A competing group of investors has proposed joining forces with SC STL to construct a $200 million Major League Soccer stadium in downtown St. Louis, but Foundry St. Louis’ offer also comes with pointed criticism of the project.
A letter from Foundry CEO Dan Cordes to the leaders of SC STL, who include former Anheuser-Busch president Dave Peacock and St. Louis FC founder Jim Kavanaugh, proposes that Foundry cover up to $80 million of the construction costs. SC STL is working with city officials to place a tax on the April election ballot to fund approximately 40 percent or less of the stadium’s construction costs.
The Foundry letter was published Monday night in a post by an unknown author on a local sports blog, STL Soccer Report. Cordes confirmed through a spokeswoman that he wrote the letter but didn’t provide additional comment.
In the letter, addressed to Peacock and dated Nov. 23, Cordes said the arrangement would negate a public vote and not put taxpayers on the hook for stadium funding. Cordes did not provide details on how his group would provide the $80 million. His letter also doesn’t address the cost to the city of purchasing the stadium site.
Read more: St. Louis Post-Dispatch