FIRST DETROIT CITY FC INVESTMENT PAYOUT SURPASSES $100,000
Le Rouge outperforms goals in first year at Keyworth Stadium
This week, Detroit City FC begins distributing $107,000 in revenue sharing checks to investors of the first community investment campaign in American sports history.
The payments will be sent to the 492 investors who participated in the grassroots campaign, which raised funds to rehabilitate Detroit City FC’s new home at Keyworth Stadium in Hamtramck, MI. The campaign, which launched on October 29, 2015 and closed on February 15, 2016, was open to Michigan residents through the Michigan MILE legislation.
The club aimed to raise between $400,000 and $750,000 through the campaign. The final amount raised was $725,500, making it the largest campaign of its kind in Michigan history.
In total, City’s revenues were up by more than 17 percent from what was projected for the first six months of the year, meaning investors were paid greater than the estimated 10.4 percent internal rate of return for the first payback period.
The community investment campaign was one of many unprecedented business successes for the minor league soccer team in 2016.
Following the close of the campaign, the team accomplished its rehabilitation of Keyworth Stadium in time for the start of the 2016 season. Rehab of the 80-year-old stadium included major structural improvements to the grandstands, locker rooms, restrooms and lighting. Supporters assisted in bleacher painting, general clean-up and outreach throughout Hamtramck neighborhoods.
By year end, DCFC’s gross revenue is projected to increase by more than 50 percent compared to 2015.
City recorded a total attendance of 52,550 supporters in 10 matches at Keyworth. Its average of 5,255 supporters per match was a 48 percent increase from 2015.
The home opener at Keyworth on May 20, 2016 drew 7,410 supporters, which set the National Premier Soccer League (NPSL) regular-season record for attendance.
- Just one week later, City hosted FC United of Manchester, one of the most celebrated supporter-owned clubs in the international soccer community. More than 6,200 supporters were on-hand at the Keyworth Stadium dedication match.
The team also opened its first-ever brick and mortar retail shop at 2750 Yemans St in Hamtramck. The club shop, which opened on April 22, features a mixed-use office and community space, as well as a full array of DCFC merchandise available for purchase.
“It’s been a remarkable year in terms of the growth of DCFC,” City co-owner Todd Kropp said. “We set extremely ambitious goals for 2016, and with all the supporters who once again rallied behind us we proved that a club that has close ties to its community can be a huge success.
Although we met or exceeded most of our targets for 2016, we are not going to get complacent. We’re already looking at how we can reach an even wider audience for 2017.”