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The Tennessee Titans are close to finalizing a deal for a new domed stadium, but final approval requires the expedition of a $200,000 report over the team’s current lease at Nissan Stadium.
The report, which is a “condition assessment,” was commissioned by Nashville’s Metro Council in June after the Titans claimed that upgrading Nissan Stadium would cost roughly $1.8 billion.
The expensive upgrades were a stark increase from the $293.2 million management consulting company Venue Solutions Group said was needed to keep Nissan Stadium viable through 2037.
Even though a new stadium for the Titans could “deliver the best value,” according to several state leaders, a member of the Metro Council believes the project should be reevaluated.
- The Titans — valued at $2.62 billion — have planned a 1.7 million-square-foot stadium.
- Estimated costs range between $1.9 billion and $2.2 billion.
- A completed “condition assessment” is expected in November.
The Titans’ current lease at Nissan Stadium runs through 2039 and requires the city of Nashville and taxpayers to pay for maintenance. Nashville would be obligated to pay roughly $894 million for upgrades between 2026 and 2039, while a new stadium is set to open in 2026.
Increased Value
The Titans could be worth more than $3 billion if a deal for a new stadium is finalized. The team would benefit from both a new stadium that could garner higher ticket prices and the increasing value of NFL franchises following the record sale of the Denver Broncos in June for $4.65 billion.
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