Professional Sports Stadium Financing

The Eagles & The Phillies

Montgomery McCracken represented the City of Philadelphia and the Philadelphia Industrial Development Corporation in negotiations central to the $1 billion funding and construction of new stadiums for the Philadelphia Eagles and the Philadelphia Phillies. The firm was instrumental in restructuring the public/private partnership for the complex parking arrangements in the stadium district. A novel Special Services District was created, controlled jointly by the teams and the neighborhood association. Philadelphia has the country’s largest concentration of stadiums and arenas within one neighborhood and our approach to structuring the transaction was recognition of that special circumstance