Add the Texans to a fast-growing list of NFL teams looking to make major moves with their stadiums.
The two-time reigning AFC South division champions said while a renovation of the 23-year-old, publicly owned NRG Stadium remains the team’s “focus,” they are also weighing whether to build a new facility.
“As we’ve said before, we are committed to exploring all potential solutions to ensure long-term success,” the Texans said in a statement.
The Texans are one of several NFL teams that opened new venues around the turn of the century and now have approached an important juncture on what to do over the next generation. The collection also includes the Super Bowl LIX champion Eagles, Broncos, Commanders, Browns, and Bengals. Some others with stadiums of a similar age have already completed large-scale renovations or started them, such as the Patriots and Ravens, while the Steelers are making a series of smaller upgrades at Acrisure Stadium.
The Houston contemplation is also happening as NRG Stadium has already held several major events such as the Final Four and Super Bowl that many other NFL teams covet for their facilities, and it will also be a site next year for the FIFA World Cup. The Texans’ current lease at NRG Stadium expires in 2032.
Waves of Change
The accelerating NFL stadium development push ties into several larger trends. Among them:
- Newer facilities such as SoFi Stadium in California and Allegiant Stadium in Las Vegas have displayed a far greater degree of technological capabilities, as well as new types of seating sections, and made some of the older stadiums look outdated by comparison. That dynamic will only accelerate with new venues under construction in Buffalo and Tennessee.
- Lengthening time periods to finalize stadium financing plans, particularly if public money is involved. The Commanders, for example, have been pursuing a new facility for more than five years, spanning two team owners. That, in turn, has made it generally unfeasible for teams to wait 30 years before beginning a process toward a new or renovated facility.
- The newly opened ability for NFL team owners to tap into private equity, with stadium upgrades among the potential uses of those funds.
In Houston, the situation will be closely watched on multiple fronts. The franchise last month appointed Mike Tomon as team president, and in doing so, the team specifically cited the former Legends executive’s “extensive background in stadium development.” The Texas locale, meanwhile, is the No. 6 U.S. media market and continuing to grow, and landing more top-tier sports events befitting that ranking will almost certainly require a large-scale endeavor.
Meanwhile, the Houston Chronicle reported there is still $1 billion in debt on bonds used to build NRG Stadium as well as the nearby Daikin Park and Toyota Center, and those bonds are not targeted to be repaid until 2056—a situation that could complicate funding of a new venue.
