Ares Makes $ 150 Million Gambling On David Beckham Miami Soccer Venture

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Ares Management co-founders Michael Aroughet and Antony Ressler with David Beckham and a rendering of the project (Getty, Freedom Park)

David Beckham’s Miami-based Major League Soccer company now has a real estate heavyweight among its backers.

Los Angeles-based Ares Management, through funds managed by its credit group, made a $ 150 million preferred stock investment in Inter Miami CF, according to an Ares press release.

Ares, led by co-founder and CEO Michael Arougheti, is a global alternative investment manager with around $ 262 billion in assets under management, including its purchase of Black Creek Group in July. Its business segments include credit, private equity and real estate. Its real estate group had $ 33.4 billion in assets under management in June, according to its website.

Ares’ play in the soccer squad comes as two others have ended their involvement with the club. SoftBank’s Marcelo Claure and Masayoshi Son have sold their stake to Beckham, as well as brothers Jorge and Jose Mas, Inter Miami said in a separate statement on Friday.

Jorge Mas, owner and manager of Inter Miami, is also president of Coral Gables-based engineering and infrastructure construction company MasTec. Claure and Son are also both executives of Sprint, and Claure is also executive chairman of WeWork.

In a Twitter post, Claure said his drive to bring MLS to Miami began in 2009, a goal that was achieved. “It’s time to move on and let others carry on with the mission,” he added.

The change of investors from Inter Miami is the latest in a decade of efforts to bring MLS to Miami as well as develop a 25,000-square-foot stadium and huge real estate complex near the Miami International Airport. Miami.

Although Inter Miami were founded in 2018 and played their first game of the 2020 season, they still haven’t built their Miami Freedom Park. The team played in their temporary home, the 19,000-seat DRV PNK Stadium they built on the former Lockhart Stadium in Fort Lauderdale.

The plan is for Miami Freedom Park to replace the city-owned Melreese Golf Course at 1802 Northwest 37th Avenue. In addition to the stadium, the development will include an office complex, retail, a hotel and a 58-acre park with public football fields.

The proposal has proven controversial because it gives Beckham’s group the right to strike a non-competitive deal for city property. Still, voters in 2018 approved the city to negotiate a 99-year lease with the soccer group. Inter Miami and city officials said this summer they were close to entering into a lease, but a final deal has yet to be announced.

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