On Monday, the Tennessee Titans and mayor John Cooper announced that the two sides have reached a deal on a new stadium.
The new venue, which will feature a translucent but non-retractable dome and PSLs (personal seat licenses), will be located to the east of Nissan Stadium and will cost $2.1 billion.
The expected capacity will be somewhere between 55,000 to 60,000, which is actually a 10-percent decrease from Nissan Stadium’s. Also, the playing surface will be artificial grass.
“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,” said Titans controlling owner Amy Adams Strunk, per Jim Wyatt of Titans Online. “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.”
The original goal was to fix Nissan Stadium up, but with the cost ($1.75-$1.9 billion) nearing what it would take to build a new stadium, the two sides decided a new venue was the best idea.
Per Wyatt, here’s a look at where the funding is coming from:
Sources of funding for the new stadium:
1) Football-Related Sources: Titans, NFL (subject to final NFL approval), and PSL sales;
2) State: a one-time contribution contingent on the building of a new, enclosed stadium;
3) Hospitality: Tourists and visitors through a new 1% hotel/motel tax contingent on the building of a new, enclosed stadium; and
4) Stadium/ Campus: Sales and use taxes collected at the stadium and on its campus.
$840 million for the new stadium and any construction overruns will come from the Titans, NFL, and PSL sales. $500 million will come from the one-time state contribution. The remaining $760 million will come from revenue bonds issued by the Metro Sports Authority to be repaid through the revenue streams described above, all of which, per state statute, can only be used for this project or other stadium-related costs.
The Titans have agreed to maintain and backstop upkeep over the life of the lease, and Metro will own the stadium when the lease expires– creating a multi-billion dollar asset for the city.
Here are some additional facts about the deal and new stadium, also per Wyatt:
· The new stadium will be home to up to FOUR Tennessee State University home games each year, and TSU will have a dedicated locker room in the facility. TSU will pay no rent under this new deal.
· Venue Solutions Group (VSG) will be providing a full report to Metro Council of their findings that details their methodology and approach by November 1. A summary of their initial findings thus far was provided to Mayor Cooper Friday, at his request.
· The new lease will run for a minimum of 30 years, and the new stadium could be ready as early as the 2026 NFL season.
· The Titans have agreed to cover any construction cost overruns.
· The Titans will expand their current impact programs and launch a new community benefits platform with economic inclusion, small business and workforce development and direct support for community priorities. That plan will be detailed on Thursday, Oct. 20.
· Local businesses, goods, and labor will be prioritized in construction and vendor contracts.
· Costs of stadium-related infrastructure and demolition of the old stadium are built into the deal.
The new stadium will also feature other world-class, iconic events to take place right in our backyard, such as CMA Fest, concerts, and potentially major sporting events like the Super Bowl, NCAA Playoff Games, WrestleMania and more.
As far as an exact design is concerned, we don’t have one yet, but Manica Architecture, which was responsible for the design of stadiums such as Allegiant, NRG and Wembley, will develop the final design.
The hope is that the new venue can open as soon as 2026.
