The current Titans stadium is barely 20 years old.
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New Stadium Proposal Relieves Taxpayer Burden of at Least $1.75 Billion
Mayor Cooper and Tennessee Titans Agree on Terms That Return 66 Acres of Land Surrounding the Stadium for Future Park, Affordable Housing, and More
October 17, 2022
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Today, Nashville and Davidson County Mayor John Cooper and the Tennessee Titans announced they have agreed to terms for a new enclosed stadium that would relieve a nearly $2 billion burden on Nashville taxpayers by voiding the current lease agreement.
The lease for Nissan Stadium, signed in 1996, legally obligates Nashville to provide a “first-class” stadium until 2039. The Mayor’s Office worked with Metro Council to hire Venue Solutions Group (VSG), an independent and nationally recognized public facility consulting firm, to assess the condition of Nissan Stadium and estimate Metro’s financial obligation to the Titans. VSG estimates that renovating and maintaining Nissan Stadium would cost between $1.75 billion and $1.95 billion over the remaining 17 years of the current stadium lease. This liability would require general fund dollars that could otherwise support essential priorities like public schools and first responders.
Faced with the challenge of a $1.75B-1.95B unfunded liability on an aging stadium, Mayor Cooper pursued other options to shift the cost off the general fund. After months of negotiation, and with a generous contribution from the Tennessee State Legislature, the city and team have agreed to terms that would bring a new, enclosed stadium to Nashville at no cost to the city’s general fund. The enclosed option unlocks two revenue sources that wouldn’t otherwise be available – investments from the state and the hospitality industry.
It's not old but but the Rams stadium in St. Louis had the same problem. When it was built, it was new. But 20 years later, it was no longer a "state of art" stadium". So it failed to meet the requirements of the lease.