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Report: Revolution owner working with banking giant to finance soccer-specific stadium

photo by Winslow Townson/USA Today Sports

By FRANCO PANIZO

If there was an award for the most criticized stadium in MLS, Gillette Stadium would probably claim it. There are constant complaints about the New England Revolution’s home, whether it be about its cavernous size, unforgiving turf field, or remote location.

Well, the Revolution’s owners have reportedly brought in some help to try and change all that.

According to a report from Boston.com, the Kraft family is currently trying to plot out how to finance a soccer-specific stadium in downtown Boston with investment banking firm Goldman Sachs. The company previously helped the New York Yankees land a stadium deal and has also been involved in several other projects, including that of the Sacramento Kings and multiple European soccer clubs.

Representatives of the Krafts most recently met with city officials last month, according to the report. The Krafts have long stated they want to build a soccer-specific stadium, but there has been little progress made in recent years.

It appears, however, that the Krafts are taking a more aggressive approach now in their attempt to land a stadium deal for the Revolution. Their partnership with Goldman Sachs is evidence of that, and MLS commissioner Don Garber said last week during a Q&A with fans that he had seen updated renderings of a Revolution stadium.

The Revolution currently call Gillette Stadium home, but the venue – which also houses the Kraft-owned New England Patriots of the NFL – is deemed too large for the soccer club. Gillette Stadium has a seating capacity of more than 65,000, which is substantially larger than the preferred 20-25,000-seat venues that MLS prefers.

Other complaints about Gillette Stadium are its hard playing surface, in-game atmosphere, and location. The stadium is located in Foxborough, Massachusetts, which is far from downtown Boston, where the Revolution are reportedly looking to build their soccer-specific home.

The Revolution are one of few remaining clubs in MLS that currently does not play in a soccer-specific stadium or have concrete plans to build one.

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What do you make of this development? Think the Revolution will move out of Gillette Stadium and into a soccer-specific home any time soon? Could you see it happening by the end of the decade, or is that too optimistic?

Share your thoughts below.

Comments

  1. Bob real dilemma is can he find a suitable site that has a forest around it that he can clear cut and put in a Red Robin and a cupcake shop

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    • Bless your heart, the president has ZERO to do with local land deals. It’s the local mayoral and city council elections I’m guessing you didn’t vote in since Obama took your country away that has been giving private businesses overly generous land deals.

      Reply
  2. As much as I hope this is true, I also doubt it is. Financing is the least of the problems. Finding a piece of land is the main problem and to the best of my knowledge, that hasn’t happened. Every time a spot is discussed, the neighborhood groups stand up and say “not here.” The former Mayor of Boston didnt want anything soccer or Kraft owned in the city so there was no possibility of a stadium site being secured. The current mayor is not like that BUT nobody wants it in their neighborhood and until that is resolved, financing really isn’t that important.

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    • Hey, I’m pretty sure no one wants a lab dealing with nasty deadly diseases in their own backyard but Roxbury got stuck with one within the last 10 years. It seems like the new Mayor is open to having more big events in the city. Even though the Olympic bid failed I couldn’t see former Mayor Menino even entertaining a bid. Now Boston has a scheduled Indycar race next year.

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  3. Again I ask what incentive does Kraft have to take the Revs out of his dump? He gets +/ 20 additional dates if the Revs make the playoffs and pockets the revenues. He does not need to outlay 200-300 million for a new yard.

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    • That is 100% the reason they’ve never had a solid attempt at building a soccer stadium. However, I have a feeling his “incentive” is now more of a ultimatum by the rest of the owners:build a stadium in Boston, or we’re gonna buy you out.

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  4. Goldman Sachs, alright! With all the money they made fleecing people with junk rated mortgage backed securities they should have plenty of money left to build a stadium, pro bono

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    • My thoughts exactly. The good people of Boston should immediately keep a close eye on their wallets, and anything else in the city that isn’t nailed down, for that matter.

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  5. this sounds more serious but until i see a rendering or something I will believe it.

    I repeat if Miami,nyc, get their stadium then every team should have their stadium, not an MLS 1.0 stadium.

    I know Seattle love being second tenants, but imagine Vancouver and Seattle having their stadium.

    Not only Seattle, but columbus would be another skc.

    If dc gets their stadium, they will have no problem getting dps like Henry or.Beckham. I would love to play in the capital of the US in a brand new stadium.

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  6. With Boston’s withdrawal from future consideration of the USOC’s Olympic Host bid, there are suddenly less demand for parcel/land-assembly sites that could be used for a soccer a specific stadium in and around downtown Boston Usually when this happens (loss of a large event or construction project(s)) a lot of sites face a drop in value. The time to bargain/purchase/beg for a site is now. If you have a 800 lb Gorilla in Goldman Sachs running interference for you, you have a good chance of making it all work, but the time to do it is now. If market conditions change, the cost of the site or the cost of money goes up, you’ll lose that window.

    Though the Krafts, were, along with the Hunt’s were among the founders of the MLS and may cry “poverty” now and then, they have made money from the MLS. By using and renting Gillette stadium during the non-football season, keeping the payroll low (Garber had to “insist” that the Rev’s take J. Jones) and tapping into the other MLS revenue streams, the Krafts have made money off MLS 1.0. Remember as first in, their franchise fee was 5 mil !!

    It’s MLS 2.0, that are giving the Krafts issues. With MLS insistence on signing quality and “name” players using the DP system, and urging owners to build in the urban core for the next round of SSS. It will cost money, just when most of the older League teams were starting to turn small profits, and all of them stated seeing a large boost in equity.

    And while building a larger SSS with more seats than the MLS recommendation of 18-22k, owners run the risk of seat price devaluation. It’s not just putting butts on seats, it;s keeping them there and keeping them at the highest possible price. Build too many seats and then not keeping them at 80 percent capacity, you soon find yourself selling them cheaper (and making less gate). In short, you want these seats NOT to be easily available. Simple supply and demand.

    If you build it, they will come is a famous mantra from a “Field of Dreams” but to keep them coming, you need marketing, and players like “Shoeless Joe” who, no doubt, was the DP, to keep them coming. Having the smaller stadiums that the MLS proposes, make them easier to situate in a urban city environment where land prices are higher and large stadiums of over 40K and required ancillary uses like parking are needed, almost price them out of city centers..

    Building these stadiums is good for every team in the MLS as the resultant surge of publicity and crowds add value to the team and the MLS. With that value comes more money. better coverage, and better players. It benefits everybody, even if it’s your mortal enemy.

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  7. I’ll believe it the first time Chris Tierney puts one in the back of the net on a new stadium, until then…{ — — }

    L

    ( o )

    That’s a guy holding his breath.

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  8. As with other Red Bulls fans, I could care less about the success of the Revs and DC United. That being said, it is about time both clubs get their own SSS and stop playing in football stadiums that don’t represent the passion brought by their respective fans. I hope both stadium deals work out in the near future but still hope both clubs are bottom of the table teams forever.

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  9. Tom Brady’s deflated balls.

    Now that that’s out of the way, I’d love to see this happen for Revs fans. Boston is a great city, and as a Galaxy fan I’d enjoy traveling to Boston (and not Foxborough) to see the Galaxy slap the Revs around.

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  10. I am hopeful they will get a stadium. It will be the beginning of the rise of the Revolution if they get a stadium. I know it will save me an hour of driving each game. I hope this happens and if it does not I think a lot of fans will be dissapointed. The stadium will need to be 28k with the ability to exapnd. MLS needs to stop thinking 20k and start thinking 25k to 35k seat stadiums. Boston will boost attendance. I think this gets done by 2018. If not it will be a epic failure.

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    • Agreed. Too big is not the problem. Not downtown is the problem.

      They should be looking for as big as they can afford. It would be dumb to have to upsize or change in 5 years.

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  11. I would not be so sure about that jonf. Robert Kraft is a smart business man. He invested in the revs in MLS’s infancy when there was no hope of being profitable in the near term. Now that MLS clubs with the proper type of SSS are doing well, and the culture of the USA has finally embraced the sport he may see the light at the end of the tunnel and be ready to make a play to be one of those successful clubs. Could you imagine what would happen to the Eastern conference if the Revs became a strong powerhouse type club ala the Galaxy? This might be as clear a sign as any that the tide is rising in MLS.

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    • I would also add that Bob Kraft was one of the 3 owners(Anchutz & Hunt) that stuck with the league in its darkest hour after the remaining owners had folded up shop.

      I have hope that they are trying. He seems like a smart business mind and am hopeful that he realizes the potential of a downtown team in Boston proper!

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  12. Dear Bob,

    I don’t believe you. I’ve been hurt too many times before.

    Signed,

    Murph, Sully, Fitzy Johnny, Little Murph, Woobs, Tommy, Charbo, Spanish Johnny, Kieran, Sean, Black Sean, and Gina

    Reply

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