The Nashville group plans to build a stadium in the Wedgewood-Houston neighbourhood south of downtown. Nashville SC/HOK

The prospective ownership group trying to bring an MLS team to Nashville has reached a financing deal to build a stadium at the city's fairgrounds site.

The "private-public" deal with the mayor's office must now be approved by the Metro Council, which will hear details of the plan at a meeting on Monday.

Nashville Soccer Club Holdings, led by John Ingram, is looking to build a new 30,000-seat stadium at Fairgrounds Nashville in the Wedgewood-Houston neighbourhood.

A price tag has yet to be attached to the project, and although a conservative group has called for a referendum on the issue, mayor Megan Barry is allowed to move forward without a vote, according to The Tennessean.

Nashville is one of 12 locations vying to win an expansion franchise from the league, which plans to announce two new teams this year with another two to follow.

Earlier this week, Vanderbilt University said it was no longer interested in sharing the stadium for college football.