City of Austin officials have finalised a deal to build a 20,000-seater stadium for future Major League Soccer club Austin FC reports SportBusiness.
Precourt Sports Ventures will privately finance the $225m (€198m) facility in McKalla Place, which is due to open in 2021.
The city will own the facility and lease it back to the team, with PSV agreeing to pay a total of $8.25m in rent over a 20-year lease term.
"We are honoured that through building this stadium we will be able to create jobs, provide a first-rate soccer and entertainment complex and bring a unifying platform for all of Austin to rally behind – all at no cost to the taxpayer," said PSV chairman Anthony Precourt.
MLS commissioner Don Garber added: "Austin is a thriving, dynamic and multi-cultural city, and we are very excited that the city and Precourt Sports Ventures have finalised their lease which will allow for the construction of a soccer stadium and for the launch of an MLS club in the capital of Texas."
Precourt is close to relocating the Columbus Crew to Austin, Texas, in a controversial move. The Crew are poised to be taken over by a new ownership group, led by Cleveland Browns owners Jimmy and Dee Haslam, but this is subject to legal proceedings.
