Metro Council has approved financing for a $275 million soccer stadium which would be the home of a potential Major League Soccer franchise. Here's what you should know about the stadium and the potential franchise playing in Nashville.

Who is paying for it?

Tennessean staff writer Joey Garrison reported on Nov. 7: Metro Council voted 31 to 6, with two abstentions, to sign off on a plan to issue $225 million in revenue bonds for the stadium project.

The bond resolution that passed was a substitute version that had some last-minute amendments engineered by council members. Changes include additional guarantees from the owners, including a new clause that makes the ownership liable for any cost overruns that result from new city infrastructure built for the stadium. The team would also have to pay for any construction budget overruns.

Under the plan approved Tuesday, the ownership team led by John Ingram — majority owner of Nashville Soccer Club — would pay $25 million up front and $9 million a year over 30 years to help retire Metro’s annual $13 million debt for the $225 bond issuance.

Sales tax revenue generated by the stadium, as well as a $1.75 ticket tax that would increase over time, is designed to cover the remaining $4 million. Metro would be on the hook to pay the difference if projections fall short. Metro would cover the gap for years from five through 10 of the stadium up to $3 million.

If Nashville does land a team, Mayor Megan Barry’s administration plans to later ask the council to approve two separate $25 million general obligation bond deals to pay for fairgrounds upgrades and infrastructure work.

Where would it be built?

The Fairgrounds Nashville.

Does this mean that Nashville is guaranteed a team?

No. But Nashville is one of the few 12 expansion wannabes with a secure stadium financing plan now in place.

Who are the competitors?

Nashville is vying with 11 other cities for the expansion franchises: Charlotte, Cincinnati, Detroit, Indianapolis, Phoenix, Raleigh, Sacramento, San Antonio, San Diego, St. Louis, Tampa.

How much does an expansion team cost?

It's reported that each new entry will pay a $150 million fee to join the league. The Nashville ownership group would pay that fee.

Who would own the team?

Nashville businessman John Ingram leads the local ownership group. Minnesota Vikings owners Mark Wilf, Zygi Wilf and Leonard Wilf joined the group in August.

When will the MLS make its expansion announcement?

Likely December. The MLS previously announced it would award two expansion franchises in December. Those teams would begin play 2020..

Is there a second chance?

Possibly. The MLS has also said it could announce two more expansion teams in 2018. It's unclear what year those two franchises would begin play.

When would the stadium construction begin?

Not until after the MLS awards the city an expansion franchise. If the city doesn't get a team, the stadium will not be built. If Nashville is awarded the franchise, stadium construction would likely begin late in 2018.

Will Vanderbilt football play in the stadium?

Not a complete schedule.The university announced in October that it would not move its football team's 5-7 annual home games to the proposed stadium. The university said it is committed to playing its games on campus with the possibility of occasionally playing a home game at the fairgrounds stadium.

Doesn't Nashville already have a soccer team?

The Nashville Soccer Club (Nashville SC) fielded an amateur under-23 team for several seasons. In 2018, Nashville SC will field a United Soccer League franchise. The team will begin play a 34-game regular-season schedule, beginning in March. The team will play its home games at First Tennessee Park in 2018.

Reach Dave Ammenheuser at 615-259-8352 and on Twitter @NashSportsEd.