MichiganRadio

Pontiac Silverdome Sold....But to Whom? ANN ARBOR, MI (Michigan Radio) -

The Pontiac Silverdome has been sold. But to whom is not yet known.

An unnamed group of Canadian investors was the high bidder at an auction for the aging stadium.

The Silverdome cost slightly more than $55 million to build in the mid-1970's. It sold at auction this week for about $550 thousand.

Pontiac Emergency Financial Manager Fred Leeb says the sale is worth the price.

"I don't think that we should assume that this is like an equipment sale where someone takes an advantage of a very low cost item. And then, flips it and takes the benefit elsewhere," says Leeb, "The property is staying here obviously."

Leeb says the city of Pontiac will also no longer have to pay the million and a half dollars a year in regular maintenance and upkeep of the stadium

The Silverdome's new owners plan to continue to use the aging stadium as a sports venue. In their bid, the investor's group says they envision the Silverdome serving as the home of a future Major League Soccer team. © Copyright 2012, Michigan Radio