Major League Soccer has reached a verbal agreement with a local ownership group to bring an expansion team to St. Louis.

Sources familiar with the agreement confirmed to Sports Director Frank Cusumano that the group will be headed by Paul Edgerley of Bain Capital, and vice chairman will be Jim Kavanaugh, the CEO of World Wide Technology.

SC STL, the new ownership group, will replace the MLS2STL exploratiry committee that was working to bring a team to the Gateway City. According to a post on the MLS website, the group has been working with Missouri state officials for assistance with site development.

EXCLUSIVE INTERVIEW: Jim Kavanaugh talks MLS expansion team in STL

The SC STL group will pay the entire MLS expansion fee, and "much of the construction of the stadium project" estimated at $200 million. The proposed stadium location would be just west of Union Station, on land currently owned by the Missouri Department of Transportation.

The group will also acquire USL team St. Louis FC and youth soccer club St. Louis Scott Gallagher to create a developmental pipeline of local talent.

Other investors include:

  • Terry Matlack, Paul Edgerley's VantEdge colleague
  • Dave Peacock, a former president of Anheuser-Busch
  • Bob O’Loughlin, Chairman and CEO of Lodging Hospitality Management in St. Louis
  • John Sherman, Vice Chairman of the Cleveland Indians and former CEO of Inergy LP
  • David Gross-Loh, a Managing Director at Bain Capital
  • Robert Hermann Jr., whose family is the namesake of college soccer’s Hermann Trophy and whose family name is affixed to the Saint Louis University’s on-campus soccer stadium
  • Jim Powers, President and CEO of UniGroup (United Van Lines)
  • Steve Maritz, Chairman and CEO of Maritz Corporation
  • Thomas Roberts, Managing Director, Summit Partners

MLS expansion rules say the earliest the team could take the field would be 2020.

This story will be updated when more information comes in.

Photos: USA vs. New Zealand Women’s Soccer at Busch Stadium