The City of Vancouver and Vancouver Whitecaps FC signed a Memorandum of Understanding on Thursday to enter an exclusive negotiation period through 2026 to explore the idea of a new stadium and entertainment district at Hastings Park.
This comes as the Whitecaps’ lease at BC Place expires at the end of December.
This memorandum gives the city and the Whitecaps the chance to negotiate terms for a ground lease, a new stadium and financial terms for the team’s move to the new location.
“So if a new investor comes in and poentially a new buyer, someone who wants to keep the club here for the next 10, 20, 50, 100 years… we have to… find a better setup for the club that gives us the basis that can keep the club here in Vancouver,” Axel Schuster, the Vancouver Whitecaps CEO and sporting director said.
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Schuster said they know they have a lot of work ahead of them, but this is a positive step forward to secure a permanent home.
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When asked who would pay for the new stadium and site, Vancouver Mayor Ken Sim said he wanted to be very clear.
“So the MOU, it basically states that the city will enter into negotiations, so we have identified the site,” he said.
“We have entered into negotiations to get a fair market value lease. It’s really up to the Whitecaps and their partners to come up with a plan and finance that plan.”
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The proposed area was recently used for a racecourse, which announced it would be closing immediately last Friday.
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The city said it will retain ownership of the land.
Both parties also recognize the Tsleil-Waututh Nation’s agreement to purchase the casino business currently operating on the site.
Next steps for the project include preliminary planning and design proposals for the site and intensified negotiations for a potential ground lease.
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