Major League Soccer (MLS) Commissioner Don Garber announced the league’s intentions to expand until the league totals 24 teams; several states and cities have put their foot forward in hopes of earning a franchise in the top North America soccer league.
Ader will launch a $350 million bid that includes developing an 18,000–20,000 seat covered stadium in the heart of Las Vegas. Ader is a director and shareholder of Las Vegas Sands Corp, owner of Manhattan Fund Management Company and SpringOwl Asset Management. Through SpringOwl, Ader is the fourth largest investor in Internet gambling firm Bwin.party.
Ader has already been in contact with MLS President and Deputy Commissioner Mark Abbott about the possibility of Las Vegas gaining its first professional sports franchise. Sacramento, San Diego, San Antonio, Austin, Minneapolis, and another separate Las Vegas bidder (the Findlay Sports & Entertainment Group) are also bidding for an MLS franchise.
Part of Ader’s plan is to allocate $150 to $200 million of the $350 million investment for the proposed stadium, while $100 million will go for expansion fees and start-up costs and the remaining $50 million would be working capital.
According to Ader, the funding of the project would come from his own capital, money put up by limited partners and potential Asian investors in the federal EB-5 visa program. The EB-5 allows foreign investors to obtain visas if they invest $500,000 in construction projects in the U.S.