A lease agreement between the Tennessee Titans and the limited liability Cumberland Stadium LP, calls for the Titans to be provided “a modern, first class, open air, stadium designed primarily for football, with a grass playing surface, to be located on the Stadium Site,” according to a copy of the lease acquired by The Center Square.
Cumberland Stadium is an operator that works for the Metro Nashville Sports Authority at the stadium.
Nashville will consider spending $200,000 on a “stadium study” to evaluate the Tennessee Titans’ claim that the city would owe $1.839 billion under the terms of the team’s current lease if Nissan Stadium in Nashville was renovated instead of having a new estimated $2.2 billion stadium built.
The line item called “study of Nissan Stadium obligations” appeared on a revised city budget from Metro Nashville Budget and Finance Chair Burkley Allen. The amendments will be discussed at Tuesday’s council meeting.
Tennessee Titans Chief Executive Officer Burke Nihill estimated that Nashville would owe $1.839 billion under the terms of the team’s current lease if Nissan Stadium in Nashville was renovated instead of having a new stadium built.
The estimate is based upon maintenance and a lease stipulation saying the city must pay for capital projects to keep the stadium in “first-class condition to keep pace with comparable facilities.”