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

Footballer's ownership group will pay $9M for three acres

Miami /
Sep.September 08, 2017 04:30 PM

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 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


Related Articles

arrow_forward_ios
David Grutman and Pharrell’s Goodtime Hotel had received nearly 30 noise violations (Carma Connected, Getty)
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Too much of a good time? David Grutman and Pharrell’s Goodtime Hotel could lose entertainment permit
Related Companies Chairman Stephen Ross with One Flagler (Related, Getty)
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Prayers answered? Related Companies closes on church site for planned office tower in downtown West Palm
Grover Corlew principal Mark Corlew with Bank of America Tower in Boca Raton (Grover Corlew)
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Grover Corlew buys Bank of America Tower in Boca Raton for $45M
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
Davie student housing complex scores $62M refi, construction loan
The partially collapsed 12-story Champlain Towers South condo building (Getty)
Inside the tug-of-war over the Surfside condo site’s future
Inside the tug-of-war over the Surfside condo site’s future
Alina Residences in Boca Raton (Alina Residences)
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
El-Ad scores $53M construction loan for Alina Residences in Boca Raton
Nathan Reiber was the developer for Champlain Towers South in Surfside (Getty, Levitt-Weinstein Obituary)
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Surfside condo developer faced legal trouble in Canada, found clean slate in South Florida
Rendering of Boca Ice and Fine Arts Center courtesy of Peninsula Ice LLC 
Ice skating gliding into Boca: Arena developers score $14M construction loan
Ice skating gliding into Boca: Arena developers score $14M construction loan
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...