Photo: Streeter Lecka
The Tennessee Titans have reportedly reached a deal with Mayor John Cooper to build a new, domed stadium in downtown Nashville, sources with knowledge of the deal told Axios' Nate Rau.
An official announcement, which will provide details on a financing plan, is expected to "come as soon as Monday following months of negotiations," Rau reports.
The stadium is expected to be located east of Nissan Stadium's current location near Interstate 24 as part of the recently approved redevelopment plan for the East Bank waterfront neighborhood in downtown Nashville.
The Titans are reportedly expected to bring about $800 million in private revenue, sources with knowledge told Axios.
The stadium is also expected to be funded through government sources, including $500 million in bonds from the state and a 1% tax on all hotel room rentals in Davidson County, as well as sales taxes collected both within the new facility and in the surrounding 130-acre campus along the East Bank.
The deal could, however, face a tough battle from Nashville's Metro Council, which has been cautious about making another big investment on tourism.
A new, domed stadium would make Nashville a serious contender to host the Super Bowl, College Football Playoff games, and major concert tours taking place in the winter months, which has alluded to the rapidly growing tourism destination in the past.
The outdoor Nissan Stadium has served as the Titans' home since 1999, with the franchise playing at Vanderbilt Stadium as the Tennessee Oilers during the 1998 NFL season, following their move to Nashville from Houston.
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