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The Nashville City Council on Wednesday voted to authorize an additional $760 million in revenue bonds for a $2.1 billion new stadium for the Tennessee Titans, a team that has never won a Super Bowl. Set an NFL record.
important facts
The Metropolitan Nashville Council voted 26 to 12 Wednesday morning to vote the 1.7 million-square-foot enclosed stadium, Team announcedfollowing a $500 million commitment from Tennessee.
That’s more than the Buffalo Bills’ $850 million received in funds from New York State and Erie County for a proposed new stadium earlier this year, and the Raiders of $750 million received In 2016, the team moved to the stadium in Las Vegas after 14 years in Oakland.
Under the agreement, Nashville’s Metro Sports Authority will issue $760 million in revenue bonds. This includes ticket sales and stadium sales, a team (the Titans and he NFL finances and costs his $840 million over his $2.1 billion budget for stadiums).
Nashville Major John Cooper called It says the deal is a “huge win for Nashville taxpayers” and eliminates “a billion dollar debt” from leasing the aging stadium (Nissan Stadium was built in May 1997). rice field).
Construction on stadium— near the current stadium on Nashville’s east bank — is set to open next year in preparation for the 2027 NFL season.
amazing facts
The Tennessee Titans, a 1959 expansion team that moved to Tennessee in 1997 after nearly 40 years as the Houston Oilers, have not made it to the Super Bowl since losing to the St. Louis Rams in 2000. Despite not making the playoffs last year with a 7-10 record, the Titans packed out Nissan Stadium in downtown Nashville, averaging nearly 69,000 fans per game. was 99.2%). ESPN.
big number
60,000. This is the capacity of the Titans’ new planned stadium, just behind Chicago’s Soldier Field (61,500) and State Farm Stadium (63,400) where the Arizona Cardinals play, making it the smallest in the NFL. This is less than Nissan Stadium’s capacity of 69,000. At last year’s Nashville City Council meeting, Titans president and CEO Burke Nihill said: Said: “It’s my job to make sure we sell out stadiums,” the team added in most games.
References
Tennessee Titans top bill for largest NFL stadium subsidy in history (Bloomberg)
Tennessee Titans reach deal for new stadium worth more than $2 billion to boost team value (Forbes)
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