City Football Group have raised $650 million for NYCFC Stadium

NYCFC’s stadium saga has been the rollercoaster ride recently. Following years of speculation, New York Yankees President Randy Levine gave an unusually candid interview to Forbes SportsMoney, saying that a decision on New York City FC’s stadium plans would be made in “30-60 days”. It was a glimmer of hope for fans who have been frustrated time and time again with the lack of progress.

That glimmer of hope barely made it 24 hours when reports of Yankees Global Enterprises and Maddd Equities had botched the presentation to the Bronx community board by allegedly changing the language of the plans as it pertained to parking spaces at the last minute, effectively ending any and all decisions on NYCFC’s prospective stadium until after the summer recess.

Parking spaces notwithstanding, the deal might not be dead.

In a recent report by Financial Times, City Football Group — NYCFC’s majority owners — have raised about $650 million to fund a stadium in the Bronx. “CFG intends to use the money to fund infrastructure projects such as a new stadium for its Major League Soccer franchise New York City FC,” FT said in their report.

Should Yankees Global Enterprises and Maddd Equities make good on their promise to the city to take care of the parking spaces, this giant injection of cash could help with the Bronx project which is alleged to cost around $1 billion.

It’s unlikely we’ll hear anything of actual substance until September. But for now, I guess a little hope wouldn’t be the worst thing. But it’s hard to be hopeful when we’ve been burned so many times before.