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DCFC nears investment goal for Keyworth Stadium

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Posted at 1:33 PM, Feb 01, 2016
and last updated 2016-02-01 13:33:57-05

Detroit City Football Club is 98 percent of the way to reaching its minimum goal for renovating Keyworth Stadium in Hamtramck.

The community investment campaign has only 14 days left to reach the $400,000 goal, which is the minimum amount needed to start construction on the team's new home. As of the publish of this article, they have raised $393,500.

In October, the team unveiled the investment plan that would help renovate the 79-year-old stadium, which is still under control of Hamtramck Public Schools.

They partnered with Sidewalk Ventures and Michigan Funders to help raise the money. According to the team, they are raising the money through a debt, revenue-sharing agreement. They will repay investors 21 percent of the gross revenue, semi-annually until investors have received 1.35 times their initial investment.

Fans who wish to enter in the revenue-sharing agreement can invest anywhere from $250 to $100,000, with perks including a ticket to a match against FC United of Manchester, a limited commemorative scarf and much more. To learn more about the investment, visit michiganfunders.com.

Last September, the Hamtramck School Board approved DCFC's plan to move to this historic stadium from the former home at Detroit Cass Tech High School. Part of the reason for the change of venue, the team continues to grow.

"We realize we have reached a point where we need a new facility to continue the growth of the organization," DCFC said in a release. "It is our hope that the next home of Detroit City FC be historic Keyworth Stadium."

The team entered into a 10-year lease agreement with Hamtramck Public Schools where the team will host 25 games and community events throughout the year.

With the money, DCFC plans to improve the east and west grandstands, lockers, restrooms and lighting. With the first phase of the renovation, the capacity will be 6,000.

The team's first season in the National Premier Soccer League in 2012 saw a total of 9,948 people attend games. Last season, the total attendance was 29,743, with average attendance per game of 3,528, which is a sellout. In fact, the team has been selling out games since 2014 and turning people away at the gates.

DCFC began with five friends who decided to tap into the growing soccer interest in the city of Detroit. After Sean Mann founded the Detroit City Futbol League in 2010, he joined with Dave Swaihy, Todd Kropp, Ben Steffans and Alex Wright to found the minor league team.