courtesy Gensler/MLS2ATX

City of Austin, Precourt finalize agreement for Major League Soccer stadium

December 19, 2018 - 10:53 am

AUSTIN (KJCE) -- Austin's long-awaited Major League Soccer stadium is a done deal - at least on paper.

City Manager Spencer Cronk signed the lease and development agreement with Precourt Sports Ventures, calling for a $200 million, 20,000-seat stadium to be built on city-owned land at McKalla Place in North Austin.

Under the terms of the agreement, Precourt will privately finance the stadium. Once completed, the City will own the facility, leasing it back to Precourt - who will pay $8.25 million in rent over 20 years.

City Council approved the terms in a 7-4 vote back in August.

While the Columbus Crew SC is expected to stay in Ohio with new ownership, the league is expected to award Precourt an expansion franchise that will pick up the Austin FC name. The team is expected to begin play in 2021.

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