The Tennessee Titans have reached a $2-billion stadium deal with the mayor of Nashville—creating a great home for the football team and a major entertainment attraction of the city.
Key Details
- Tennessee’s NFL team—the Titans— has reached an agreement with Nashville Mayor John Cooper on a new stadium deal.
- The deal is set to cost around $2.1 billion and bring huge revenue to the Nashville area.
- Funding will come from the Titans, the city, the football league, and from fans.
- The stadium will consist of a dome making it possible for year-round events and possibly bring the Super Bowl to Nashville.
Why it’s news
Nashville has never been eligible to host the coveted Super Bowl game, but after reaching this two billion stadium deal the city could be in the running.
The Tennessee Titans have made an agreement with the Nashville mayor to build a mega stadium for the NFL team.
The stadium will be 1.7-million-square-foot with a dome allowing year-round events and the possibility of a Super Bowl. It will be located east of the Titan’s current home Nissan Stadium along the East Bank.
“When my father brought this team to Tennessee 25 years ago, I don’t think he could have imagined a better home for our organization,” says Titans controlling owner Amy Adams Strunk. “The way the people of Tennessee have embraced this team as their own is truly something special, and I am thrilled that with this new agreement, we will cement our future here in Nashville for another generation.”
Funding
The stadium is estimated to cost around $2.1 billion and must be approved by the Nashville Metro Council.
Funding for the stadium will come from four places: The Titans, the state, the NFL, and personal seat license (PSL) sales. Titans ownership has reportedly agreed to put up $800 million to help fund the project. The stadium also will be funded by a $500 million investment by the state, according to ESPN writer Turron Davenport.
“This new stadium proposal protects Metro taxpayers by not spending a single dollar that could be spent elsewhere on our core priorities like education and public safety,” says Mayor Cooper.
Backing up a Bit
The Titan’s current home Nissan Stadium opened in August 1999 and was built on a budget of around $264 million.
The stadium has seen small renovations here and there in its 23 years of life, but needs some big renovations to continue to carry the Titan’s crowd.
In order to get Nissan Stadium to where it needed to be it would cost around$1.8 billion over the next 17 years which Mayor Cooper deemed “financially irresponsible.”
Instead of spending the billion to renovate, everyone agreed to build a new stadium which in turn would bring new tourist opportunities and the possibility of a Super Bowl.
