On the evening of Thursday, October 29, Detroit City FC unveiled its groundbreaking community investment campaign to finance rehabilitation work at Keyworth Stadium in time for the team’s 2016 season.
More than 300 people were in attendance at the Fowling Warehouse in Hamtramck as DCFC owners launched the investment project, which gives fans and supporters the opportunity to support the team and community while earning a financial return.
The campaign is the largest of its kind in Michigan history.
Detroit City FC is partnering with Sidewalk Ventures, LLC, MichiganFunders and Hamtramck Public Schools to raise the necessary amount to complete the renovation of the 79-year-old stadium, including urgent structural improvements to the east and west grandstands and mending of bleachers, locker rooms, restrooms and lighting. Upon the first phase of renovation the stadium capacity will be 6,000.
Keyworth Stadium will remain the property of Hamtramck Public Schools (HPS). Detroit City FC will retain the right to host 25 games and community events throughout the year over the course of a 10-year lease agreement. Hamtramck Public School sports teams will still have regular access to the stadium throughout this time.
To commemorate the campaign, Detroit City will host FC United of Manchester, one of the most celebrated supporter-owned clubs in Europe, in May of 2016.
“The success of the 2015 season saw us turning away people at the gates,” DCFC co-owner Alex Wright said. “It was a clear sign DCFC is ready to take the next step, and grow as an organization. Come spring of 2016, Keyworth Stadium will be the home field both our supporters and the residents of Hamtramck deserve. On our way to saving history, Michigan residents will have the opportunity to make history, by joining us to complete what we believe to be the largest community-financed project in US sports history.”
“We haven’t seen many deals of this stature and size on a national level yet,” MichiganFunders co-founder Niles Heron said. “The DCFC deal actually offers prospective financial return, and exiting perks to its investors, so it combines elements of ‘classic crowdfunding’ too. It is a perfect example of why community-based investing is an exciting model for fundraising. That’s the economic power of a great community.”
“The Keyworth rehabilitation campaign not only will provide a first class venue for our sport teams but it will benefit the entire community,” Hamtramck Public Schools superintendent Tom Niczay said. “HPS also operates a city-wide recreation program that welcomes all Hamtramck residents. A ‘new’ Keyworth will bring additional recreation opportunities for residents.”
About Detroit City FC: Detroit City FC is a grassroots football club working to satisfy the market for soccer in Detroit, represent the city in a positive light, and build community through the beautiful game. A member of the National Premier Soccer League since 2012, Detroit City has established itself as one of the most talked about soccer teams in North America. Learn more about the club at https://www.detcityfc.com.
About Hamtramck Public Schools: Hamtramck Public Schools takes great pride in being an education institution for 132 years. They have a student population that is arguably the most diverse in the state and view diversity as a strength. They always have and always will welcome all nationalities and races to our school district. Hamtramck is a place everyone can call home. Visit hamtramck.k12.mi.us for more information.
About Sidewalk Ventures: Sidewalk Ventures founded by Jeff Aronoff specializes in community-based investment offerings like DCFC’s, providing financial, legal and strategic advice and support to local businesses seeking capital to grow. To learn more visit sidewalk-ventures.com.
About MichiganFunders: MichiganFunders.com is the first homegrown equity crowdfunding platform in the state of Michigan. Following the passage of Public Act 264, co-founders David Tessler, local attorney Jeffery Freeman, and Niles Heron partnered to build the platform, which will for the first time, open up investment opportunities to Michigan-based, non-accredited investors. The site launched in February 2015 and is open to, both, prospective investors and entrepreneurs. For more information about how to sign up, visit MichiganFunders.com.
Only Michigan residents are eligible for the community investment campaign. If you are a Michigan resident and wish to learn more, visit: http://bit.ly/1PXwYM3.