The Las Vegas City Council is set to consider entering into an exclusive negotiating agreement (ENA) with financial restructuring advisor The Renaissances Companies to explore a mixed-use development that would include a new Major League Soccer stadium on the Cashman Field site.
Cashman Field (pictured) is the home of Las Vegas Lights FC, which currently plays in the United Soccer League Championship. The stadium opened in 1983 and has a capacity of 9,000.
The council will discuss the possibility of a new stadium on June 5 at Las Vegas City Hall. The stadium would form part of a wide-ranging development but details such as capacity and cost have not yet been revealed.
If the ENA is approved, it would allow for discussion of plans for the development on the 62 acres where Cashman Field currently sits. The city would work with Renaissance during a 180-day period to draft a master development agreement, which would then be brought to the council for consideration.
Under the terms of the ENA, Renaissance would also present the city with a detailed plan for financing of the stadium development. The agreement also calls for a master development agreement that requires team ownership working with Las Vegas to make an application for MLS expansion franchise status.
Renaissance provides market and economic research with a focus on sports and entertainment, smart-city innovations and operating partners.
Las Vegas Lights owner Brett Lashbrook said he expected the ENA to be approved. Lashbrook has also said he has entered into a sale agreement for the club, which will be subject to the city and developers finalising an agreement for the mixed-use development.
“We could not be more excited at the prospect of what today’s announcement may lead to in the months ahead,” Lashbrook said. “We remain enormously grateful to Mayor (Carolyn) Goodman for all her support and urge the other council members to join her in successfully voting on this transcendent project for downtown.”
Las Vegas presented a bid for an MLS franchise five years ago but the plans did not come to fruition.
The league currently has 24 teams and plans on expanding to 30 in the coming years. FC Cincinnati joined this year, with Inter Miami and Nashville SC to debut in 2020 and Austin FC the following year. Austin FC will become the league’s 27th franchise.
Las Vegas is currently home to one major league team in the shape of NHL ice hockey franchise the Golden Knights, which play at T-Mobile Arena. Las Vegas will soon be home to an NFL American football team, with a state-of-the-art stadium that will house the Oakland Raiders due to open next year.
Image: Las Vegas Lights