Citing details “still yet to be resolved” in negotiations with a developer, Las Vegas officials said Tuesday that a proposed stadium deal at Cashman Field will not be presented to city lawmakers next week as expected.
“The city remains hopeful the issues can be worked out, clearing the path to establish (a Major League Soccer) team here,” the city said in a statement. “In the meantime, the Las Vegas Lights FC will continue play at Cashman as part of the United Soccer League.”
— City of Las Vegas (@CityOfLasVegas) February 11, 2020
City officials have been in exclusive negotiations with the Renaissance Cos. since June on a master development agreement for a proposed 25,000-seat soccer stadium expected to be the precursor to efforts to secure an MLS expansion franchise.
The broader project also calls for mixed-use development, including residential and retail outlets, on at least 62 acres at the city-owned Cashman Field site just north of downtown Las Vegas.
It was anticipated that multiple agreements were to come before the City Council on Feb. 19 in connection with the project.
The council already has approved up to $200,000 for legal fees to draft agreements and other documents related to the deal.
As part of the proposed agreement, the city and Lights ownership would apply through MLS — a tier above the UUSL — for a new franchise, which would become the Lights and would be sold to Baupost Group LLC, a hedge fund managed by billionaire Seth Klarman.