Report: Titans, Nashville Mayor Agree on New Domed Stadium That Will Cost Up to $2.2B

The Tennessee Titans and Nashville Mayor John Cooper reached an agreement on funding for a new domed stadium that could cost up to $2.2 billion.

Nate Rau of Axios reported a formal announcement could come as soon as Monday. The Titans will finance about $800 million for the stadium, with the remaining funds being made up of $500 million in state bonds, a 1 percent tax on hotel rentals in Davidson County and additional sales taxes at the stadium and its surrounding businesses.

Nissan Stadium, the Titans' current stadium, was built in 1999 and is considered one of the NFL's worst. The team said Nissan Stadium would need $1.8 billion in renovations to bring it up to modern standards by the end of the current lease in 2039.

Despite the agreement between the team and mayor, it's not a 100 percent lock that the new stadium will begin construction anytime soon. The Titans and Cooper will need approval from Nashville's Metro Council to move forward with the project, and Rau reported the Council has been "leery of more big spending for tourism."

With a whopping 17 years remaining on the Nissan Stadium lease, it's possible the Metro Council drags its feet on approval in hopes of lowering the cost for the state and taxpayers. The Titans do not have much recourse to pressure Nashville into approving the new stadium on their desired timeline.

If approved, the Titans' modernized stadium would continue the recent trend of domed stadiums across the NFL. Levi's Stadium, which opened in 2014, was the last new NFL stadium to not at least have a retractable roof. Ten NFL teams have a retractable roof or fixed-dome stadium, with nine of those opening within the last two decades.

As NFL teams and their cities look to use stadiums during the offseason for concerts and other events, it's looking increasingly like open-air stadiums are on their way out.