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RSL Replaces Stadium Investor After Goldman Walkout

Goldman Sachs officially walked out of a deal that would have seen the global financial services firm fund 50 percent of the construction cost of Real Salt Lake's new stadium in Sandy, Utah. On Monday, the Major League Soccer club responded to the potentially devastating news by saying it had already lined up another investor-though RSL wouldn't say whom, as per confidentiality agreement.

Goldman nearly backed out on several occasions before after the stadium plans received countless delays and denials in an effort to secure public funding to complete the deal. The state of Utah eventually secured its end of the deal, but Goldman decided to walk out anyway. Sandy Mayor Tom Dolan said the financial services firm eventually became impatient with the delays and withdrew. RSL spokesman Eric Gelfand said the change in investor wouldn't affect the outcome. "The effects on our business plan are materially equal," Gelfand said, meaning the new partner would become a 50 percent owner of the team, along with team owner Dave Checketts' SCP Worldwide. The mystery investor will be revealed when the city development agreement is finalized with the club, probably in June.

Read the whole story at Associated Press »

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