Home Depot has confirmed it has bought the Seattle Mariners and the Seattle Seahawks for $2.5 billion.
The Seattle-based company is expected to complete the transaction this month.
The move is expected have a positive impact on the Seattle economy.
The deal will see the team move to CenturyLink Field in 2019, with the stadium opened in 2022.
Home Depot said the new stadium will be a destination for “thousands of visitors each year” and will “enhance the region’s vibrant tourism and retail base.”
The stadium will include a hotel and office tower, along with a stadium-level convention center, a stadium, a hotel, an outdoor movie theater and an “extended event space.”
The deal also includes plans to construct an indoor soccer stadium in 2019.
“We’re proud to welcome the Seattle Sounders and Seattle Mariners to our family of franchises, and to partner with a great local community to create an exciting future for Seattle,” Paul Gee, President of Home Depot, said in a statement.
“Together we will help the city of Seattle to become the most diverse and dynamic city in the country, and the most livable.”
The move comes at a time when the Seattle-area economy has been struggling.
The city of Spokane, Washington, is struggling with its high cost of living and its aging population.
In March, the city announced it would end the city’s tax-exempt status as a sanctuary city in response to a new law that protects immigrants and the poor.
Home Bank said it has been in talks with the City of Seattle, but the team would not comment on the process until the team has completed a detailed review of its proposed move.
Home depot is the second largest private employer in the U.S. with more than 3 million employees.
The team is scheduled to open its new stadium on Sept. 3.