Nashville continues to get great news on its MLS expansion efforts.
The Nashville Metro Council officially approved mayor Megan Barry’s $275 million MLS stadium financing plan by a large margin. The council voted 31 to 6 in favor of the measure, which allows for $225 million in bonds to be issued to raise the necessary funds.
Nashville is now one of two cities with secured funding for a new soccer stadium. Sacramento is the only one of the eleven other bids that have a shovel ready project.
“The Metro Council should be applauded for joining the majority of Nashvillians who say YES to Major League Soccer in Nashville,” Mayor Barry said in a written statement. “Their vote tonight puts Nashville in a very strong position to be awarded a franchise later this year by MLS.
“Thank you to John Ingram and the MLS to Nashville committee who have worked tirelessly over the last year to make this night possible for soccer supporters all across the Nashville area.”
While the bond measure will cover the majority of the funding, the remaining $50 million will be covered by private investments and a ticket tax plan. The ownership group, led by John Ingram, will cover $25 million up front, plus an additional $9 million per year for 30 years to help the city cover interest debts on the bonds.
None of the funding will go through until Nashville is officially granted an MLS franchise. The league will make its decision on it’s next two teams in early December.