Beckham Makes First Payment Toward Miami’s First MLS Team

By: Ismael Rodriguez

David Beckham and his business partners made the first payment toward his $9 million purchase in Overtown, where the group plans to build a stadium for South Florida’s first Major League Soccer team.

Miami Beckham United made the first $450,000 payment last week, according to the Miami Herald. Beckham and his partners now have about a year to pay most of the money for the land that Miami-Dade County agreed to sell to the former Manchester United star in June.

The stadium will sit 25,000 people on the site, which also includes six private parcels his group created for $19 million. The MLS gave Beckham approval for team last month at a discounted price from the $150 million expansion fee that most owners have paid.

Beckham and his group also agreed to pay an initial $5 million at closing and the rest over a period of four years, with an interest rate of 5 percent.