Real investor Goldman Sachs pulls out

Big-time investment firm Goldman Sachs has pulled out as an investor in Real Salt Lake and its soccer stadium.

The global financier's real-estate arm, Whitehall, was going to own a 50 percent share of the team with Real owner Dave Checketts' company Sports Capital Partners.

Now another New York real-estate development firm will step in as a 50 percent owner of the team. The firm, which Real officials declined to name, will also invest $24 million in the stadium project, another $24 million in other Real business ventures and secure a $33 million construction loan for the stadium.

"It doesn't change our business plan at all," team spokesman Eric Gelfand said. "They are stepping right in to what Goldman was investing."

Sources say Goldman Sachs grew impatient with the never-ending stadium negotiations and pulled out. Representatives from the investment firm could not be reached late Friday.

"It just took so long. It went on forever," said Sandy Mayor Tom Dolan. "It was supposed to be done a year ago."

Negotiations to give the team millions in public funds hit roadblocks throughout 2006. Salt Lake County Mayor Peter Corroon denied a funding plan for the stadium three times, once in May, again in July and for a final time this January. Each time, he deemed it a risky investment of the county's hotel-tax dollars.

But last month, the Legislature approved a last-minute funding package for the stadium, forcing $35 million of Salt Lake County's hotel-room tax revenue to go toward land and parking at the site.

Corroon said Friday that Salt Lake County shouldn't shoulder the blame for the stalled negotiations. Goldman Sachs' decision to bolt from the project is a "confirmation" that the stadium project is not financially viable, he said.

"We didn't think it was something we could invest in," Corroon said. "We want them here, and hope someone will invest in them."

Earlier this month, five Utah residents filed a referendum request with the state, hoping to let voters decide whether those public dollars should fund a soccer stadium in Sandy.

Brad Swedlund, 50, who is leading the petition, did not return calls for comment on the investor loss Friday. But the Salt Lake City resident is kicking off a statewide tour to collect signatures Monday in Daggett and Uintah counties. He then will move on throughout various other counties in the state.

Law requires Swedlund to collect nearly 92,000 sign- atures of voters who participated in the last gubernatorial election. Those signatures must be collected from at least 15 of Utah's 29 counties by April 9.