Topline
Nashville’s City Council voted Wednesday to approve $760 million in revenue bonds for a new $2.1 billion stadium for the Tennessee Titans—a team that has never won the Super Bowl—bringing the total amount of public funding for the state-of-the-art stadium to roughly $1.26 billion, setting an NFL record.
The Tennessee Titans will receive roughly $1.26 billion in local and state funding for a new … [+]
Key Facts
The Metropolitan Nashville Council voted 26-12 Wednesday morning to approve a set of revenue bonds for the 1.7 million-square-foot enclosed stadium, the team announced, following a $500 million commitment from the state of Tennessee.
That tops the $850 million the Buffalo Bills received in funding earlier this year from the state of New York and Erie County for a proposed new stadium, and the $750 million the Raiders received in 2016 for a stadium in Las Vegas, where the team relocated after 14 years in Oakland.
Under the agreement, Nashville’s Metro Sports Authority will issue $760 million in revenue bonds that must be repaid through a series of taxes, including on ticket sales and in-stadium sales, as well as rent paid by the team (the Titans and the NFL are responsible for another $840 million in funding and any expenses over the stadium’s $2.1 billion budget).
Nashville Major John Cooper called the agreement a “huge win for Nashville taxpayers,” saying it eliminates a “billion-dollar liability” from the aging stadium lease (Nissan Stadium broke ground in May 1997).
Construction on the stadium—near the site of the current stadium in Nashville’s East Bank—is set to begin next year, to be ready for the 2027 NFL season.
Surprising Fact
The Tennessee Titans, which moved to Nashville in 1997 after nearly four decades as the Houston Oilers, have not made it to the Super Bowl since their 2000 loss to the St. Louis Rams. Despite missing the playoffs with a 7-10 record last year, the Titans still managed to pack Nissan Stadium in downtown Nashville, averaging nearly 69,000 fans per game (at 99.2% capacity), according to data from ESPN.
Big Number
60,000. That’s the capacity of the Titans’ new planned stadium, making it the smallest in the NFL, just behind Chicago’s Soldier Field (61,500) and State Farm Stadium (63,400), where the Arizona Cardinals play. That’s down from Nissan Stadium’s capacity of 69,000. At a Nashville city council meeting last year, Titans President and CEO Burke Nihill said: “It’s my job to make sure we sell out the stadium,” adding the team doesn’t for most of its games.
Further Reading
Tennessee Titans Top Bills for Biggest NFL Stadium Subsidy Ever (Bloomberg)
Tennessee Titans Reach Deal For New $2-Plus Billion Stadium That Will Fatten The Team’s Value (Forbes)
Source: https://www.forbes.com/sites/brianbushard/2023/04/26/tennessee-titans-break-nfl-record-with-126-billion-in-public-money-for-new-stadium/