Inter Miami CF Nears $1B Stadium Deal

Miami is one City Commission vote away from a dedicated MLS soccer stadium.

Inter Miami CF and the city struck a deal on a $1 billion project to redevelop the Melreese Golf Course and Country Club into a stadium and surrounding commerce area. 

The deal, which has mayor Francis Suarez’s backing, must now go before a City Commission vote, which could happen later this month.

• The project is designed around a roughly 27,000-seat soccer stadium.
• It would also include a shopping mall, hotel, and park. 
• Team majority owner Jorge Mas said in 2018 that the team would pick up the cost of the land, estimated at $35 million, and that the city would receive revenue from operations.

The team currently plays at DRV PNK stadium in Fort Lauderdale, which Mas said would host a second team and continue to act as a training facility. Mas, his brother Jose Mas, co-owner David Beckham, and others invested over $100 million to build “Drive Pink,” as it is often called.

Cash Infusion

In September, the team received a $150 million investment from Ares Management. The funds were connected to the previous month’s buyout of Softbank CEO Masayoshi Son and International CEO Marcelo Claure, who collectively owned around 48% of the team.

Inter Miami was valued around $600 million to $650 million at the time of the buyout.