St. Louis, MO (My Sportsbook) - The St. Louis Cardinals have assembled a finance team to secure the necessary private funding for a $325 million privately owned ballpark in downtown St. Louis.

The announcement is a big step in making the St. Louis stadium just the second privately funded major league ballpark in recent years. Pacific Bell Park, which opened in 2000, is also privately funded.

Property Funding Group will be responsible for obtaining the financing and structuring the overall financing plan for the new stadium for the Cardinals.

The Cardinals have played at Busch Stadium since 1966, but the team is trying to move into a new 45,000-seat stadium by Opening Day 2006.

"We have said all along that we want to remain in downtown St. Louis," stated Cardinals president Mark Lamping. "With today's announcement, I believe we are on the verge of realizing a vision which we believe will be a source of pride for both our fans and the community we serve for generations to come."

The St. Louis Civic Progress organization is working in conjunction with the Cardinals to help secure advance 10-year luxury suite purchase commitments for the new stadium. The private financing requires that the Cardinals have 10- year purchase agreements in place for at least 30 of the 60 planned luxury suites.

The Cardinals are expected to sign an initial 29-year lease, which will require the team to pay for all ballpark operating, maintenance and capital improvement expenses. The Cardinals will also have several renewal options. In addition to donating the land where the ballpark will be built, the Cardinals will be required to make a $50 million up front payment and secure long-term commitments for luxury suite and concession sales. The Cardinals also announced they will become the anchor tenant in a new office building to be built adjacent to the ballpark in Ballpark Village.