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Bond sales push MLS Red Bull closer to stadium
USA - 03 August, 2006
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After completing a bond sale valued at US 39.4 million, Red Bull New York of the MLS now is much closer to construction of a new football-specific stadium.
The bonds will finance land acquisition and allow pave the way for construction on Red Bull Park, which will be built in Harrison, New Jersey.
The MLS club currently plays in multipurpose Giants Stadium in East Rutherford, New Jersey.
"All the hard work put forth to get this project to this point was and continues to be as a result of the tremendous efforts by a group of dedicated and visionary people who just won't give up," AEG New York president Nick Sakiewicz said. "We are almost to the finish line and expect to announce a groundbreaking date soon."
The new venue is expected to open in 2008 and, in addition to Major League Soccer, will host international matches and concerts.
AEG and Red Bull Company Limited, the owner of Red Bull New York, are partners in the stadium's development.
The bond sale was coordinated by the Hudson County Improvement Authority and included more than US 30.5 million in tax-exempt bonds and more than US 8.8 million in taxable bonds.
AEG owns and controls a number of teams and venues, including The Home Depot Center, home of the Los Angeles Galaxy.
The bonds will finance land acquisition and allow pave the way for construction on Red Bull Park, which will be built in Harrison, New Jersey.
The MLS club currently plays in multipurpose Giants Stadium in East Rutherford, New Jersey.
"All the hard work put forth to get this project to this point was and continues to be as a result of the tremendous efforts by a group of dedicated and visionary people who just won't give up," AEG New York president Nick Sakiewicz said. "We are almost to the finish line and expect to announce a groundbreaking date soon."
The new venue is expected to open in 2008 and, in addition to Major League Soccer, will host international matches and concerts.
AEG and Red Bull Company Limited, the owner of Red Bull New York, are partners in the stadium's development.
The bond sale was coordinated by the Hudson County Improvement Authority and included more than US 30.5 million in tax-exempt bonds and more than US 8.8 million in taxable bonds.
AEG owns and controls a number of teams and venues, including The Home Depot Center, home of the Los Angeles Galaxy.
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