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Beckham's MLS Group Can Pay Less Than $500,000 This Year To Secure Stadium Land

Beckham's MLS Group Can Pay Less Than $500,000 This Year To Secure Stadium Land

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Beckham's group remains confident MLS will approve the franchise agreement
David Beckham's MLS group next month is "likely to win" Miami-Dade County approval to buy a $9M parcel in the city's Overtown neighborhood for a stadium site, but the group can pay "less than $500,000 this year to secure the land, then walk away if there’s yet another problem," according to Douglas Hanks of the MIAMI HERALD. The contract also "gives Miami Beckham United 11 months after the County Commission approves the land deal before the team has to pay" more than $1M toward the $9M purchase. Those contingencies "lower the financial risk for Beckham and his investors as they pursue zoning approval from Miami for a stadium that faces opposition from some neighbors." While team reps "insist they’re more optimistic than ever about Beckham’s chances, Oak View Group CEO and Miami Beckham United investor Tim Leiweke this week "emphasized the frustrations involved in finding a stadium site in Miami." MLS Commissioner Don Garber earlier this year said that Beckham "had until the end" of this year to "close a Miami deal." With the contractual exit now "in place, Beckham’s team remains confident MLS will approve the franchise agreement after Miami-Dade agrees to sell its land" (MIAMI HERALD, 5/19). 

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