Beckham seeks to hook up with Bucks owner for Miami stadium cash

Now that David Beckham’s proposed Miami MLS team finally has a site where a stadium can fit, sort of, the negotiations have entered a weird phase, with Beckham shopping around for somebody with the cash to actually build the thing. Or lend to him to build the thing. Or give to him to build the thing in exchange for a share of the team, or the stadium revenues, or something. David Beckham seeking rich partner for stadium play, is what I’m saying here.

Back in February, there was a rumor that Beckham was looking to sell a chunk of the team to Qatar Sports Investments, owners of the French soccer giants Paris Saint Germain, but those talks apparently went nowhere. Now, the Miami Herald (citing unnamed “sources familiar with the talks”) says Beckham has approached Wesley Edens, co-owner of the Milwaukee Bucks and co-chair of real estate giant the Fortress Investment Group, about being an “investor” in the stadium project, whatever exactly that means. The easiest way would still be for Beckham to just sell Edens a share of the team, though there are plenty of other options for structuring a deal where Beckham gets cash now to build and Edens gets revenue down the line.

Regardless of how this all works out, the Miami stadium is still looking like it’s mostly going to be a deal indirectly subsidized by MLS — in that the league gave Beckham an 80% off coupon for one expansion franchise as part of his contract to play in the league, and now Beckham needs to do whatever it takes to cash it in. That’s all well and good, if a bit odd, but it’s interesting to see that even with an $80 million head start, Beckham is having to shop around to find investors interested in being a part of his project. Making money by starting sports teams and building stadiums for them with your own money is hard, which is no doubt one reason why so many rich people looking to own sports teams try to skip the “with your own money” part. (The other reason being that skipping the “with your own money” part is always a nice way to make even more money, even if you could turn a profit doing it yourself. Really, there’s no downside to having other people spend money on you, except for having to live with yourself in the morning.)


7 comments on “Beckham seeks to hook up with Bucks owner for Miami stadium cash

  1. Using other people’s money to make money rule one on how to become a scumbag. The problem Beckham has is all business people know you never invest in the ghetto with private money. Only public money !

  2. So indirectly… Wisconsin taxpayer cut education funds to help build the Bucks a new arena, so the Bucks could use their own money to build a stadium in Miami. That’s going to look good on a bumper sticker.

  3. Open Letter to David Beckham:
    What is your fascination with Miami?
    Take your discounted MLS franchise to a more inviting and stadium-ready city.
    There are 3 cities waiting with open arms:
    1) St. Louis – they were ready to throw public money at the Rams for a new waterfront stadium.
    2) San Antonio – Toyota Field was built with expansion to 18K in mind.
    3) Sacramento – stadium plans and site in the railyards already approved; just waiting for MLS franchise.

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