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Richmond, VA — Following the May announcement of the purchase-and-sale agreement between the Richmond Economic Development Authority (EDA) and Virginia Commonwealth University (VCU), Mayor Danny Avula today announced that the EDA has officially closed on the acquisition of the VCU Sports Backers Stadium property. The closing took place Wednesday, June 17, 2026.
The purchase price remained $25 million, consistent with the terms previously approved publicly by the EDA and Richmond City Council. The transfer of title has been completed, and the deed has been recorded.
Demolition has not yet begun and will proceed as part of the broader Diamond District redevelopment timeline.
“This closing is in line with the agreements we announced in May and reflects a great deal of work by many partners to reach this point,” said Mayor Danny Avula. “I remain grateful to everyone who has worked together to move the process forward. It’s encouraging to see another milestone in the Diamond District.”
"Today's closing reflects months of thoughtful coordination and the dedicated, behind-the-scenes work of my team. The collaboration between our team, partnering City offices, and our private-sector partners is what continues to move this project forward," said Angie Rodgers, Director, Richmond’s Economic Development Authority.
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