A Toronto-based real estate company is the new owner of the Pontiac Silverdome, former home of the Detroit Lions, after the cash-strapped city auctioned it off last week.

The firm, one of four bidders vying for the stadium, submitted a winning bid of $583,000, said city officials. The city said it would not reveal the name of the firm until after the sale is completed, expected to be before the end of the year.

The new owners plan to use the 80,000-seat facility for soccer leagues.

Pontiac — which Michigan declared to be in fiscal emergency earlier this year — built the stadium for $56 million in 1975 and pays $1.5 million annually for maintenance. The Lions left the dome in 2002 and moved to Detroit.

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