Boston Legacy FC Gets $100M Bank of America Loan for White Stadium Project

Boston Legacy Football Club announced on Tuesday, Sept. 16, that it has secured more than $100 million in debt financing from Bank of America to fund the reconstruction of White Stadium in Franklin Park. The project is expected to be completed by 2027.

According to a Boston Globe report, the city of Boston is paying for and building roughly half of the project, replacing the stadium's demolished east grandstand. Boston Legacy FC is rebuilding the west grandstand and making other improvements.

News of the financing deal is seen as a significant victory for Boston Mayor Michelle Wu. She has previously described the project as a milestone for providing a world-class sports complex accessible to Boston Public Schools students and the community.

The project itself has faced delays and opposition. Wu has faced criticism over cost overruns and opposition by those who live in the Franklin Park neighborhood. A lawsuit to block the project is now scheduled to be heard by the state Appeals Court, after a Superior Court judge sided with the city and the team.

According to the Globe, Wu still has not released a final budget for the city's portion of the project, which is expected to exceed $100 million.

The Globe reported that the team had trouble closing its bank financing by an Aug. 1 deadline, so city and school officials gave the team an extra six weeks to make it happen. Sept. 15 was the new deadline.

The team has already spent about $5 million of the $25 million that it put in an escrow account for the project. This money included funding for structural support for a historic wall that was kept intact throughout the demolition process. 

According to the Globe, the stadium project will include a new grass field, an eight-lane track, new electric infrastructure, and public restrooms. Boston Legacy FC and Able Co., the project's development lead, are also building a $27 million practice facility in Brockton. 

Boston Legacy FC will play its first season next year in Gillette Stadium in Foxborough. The team plans to move its games from Gillette to White Stadium in 2027 as long as no construction delays occur.