So how will these two new owners underwrite it?
That is key and without giving equity away I do not think they have enough personal equity to do so. That means they need another type of vehicle. Private equity.
They can get public investors into their consortium.
OK, either they get private equity into a stadium vehicle (which is what I'm talking about), or they get additional investors into a consortium to buy the club and build a stadium themselves (and I don't disagree with @The Esk in terms of the numbers not adding up either way without grants), but in neither of these scenarios would a NYSE float be the best route. Even the basic requirements
"To be listed a company must have more than 2,200 shareholders and an average daily trading volume of at least 100,000 shares. Generally, the company must have a total capitalization of at least $750 million or pre-tax earnings of more than $10 million."
would be problematic.