Detroit City FC has achieved a notable milestone, paying off debt from revenue sharing agreements for a Keyworth Stadium renovation two years ahead of schedule.
The club announced Monday that it is issuing payments this week to close out the revenue sharing agreements from its 2016 effort to fund Keyworth Stadium renovations. Funding to upgrade the facility, which originally opened in 1936 and is located in Hamtramck, was generated through a Michigan Invests Locally Exemption crowdfunding campaign that launched in October 2015 and spanned 109 days, resulting in 499 verified Michigan investors pledging $725,500.
Detroit City FC’s initial projections called for a payback period of six years, but the club will achieve that milestone two years ahead of schedule, with its strong financial performance cited as a factor in the accelerated timetable. With the funding, Detroit City FC (DCFC) was able to complete a variety of renovations to Keyworth Stadium, including structural repairs and upgraded facilities. More from ClickonDetroit.com:
When the soccer team moved to Keyworth in Hamtramck, it utilized the Michigan Invests Locally Exemption to fix up the stadium.
DCFC wanted to raise $400,000 to $750,000 to improve the stadium. Renovations included structural improvements to the grandstands, as well as repairs to bleachers, locker rooms, restrooms and lighting.
The 109 day campaign raised $725,500 in pledges from 499 verified Michigan investors
“The community investment campaign was a tremendous success thanks to our community and supporters,” DCFC co-owner and COO Todd Kropp said in a press statement. “Investors helped us breathe new life into Keyworth Stadium and establish a solid foundation on which we will continue building DCFC. We are pleased to be in a position to pay back the investments earlier than projected and to have delivered a solid rate of return to those that took a chance in supporting our project.”
Detroit City FC will play its first full professional men’s season this spring in the Division III National Independent Soccer Association (NISA).
Image courtesy Detroit City FC.