D.C. United Owner Taking Some Heat
Real estate magnate Victor B. MacFarlane, who has taken D.C. by storm over the past few years, got a rough write-up in today's Wall Street Journal over a land investment deal gone bad. Seems that the California Public Employees' Retirement Fund, which has invested with MacFarlane since the mid-1990s, stands to lose hundreds of millions of dollars because of the deal orchestrated by him.
MacFarlane, who bought the majority stake in D.C. United in late 2006, is still waiting for approval from Mayor Fenty and the D.C. Council to build a soccer stadium at Poplar Point. City sources have said there is little progress on the proposal. Fenty is apparently unwilling to move until he is sure there is a strong majority support from the council on using some public dollars to support the construction of the stadium. Several council members said the support exists, but that they are trying to convince Kwame Brown (D-At Large) to publicly back the deal before moving forward. Brown, who is running for re-election this year, has said he wants to see details of a financing plan before taking an official position, though he has been generally supportive of a stadium.
David A Nakamura
May 21, 2008; 1:20 PM ET
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