Financing plan approved for Nashville’s MLS stadium

Nashville has moved a step closer to having its own Major League Soccer stadium after a deal was finalised for the sale of $225m (£174m/€196m) in revenue bonds to pay for the 27,500-seat facility.

Nashville’s MLS expansion franchise secured its intended site for a new stadium in September 2018 with a clear vote in favour of the project.

Nashville SC is expected to be elevated from the United Soccer League to MLS in 2020. Nissan Stadium, home of NFL American football team the Tennessee Titans, is set to act as the team’s temporary home before the new stadium opens in February 2021.

Local newspaper The Tennessean reports that the Nashville Sports Authority board has now finalised the bond sale for the stadium, which will be based at the city’s Fairgrounds site. The report added that two separate, unanimous votes will result in the bonds going on the market on February 5, with the Metro Council to begin collecting proceeds on February 15.

According to The Tennessean, Metro will accrue debt service of about $15.2m each year until 2051, with the bond sale adding up to total debt service of $424m over the same period.

Work on the new stadium is expected to begin later this year.

Image: Nashville SC