Tennessee Gov. Bill Lee met with members of the state’s legislature to request $500 million in bonds for the construction of a new stadium for the NFL’s Tennessee Titans.
In January, the Titans planned upgrades at Nissan Stadium that would have cost up to $600 million and included a redesigned stadium and new entertainment district. Financial plans included $300 million in bonds from Metro Sports Authority, the stadium’s landlord, and $300 million collectively from the team and private investors.
A month later, the Titans pivoted to exploring the possibility of a new stadium amid rising costs associated with the upgrades, but a new stadium is double the price and comes with its own requirements.
- A new facility could cost roughly $2 billion.
- The state funds must go toward an enclosed stadium, not an open-air venue.
The Titans’ current lease requires the city of Nashville to pay for maintenance, and the Titans are owed at least $25 million in completed repairs. Even though the Titans are expected to pay nearly double the estimated cost of the upgrades to build a new stadium, the move is considered a long-term financial decision.
Other NFL teams are exploring new stadiums, including the Buffalo Bills, Chicago Bears, Washington Commanders, and Kansas City Chiefs.
Earlier this week, New York and Erie County officials reached a 30-year deal with the Bills calling for $850 million in public financing to build a 62,000-seat, open-air stadium expected to cost $1.4 billion.