The Golden State Warriors plans to move to the San Francisco Mission Bay area in time for the 2018-19 season. Today, the Warriors became one step closer. They official purchased the 12 acre land , the future sports and entertainment complex.

The official terms of the deal were not announced. The land was slated for development for the past 20 years but nothing came about. San Francisco will gain its first major venue to host concerts with an attendance of over 18,000:

The Warriors’ president, Rick Welts did announce that the Warriors are funding the arena with private funds without using public money.

“The Warriors are making an unprecedented, $1 billion-plus investment in San Francisco,” said Rick Welts, President and COO of the Warriors. “We’re the only sports team in America doing this all with private funds, on private land, with no public subsidy.”

Although the Warriors are moving, they will remain the Bay Area’s team. The Warriors kick off their season against the New Orleans Pelicans on October 27.