strangely enough, no residents knew this was happening because Berding just showed up. Not great for residents of Oakley that wanted to voice their concerns about a stadium in their neighborhood.
As someone that lives off of Madison, this is a terrible idea. That area is already crowded, now you want 25k people to come in 20 times a year. Come on man.
Oakley residents should be allowed to voice their concerns over a stadium being built in their neighborhood. It’ll bring a lot more money to the area. Not that the area necessarily needs it but it will. However, there’s a strong chance that not everyone wants a stadium in their neighborhood. The influx of traffic is going to be nightmarish.
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