Fort Wayne billionaire joins Eleven Park group for stadium, MLS team
A northern Indiana billionaire is throwing his support behind Indy Eleven’s plan to build a Major League Soccer-eligible stadium at the planned Eleven Park mixed-use development in downtown Indianapolis.
Fort Wayne entrepreneur Chuck Surack has joined the effort as a co-owner in the Indy Eleven team and an investor in the private development, officials with Indy Eleven and Eleven Park Investment Group announced Wednesday.
The announcement is the latest salvo in an increasingly contentious duel to land a MLS franchise and construct a new downtown stadium. In one corner is Mayor Joe Hogsett’s administration and an ownership group led by a sports executive with experience in MLS and global soccer. In the other corner is Indy Eleven, real estate developer Keystone Group and their founder Ersal Ozdemir, who spent years lobbying for legislation that would help with funding to make a soccer-specific stadium possible in Indianapolis.
The city was engaged in negotiations with Keystone Group and Indy Eleven about the financing of Eleven Park’s stadium but those talks ended in March. City officials told IndyStar that today’s announcement does not change anything.
Surack founded Sweetwater Sound, an online retailer for musical instruments and recording equipment, in 1979 and operated it for several decades. The company started as a mobile recording studio. Surack sold a majority stake in the company to a Rhode Island private equity firm in 2021, though he continues to serve as chairman of the e-commerce company.
“It is clear to me that Indy Eleven and Eleven Park represent an unprecedented opportunity for downtown Indianapolis to finally embrace the kind of riverfront development that is transforming Fort Wayne and other cities across the country,” Surack said in a news release.
In the statement, Surack says he’s committed to investing his resources with like-minded people to support Indiana’s growth.
“The strong foundation of community and fan support, coupled with the incredible chance to transcend sports through neighborhood redevelopment, is why I am joining this prominent group of business leaders from across the state,” he said.
Surack joins Ozdemir in financially backing the project. Other investors include Ricker family, Salin family, Traylor family, Hageman family, Heritage Group director Jeff Laborsky, Fred Merritt with LFM Investments, IU Health Fort Wayne President Brian Bauer, and Speedring Capital founder Don Gottwald.
Ozdemir said Surack shares the group’s vision in having a stadium at Eleven Park. “The addition of a Hoosier billionaire to an already strong Indy Eleven ownership group further solidifies our Indiana ownership group to bring MLS and the transformational riverfront development, Eleven Park, to Indianapolis,” Ozdemir said in the press release.
Late last month, Mayor Joe Hogsett announced that he is leading a separate effort to bring a MLS team to Indianapolis and build a new soccer-specific stadium downtown.
The pursuit is independent of Indy Eleven’s and Keystone Group’s planned Eleven Park project that includes a 20,000-seat MLS-eligible stadium in addition to apartments, office, retail, parking and greenspace off Kentucky Avenue on the banks of White River. Hogsett’s announcement cast uncertainty on the future of Eleven Park as city officials said the stadium project was not financially viable.
Keystone and Indy Eleven — both founded by Ersal Ozdemir — broke ground on Eleven Park in May 2023 with the aim of building an MLS-eligible stadium that would also be the home of the Indy Eleven minor league soccer team. The city council and Metropolitan Development Commission approved a professional sports development area for the Eleven Park stadium last year.
However, Keystone accused the Hogsett administration of walking away from the project, refusing to submit the PSDA plan and map to the State Budget Committee for consideration and shopping the legislation that Ozdemir spent years lobbying for to make a soccer-specific stadium possible in Indianapolis.
The mayor’s office has already identified a potential alternative location for a stadium at 355 E. Pearl St. — near the Indianapolis Downtown Heliport. Surack has spoken out against the decommissioning of heliport.
The city has started the process of getting a new PSDA approved for that site with the aim of submitting it to the state for consideration this summer. In the city’s pursuit of an MLS expansion team, a new investment group reportedly led by ex-Chelsea executive Tom Glick is forming to help pay the team’s franchise fee.
Contact IndyStar investigative reporter Alexandria Burris at aburris@gannett.com. Follow her on X, formerly Twitter, at @allyburris.