Nashville based NFL franchise, the Tennessee Titans, have announces they have come to an agreement with the mayor of the city of Nashville, John Cooper, for a new enclosed stadium to be built.

The new deal is set to save the city of Nashville between USD$1.75 billion and USD$1.95 billion (AUD$2.7 billion – AUD$3 billion) that would have gone towards the renovating and maintaining of the Titans current home, Nissan Stadium, over the next 17 years.

The obligation was a part of the original stadium lease, signed in 1996 and due to run until 2039, where Nashville would have to pay for the stadium’s upkeep with funds out of the city’s taxpayer supplied general fund, limiting funds for essential priorities like public schools and first responders.

Additionally, the Titans have waived the USD$32 million (AUD$50.7 million) it is currently owed by Nashville or the stadium’s maintenance and will pay of the remaining USD$30 million (AUD$47.5 million) in bonds owed to Nissan Stadium, saving the city another USD$63 million (AUD$100 million).

Commenting on the deal, Nashville Mayor, Cooper, said: “I’m grateful to Amy Adams Strunk, Burke Nihill and the entire Titans organisation for their commitment to Nashville.”

“residents’ tax dollars can go to core city services because the Titans have stepped up to cover future ongoing maintenance on the new stadium.

“I’d also like to thank Governor Lee and our partners at the state legislature for recognizing the Titans’ enormous economic contributions.

“Together we are making the Titans stay in Tennessee for generations to come,” he said.

Set to be built on the carpark adjacent to the current stadium, the $2 billion (AUD$3.1 billion) will be supplied through several channels.

• USD$840 million (AUD$1.3 billion) will come from the Titans, personal set license sales, and the NFL pending final NFL approval.
• USD$500 million (AUD$793 million) to come from a one-time state contribution.
• USD$760 million (AUD$1.2 billion) from revenue bonds issued by the Nashville Metro Sports Authority, to be repaid through revenue streams that include a new 1% hotel/motel tax, as well as sales and taxes collected at the stadium and on its campus.

Part of the new deal see’s the Titans now become responsible for the maintenance and backstop upkeep of the stadium for the life of the new lease.

Commenting on the announcement, Tennessee Titans president and CEO, Burke Nihill, said: “Nashville’s new stadium will be a game changer for the community, enhancing the national and international reputation of our great city and state and delivering world-class events to our doorstep that we could never have dreamed of 25 years ago.”

“We couldn’t be more appreciative of Mayor Cooper’s commitment to prioritizing the taxpayers o Nashville and his vision for a bold future on the East Bank.

“We look forward to the discussion of these terms with Metro Council and the Sports Authority, and hearing from our neighbours in the community as their process continues,” he said.

The deal see’s the Titans follow the Philadelphia 76ers as they announced plans to build a new home stadium earlier in the year.