- Nashville Sports Authority to issue $760 million in bonds
- Proposed 60,000-seat arena is estimated to cost $2.1 billion
The Tennessee Titans have never won a Super Bowl but they are a winner in the municipal funding market, topping the Buffalo Bills for the biggest public subsidy ever given to an NFL sports franchise.
After hours of public hearings overnight, the Metro Nashville City Council voted 26-to-12 on Wednesday morning to approve $760 million in revenue bonds for a new stadium. With a previously approved $500 million state contribution in hand, the public funding for the Titans’ arena now totals $1.26 billion. That’s nearly 50% more than the $850 million that New York State handed the Bills for their new stadium earlier this year.
Despite faltering demand from investors for muni bonds and warnings about teams and municipalities frequently overstating the benefits of stadium deals, while underestimating the costs — sports franchises have been able to petition for public dollars this year. In other parts of the US, Florida’s Palm Beach County raised money to hold onto Minor League Baseball teams while the Milwaukee Brewers sought $290 million to renovate their ballpark.
Bloomberg
By Maxwell Adler
April 26, 2023