The Tennessee Titans have received approval for the final financing piece for their new NFL stadium, which is expected to be opened in 2027. The Metro Nashville City Council has approved the issuance of $760 million in bonds, which is combined with $500 million in state bonds, resulting in over $1.2 billion in public financing being committed to the Titans’ enclosed stadium. This public price tag is now the largest for a stadium, topping the $850 million commitment from New York for the Buffalo Bills’ new $1.5 billion stadium. The Titans, with the help of the NFL and personal seat licenses, will provide the remaining $840 million. The total cost of the stadium is estimated at $2.1 billion, and it will feature a translucent roof with a capacity of approximately 60,000.
This stadium will enable Nashville and the Titans to bid for a Super Bowl, Final Fours, College Football Playoff games, and other events. The Titans’ president and CEO, Burke Nihill, stated that they are thrilled at the chance to host some of the world’s best events. The deal shifts an estimated $1.8 billion in costs for future maintenance and stadium investments up to 2039 from Nashville taxpayers to the NFL franchise. The Titans also agreed to waive $32 million owed by Nashville for money spent maintaining Nissan Stadium for the past four years, and they will pay off the remaining $30 million in bonds owed for the current stadium.
The new stadium will be built on the parking lots between the current stadium and Interstate 24, and it will feature a park, greenways, affordable housing, and a new road. The deal returns control of 66 acres, including the current site of Nissan Stadium, to Nashville. A new 1% hotel/motel tax, all of in-stadium sales tax, and 50% of sales taxes from 130 acres around the stadium will pay off the bonds. The Titans and city officials announced an agreement in December that includes a new 30-year lease. The team agreed not to leave Nashville during that lease.
The stadium is expected to be a generational opportunity to address the city’s priorities and ensure its health and vitality for the next 30 years. The Titans have been clearing money for their portion of the stadium, with team officials hoping to break ground by mid-2024 to open for the 2027 season. The Titans have been playing at Nissan Stadium since 1999, and the new stadium will be built with a capacity of approximately 60,000. The approval of the new stadium agreement means that the Titans will remain a part of the great city and state of Tennessee for decades to come.
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