When David Beckham signed his infamous $250 million contract to play for the L.A. Galaxy in 2007, he also negotiated a clause in that contract making it easier for him to become an owner of a Major League Soccer team in the future.

This clause in his playing contract allowed Beckham the right to buy a new M.L.S. franchise for a cut-down fee of $25 million. However, he had to exercise that option before Dec. 31, 2013. Wednesday’s press conference and announcement was simply a confirmation that he had done so by the deadline.

And while this was Beckham’s first step toward becoming a club owner, there are now many more difficult issues that he must address to make his new team a reality.

Beckham’s main challenge will be the locating and funding of a new stadium in downtown Miami.

The mayor of Miami-Dade County, Carlos A. Gimenez, has already been on record opposing the use of public money for privately owned sports stadiums.

Beckham’s response:

“We don’t want public funding. We will fund the stadium ourselves.”

And when he says ‘by ourselves’ he means with the help of some of his extremely wealthy contacts.

Beckham mentioned two potential partners in the business venture. First the Bolivian billionaire Marcelo Claure, founder of the Miami-based wireless distributor Brightstar Corporation. And also Simon Fuller, the “American Idol” producer and Beckham’s agent, who is worth over $500 million.

Beckham, who’s worth over $300 million in his own right, said the two potential investors were “very excited” about the project.

The most expensive stadium in Major League Soccer is home to the New York Red Bulls. Their $140 million stadium debuted in 2008. Undoubtedly Beckham and his investors will be looking to make a similarly expensive splash with their Miami project.

As of now, the team has no name, no stadium, and can only hope to be ready by 2017. However, they do have an owner, and a prominent one at that who is committed to raising and spending enough money to build a winner; or at least a buzz.