Des Moines' soccer stadium still in the works despite losses in Italy
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An Italian soccer team purchased in late 2020 by Kum & Go owner Kyle Krause lost $116 million in the first 17 months he owned it, the Des Moines Register reports.
Why it matters: It could foreshadow challenges in DSM, where a USL tier-two men’s soccer league would be a new venture.
- Krause is leading local efforts to build an $84 million professional soccer stadium in downtown DSM, which has already been delayed for supply chain and cost challenges.
Yes, but: The project is independent of Krause's other ventures and is still in the works, Dan Jansen, program manager for the Iowa Soccer Development Foundation, tells Axios.
- Jansen's group is leading the fundraising and will ultimately own the stadium — not Krause nor Kum & Go, he says.
Catch up fast: Krause has been working to bring a USL Championship team, the second tier of U.S. pro soccer, to Iowa for more than a decade.
- As a result, Pro Iowa and Krause+ — the real estate arm of the Krause Group — have been planning a 6,300-seat stadium at the Dico Superfund site near 15th Street and Martin Luther King Jr. Parkway.
State of play: Stadium project officials have spent recent months working through environmental cleanup requirements and reviewing stadium design options, deputy city manager Matt Anderson tells Axios.
- Stadium developers are exploring construction techniques to save time and money, he says.
Meanwhile, Kum & Go is exploring a sale, as reported by Reuters and confirmed by Axios last month.
What's next: A development agreement could go before the DSM City Council in coming months.
- Pro Iowa currently anticipates breaking ground this year with the first stadium matches in 2025.
Yes, but: The timeline could change due to unknown issues possible when developing a superfund site, Jasen says.