Anschutz Entertainment Group is out of the game with a New York major league soccer team after selling its 50 percent stadium share back to the team’s namesake energy drink company.
Red Bull will have full ownership and oversee all aspects of construction and stadium management for the 25,000-capacity Red Bull Park in Harrison, N.J., according to a statement.
"We would like to thank AEG for their hard work in our partnership over the past 18 months," RBNY Managing Director Marc de Grandpre said. "To fulfill our ultimate goal of creating an elite sports franchise in the United States for our fans, it is vital that we have a home that all of us can be proud of. When completed, Red Bull Park will be the crowning centerpiece of our club, as we challenge for an MLS Cup year after year."
Red Bull previously purchased the team (formerly the MetroStars) from AEG and the two joined forces for the $200 million construction of the soccer-specific stadium.
However, the project was in the works for years before the partnership, and the companies’ competing visions for the development caused additional delays and strained relations, according to the New York Times, before the sale.
The team will reveal a new design and begin construction on the stadium in the coming weeks in efforts to complete construction before the 2009 season, the paper said.