Goldman Sachs Enters Stadium Push

By Brian O'Connell
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Updated: August 5, 2015

Photo credit: Goldman Sachs

The Kraft Family has partnered up with investment banking firm Goldman Sachs in its push to build a stadium for the Revolution in Boston, according to a report from Boston.com on Wednesday.

The investment firm has a history of helping a number of large-scale sports stadium projects get off the ground. Stadiums for the New York Yankees, New York Mets and the Orlando Magic were all built through the efforts of Goldman Sachs, which uses its expertise to secure low-interest loans for new stadium construction.

According to Wednesday’s report, which cites public records that have been partially redacted, the Revolution and Goldman Sachs have met “at least since December.” The records also confirmed that the investment firm intentions of “serving as underwriter on a future transaction.”

Additionally, the report also noted the Krafts and city officials met as recently as Jul. 8 to discuss the possibility of a Revolution stadium in Boston.

Last November, Boston.com reported that the Krafts were targeting a parcel of land on Frontage Rd. in South Boston as a site for a Revolution stadium. At the time, the location was considered controversial considering that Boston’s Olympic bid committee was eyeing a site within walking distance of the Frontage Rd. site for a possible Olympic stadium. However, the city’s bid recently fell apart due to lack of public support.

The Krafts and Goldman Sachs investment banker Greg Carey, which heads the firm’s stadium financing team, have done business in the past. Prior to joining Goldman Sachs, Carey and the Krafts worked together to secure a low-interest loan for the construction of Gillette Stadium in 2000.

Interestingly, the decision to build Gillette Stadium came in the wake of the unsuccessful attempts from the Krafts to build a publicly-funded stadium for the Patriots in Boston during the mid-1990s.