New Louisville City FC stadium financing has closed, with the club announcing $50 million in funding for the soccer-specific stadium that will open in 2020. Syndicated by Fifth Third Bank, this $50 million financing paves the way for the 11,300-seat anchor in the 35-acre Butchertown Development District.
First Financial Bank, Regions Bank, Paducah Bank, Wesbanco Bank, Stock Yards Bank & Trust Company, and Commonwealth Bank and Trust join Fifth Third as lenders in the deal. In addition, Middleton Reutlinger served as counsel to the Club during the transaction.
“Our new stadium is a real sign of progress both for this club and the community at large,” said LouCity President Brad Estes. “For the first time, we will benefit from all the revenue streams associated with professional soccer, which means sustainability for our business model long into the future. We would like to thank all our partners, especially the Mayor’s Office and Metro Council, without whom this stadium would not be possible.”
“Fifth Third Bank is proud to serve as the leader in the syndicated bank facility for the Lou City stadium,” said Michael Ash, Market President of Fifth Third Bank. “We remain committed to the development of this community, and it is that vision that drew us to this project. We look forward to a long and fruitful partnership with Louisville City FC, and the city of Louisville.”
Louisville City FC competes in USL Championship, the Division II circuit under the USL umbrella. The 2019 season will be its last at Louisville Slugger Field, a ballpark it has shared with baseball’s Louisville Bats (Class AAA; International League).
Rendering courtesy HOK Architects.
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