Featured image credit: USF
Plans for a new on-campus American football stadium at the University of South Florida (USF) have moved forward after its board of trustees approved a plan for financing an estimated 35,000-seat facility.
The stadium would serve as the home of USF’s American football team, the Bulls, which currently plays at Raymond James Stadium, home of the NFL’s Tampa Bay Buccaneers. The estimated cost for a new stadium, which is scheduled to open by the autumn of 2026, is $340m (£267m/€312m).
The financial plan for the stadium scheme was given the green light last month. In what was said to have been the biggest challenge for the project to date, the USF’s board of trustees’ finance committee unanimously approved the plan to borrow $200m for what is envisioned to be an entirely privately financed scheme.
The approval by the board this week authorises the USF Financing Corp. to issue a debt of $200m that the university will repay from several sources, including operating revenues from the stadium and other revenues generated by USF Athletics.
USF has also identified the funding sources that will be used to support the other $140m for the project, with $50m to be generated by cash advances on future capital gifts; $31m to come from a Capital Improvement Trust Fund; $34m from auxiliary funds and proceeds from a 2017 FCC auction; and $25m-$40m from the sale of educational broadband service licences.
USF, in partnership with the design/build team of Barton Malow and Populous, is currently going through the design phase of the stadium, which has included more than 40 recent meetings with stakeholder groups.
Following the conclusion of the design phase, USF leadership will be able to present a more detailed plan for a stadium, including renderings. The stadium will be built on the east side of the Tampa campus on a site known as Sycamore Fields.
Board chair Will Weatherford said: “I’m pleased to see our board recognise the value of this project and significant return on investment it will bring for the on-campus experience at USF. The stadium will provide the university community with a place to come together and express their shared passion for USF, build lasting memories and stay connected to the university for life.”
USF president Rhea Law added: “The University of South Florida is investing in our athletics programmes in ways we never have before. The construction of an on-campus stadium is a complex endeavour that requires significant financial resources and thorough planning.
“We are very excited about the progress we are making on this long-awaited project, and we are grateful to our Bulls fans and the surrounding Tampa Bay community for their continued enthusiasm and support.”
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