White Stadium deal clears key milestone as BOS Nation owners put $25M into escrow fund

The pro women’s soccer team that will use Franklin Park’s White Stadium as its home playing field has followed through on a key provision of its lease commitment with the city of Boston by depositing $25 million into an escrow account that now clears the way for major demolition work to begin in the coming days and weeks.

The city of Boston and Boston Public Schools Superintendent Mary Skipper were formally notified of the transaction in a letter sent by an attorney representing the BOS Nation football team today.

The $25 million deposit was a pre-requisite for the team’s contractors to begin work on their section of the city-owned facility, which will largely be torn down in the coming weeks, according those familiar with the project. Wu administration officials have framed the escrow funds as a critical layer of protection for the city’s coffers as the funds can be drawn down to help Boston pay to advance construction should the start-up soccer franchise falter in any way.

“The establishment of this $25M construction account for White Stadium, funded entirely by the professional team, is a major milestone in delivering this long-delayed project for BPS student athletes and Franklin Park,” said Dion Irish, Chief of Operations for the City of Boston. “The $25M fund is permanently committed to the Stadium renovation, providing additional security to the City of Boston, as both parties continue to move forward with construction.”

According to today’s letter, the funds will be held in a Bank of American account that will be monitored by Fidelity National Title Insurance Company. The Boston Unity team can request the right to use the funds for hard construction costs with advance approval from the city of Boston. If the team defaults on the 10-year lease agreement, the funds automatically go to the city of Boston.

Critics of the White Stadium project continue to pursue a lawsuit that seeks to block the public-private renovation. However, city officials have already begun to take down elements of the stadium property that they control. Today’s deposit now means that contractors working for the BOS Nation team can begin doing the same without delay.

The terms spelled out in the lease signed last December were meant to expedite reconstruction of the facility in time for the team— and Boston school kids— to use it by spring 2026. The city of Boston’s financial commitment to the joint venture is estimated at $91 million with some indications that the number could rise even higher. The soccer franchise is expected to pay a sum even larger for its contribution to the renovation.

The team has agreed to pay $400,000 in annual rent over a ten-year term— a fee that will rise 3 percent each subsequent year— and has also agreed to share a portion of advertising, naming rights, and concession proceeds. Boston Unity has also promised to contribute $500,000 to a “community annual fund” that will be “distributed to local organizations.” And one dollar from every pro soccer game ticket will be used to fund improvements to Franklin Park under the lease arrangement.

Critics- including Josh Kraft, who has announced his intention to run against Mayor Wu— have previously caused for a pause to the project due in part to concerns about costs.

But Wu and other allies of the project have pointed to the lease terms — most notably the $25 million escrow fund— to advance site preparations and actual construction work.


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