Titans-Nashville Mayor deal on new venue

Article posted by Coliseum, October 19^th, 2022

Image: Tennessee Titans

The National Football League (NFL) team Tennessee Titans and the Mayor of Nashville, Tennessee (US), John Cooper, have reached a deal for a new NFL stadium, as per multiple anonymous sources.

‘Nashville Business Journal’ stated that for months, Cooper and Titans officials have pursued a long-term agreement that would result in a new, domed stadium built next to where the existing stadium stands today. Both sides have discussed some broad outlines of the potential deal, though many specifics have not been made public.

The Tennessee Titans are a professional American football team based in Nashville, Tennessee, US. The Titans compete in the National Football League (NFL) as a member club of the American Football Conference South division, and play their home games at the Nissan Stadium.

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The 69,143-capacity Nissan Stadium is a multipurpose stadium in Nashville, Tennessee, United States. Owned by the Metropolitan Government of Nashville and Davidson County, it is primarily used for football and is the home field of the Tennessee Titans of the National Football League (NFL) and the Tigers of Tennessee State University.

‘Nashville Business Journal’ further stated that the deal will have to go to the Metro Council for approval. The Council added $200,000 to Metro’s budget this year to fund an analysis of the City’s financial obligations under the Titan’s current lease at the Nissan Stadium. The report was expected to be complete in early November.

The Titans, in consultation with two global construction companies, estimate that the Metro taxpayers could have to spend $1.8 billion to renovate and maintain the existing stadium through the maximum potential length of the lease, 2039.

The Titans estimate a new stadium will cost between $1.9 billion to $2.2 billion, paid for with different funding sources – including $500 million from the State and an increase in the Citywide tax on hotel room bookings, as well as funding from the team ownership and Metro bonds that would be paid back with sales tax revenue.

Private funding from team ownership and the NFL is currently at $700 million, however Burke Nihill, Tennessee Titans President and head honcho, previously said this number is subject to grow as inflation drives costs.

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