Hope Grows As Rhode Island FC Funding Gap Closes
Fans of Rhode Island’s new professional soccer team may begin to breathe a little easier.
Fans of Rhode Island’s new professional soccer team may begin to breathe a little easier–wildfires notwithstanding–as Rhode Island Commerce Secretary Elizabeth Tanner told The Boston Globe that the developer has lined up new funding to restart construction on their state-of-the-art stadium.
Recently, work on the stadium grinded to a halt as private funding dried up, and public funding was held up as a result of “uncertain financial conditions.” Though these circumstances are changing, the team and state expect it will be some months before agreements are completed and work restarts.
According to Secretary Tanner, the team and state hope to finalize the new funding arrangements by the end of this summer, allowing construction to begin shortly thereafter. Tanner justified the delay by pointing to legal review processes and said that the full package will include public bonds, closing private debt, and support from the city of Pawtucket.
“We’re all working collaboratively on it,” Tanner told The Globe. “So we’re all well aware of where we are at with this closing, and we are working on those legal documents, but they take time.”
The funding gap, which Fortuitous Partners said is about $10 million, is expected to close with this new deal. Secretary Tanner said she has a “strong sense of optimism for this project,” while Mike Raia, Fortuitous Partners’ spokesperson, released this written statement: “The development team is finalizing details with its investors to close the capital stack and we will have a more detailed announcement in the coming days.”
All of this will come as welcome news to fans of Rhode Island FC, who may have become nervous as funding has dried up and construction has stopped in these last days. The team and state still expect that the stadium will be ready for Rhode Island FC’s second season in the USL Championship, expected to kick off in March of 2025.