DETROIT, MI – Detroit City Football Club is proud to announce it has reached a major milestone in its historic community investment campaign, with the club issuing payments this week to officially close out the revenue sharing agreements from its campaign to fund renovations to Keyworth Stadium in 2016.
The club’s original projections included a payback period of six years, but due to strong performance, DCFC exceeded projections with a payback period of just four years and an internal rate of return of over 13 percent on an annual basis.
The club launched the campaign to Michigan residents utilizing Michigan MILE legislation in October 2015 after announcing its plans to make Keyworth Stadium its new home stadium following four years at Cass Technical High School.
The club aimed to raise between $400,000 and $750,000 in order to fund the improvements at Keyworth, with investment tiers ranging from $250 to $50,000. Renovations to the stadium, which opened in 1936, included structural improvements to the grandstands and mending of bleachers, locker rooms, restrooms and lighting.
The campaign, which was the largest of its kind in Michigan, spanned a total of 109 days and received overwhelming community support, with 499 verified Michigan investors pledging $725,500.
“The community investment campaign was a tremendous success thanks to our community and supporters,” DCFC co-owner and COO Todd Kropp said. “Investors helped us breathe new life into Keyworth Stadium and establish a solid foundation on which we will continue building DCFC. We are pleased to be in a position to pay back the investments earlier than projected and to have delivered a solid rate of return to those that took a chance in supporting our project.”
The accomplishment comes at the start of a huge year for the club, which includes its first full professional men’s season and the launch of its inaugural women’s team.
DCFC recently announced its premium Gold Card season tickets have sold out for the upcoming season. City Card season tickets, which grant entry to all regular season and friendly men’s and women’s home matches in 2020, are still available at tickets.detcityfc.com.
On behalf of everyone at Detroit City FC, we’d like to thank every supporter and community member who made the investment campaign a success.