A member of the ownership group that sought an MLS franchise for St. Louis calls the defeat of public financing "likely the final stage of our journey."

St. Louis voters on Tuesday turned down a measure that would have provided $60 million from a business use tax to help build a 22,000-seat downtown soccer stadium. St. Louis was a favorite to land a Major League Soccer expansion team for play starting in 2020 — but only with voter approval.

Jim Kavanaugh, vice chairman of the ownership group SC STL, said in a statement Wednesday that the group wants to step back for a day or two before officially declaring the project dead, but he says it would have been an outstanding project for the future of St. Louis.