The Tennessee Titans and Nashville Mayor John Cooper on Monday unveiled details of a potential $2.1 billion deal to build a new Titans stadium.
As part of the deal, the Titans would absorb approximately $62 million owed by the city for outstanding maintenance obligations and remaining bond debt under the current stadium lease. The team would also assume responsibility for construction cost overruns and maintenance obligations in the event that the area's sales tax revenue underperforms for the duration of a new 30-year lease.
A new stadium could break ground as early as fall 2023 and be complete as early as the 2026 NFL season. Plans include a 1.7 million-square-foot stadium with a turf playing surface and capacity for up to 60,000 people. The stadium enclosure will likely feature a translucent, stationary roof.
"This new stadium proposal protects Metro taxpayers by not spending a single dollar that could be spent elsewhere on our core priorities like education and public safety," Cooper stated in a news release Monday."Doing nothing was not a legal option for us, and renovating the current stadium proved to be financially irresponsible, so we are proposing a new stadium paid for by the team, the state, tourists and spending around the stadium — not by your family.
It's also not immediately clear if Metro will need to backstop the revenue bonds with other funding sources to offer additional security to bondholders . Cooper's administration aims to avoid or minimize this possibility, and the Titans have not asked Metro to backstop the bonds during negotiations.
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