A groundbreaking for a new Frontier League ballpark in Michigan's Waterford Township is slated for Thursday, but ballpark financing is still up in the air, as an IPO could be used to finish the facility.
The financing may be up in the air, but that won't stop the owners of the Oakland County Cruisers (independent; Frontier League) to hold a groundbreaking on a new facility, slated to open next season.
The ownership group of the Cruisers, who played last season in Ypsilanti as the Midwest Sliders, is moving ahead with ballpark construction despite being turned down for conventional financing from several sources. The group has instead decided to pursue an IPO to raise $5 million in construction funds.
Any money raised by the IPO would be used on the second phase of ballpark construction. The first phase, which will begin immediately, will cost $3.5 million and implement the very basics of the ballpark: seating for 1,250, a playing field and temporary clubhouses and concessions. FX Architecture is overseeing the design.
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