By AP/KWMU
St. Louis, MO – The St. Louis Cardinals edge closer to a deal to build a new stadium downtown. Today, the club signed an agreement to pursue private financing for the project.
The club today introduced the finance team that will seek funding to build what would be only the second privately funded ballpark since 1962.
Property Funding Group of Washington, D.C. will lead the effort to obtain $275 million in financing. The groups says
developers will seek out large investors such as insurance firms and pension funds.
The new plan calls for a Ballpark Village. One part of it would be office park. The Cardinals would serve as the anchor tenant.
Cardinals President Mark Lamping said the club would still consider moving to Illinois if the project falls through.
Plans call for the $325 million, 45,000 seat stadium to be ready by Opening Day 2006.