FC Cincinnati: "We're not asking voters to build a stadium"
Ball clubs looking to expand into cities often look for help to fund their process. For FC Cincinnati, it is different and that should be recognized. Carl Linder III, the CEO of FCC, wrote this for Cincinnati.com concerning the stadium's finances:
"We are NOT asking the voters to build FC Cincinnati its stadium. Our FC Cincinnati ownership group is committed to spending at least $100 million (which represents over 50% of the cost) on the stadium ourselves."
Cincinnati, as a city, has been experiencing tremendous growth. Neighbors like Over-the-Rhine have become popular hubs, and the Queen City has become a place for companies to seek out and grow in. It is a big step for Linder to be trying to raise the majority of the money himself, and it proves his commitment to bring the city of Cincinnati a team.
Linder has the privilege to look at the past and see how not to fail when financing a stadium. In the mid-90s, according to Business Insider, the city of Cincinnati and the Cincinnati Bengals put together one of the worst financing deals. According to an Insider report way back in 2011, the deal still makes up 16.4% of Hamilton Counties budget for the stadium's repairs. This has had major repercussions, and it looked awful for the city. FCC is destined to rewrite history and help Cincinnati prosper as a soccer city.
Another example of recent stadium financing is the Oakland Raiders. The American football team is moving to Vegas, and they are looking to build a $1.9 billion stadium, according to S/I. According to that article, about $750 million of the $1.9 billion will be put up by the state of Nevada. While Vegas is a more attractive, wealthy city and the stadium will be located on the strip, the team, which managed to get the rest of the financing backed by Bank of America, was not able to fund the whole building.
The fact that Linder and the ownership group is able to do most of monetary raising himself should excite fans and help the city grow even more.
(Photo courtesy of @tylertep/Instagram)