Mayor, MLS Bid Group Reach Agreement On Stadium Funding

NASHVILLE, TN — Nashville Mayor Megan Barry and the investors leading the charge for a Major League Soccer expansion team in the Music City have come to an agreement on a funding plan for the proposed stadium, according to a letter sent to Metro Council members Thursday.

The council will hold a special meeting Monday at 3 p.m. to hear the details, which were not immediately made available, the letter from Vice-Mayor David Briley said.

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MLS2Nashville, led by David Ingram, is pushing the U.S.'s top soccer league to award one of four expansion franchises to Nashville and the city is seen by most observers as one of the top choices among the 12 cities seeking a team. Efforts in other cities, such as St. Louis, have been hamstrung by an inability of local government and investors to come to terms on a stadium financing plan.

There's not yet a cost figure for the stadium, the preliminary plans of which were revealed in mid-August, which is proposed for the west side of the Fairgrounds Nashville, south of Wedgewood, between the speedway and Bransford Avenue. The renderings were prepared by sports facility architectural giant HOK.

The 500,000 square-foot stadium would be ringed by other buildings, which would replace fairgrounds structures that would have to be demolished to give way for the new project. A Metro Charter amendment approved by voters in 2011 requires that existing activities at the fairgrounds be maintained.

On Wednesday, Vanderbilt University announced it would not move its football games off campus from Dudley Field. Vandy had been considered as a potential co-tenant for the 30,000-seat stadium.

MLS is expected to announce the first two expansion cities in December.

Images via HOK/Nashville Soccer Club Holdings