The new soccer stadium in Nashville is officially a go.
Nashville Mayor John Cooper and Nashville SC lead owner John Ingram announced they've reached agreement on a revised deal and the demolition process is set to begin immediately.
“We are very happy to be moving forward with the stadium construction,” Ingram said in a joint statement. “The investment we are making is not just for our soccer team, it is an investment in the future of Nashville and the Fairgrounds.”
It's happening.— Nashville SC (@NashvilleSC) February 13, 2020
We've reached an agreement with Mayor John Cooper to immediately move forward with our @MLS stadium at The Fairgrounds Nashville. #EveryoneN | https://t.co/3NK0r88FDA pic.twitter.com/RuzBCdTFJ6
Under terms of the amended agreement, the MLS club agrees to privately fund 100 percent of stadium construction through cash investment, stadium lease payments, and revenues generated at the stadium by attendees of events held at the facility. The revised deal eliminates taxpayer and budget burden for stadium construction while keeping in place the first community benefits agreement in Tennessee.
Nashville SC will fund the infrastructure in the immediate vicinity of the stadium estimated to be $19 million, while also assuming Nashville Metro's obligation to pay up to $35 million toward lease payments.
“I’m so glad we’ve reached a better deal for Nashville," Mayor Cooper said. "I’m grateful to Nashville Soccer Holdings and John Ingram for understanding our city’s financial realities and agreeing to pay up to $54 million in additional costs. This deal saves the taxpayers money and provides a better site plan for the Fairgrounds. Today is an exciting step forward for sports in Nashville and I’m ready for the first Nashville SC game on February 29th.”
Nashville SC open their inaugural season in MLS with a nationally televised Week 1 match against Atlanta United on Saturday, February 29 (8 pm ET on FOX). The club will play its first two MLS seasons at Nissan Stadium before moving into their new home.
Due to high demand for the inaugural match with over 30,000 ticket sold, the club announced it will be opening up additional seating at Nissan Stadium.