Jaguars, city of Jacksonville agree to $1.4 billion stadium deal
The Jaguars and the city of Jacksonville have agreed to a $1.4 billion stadium deal, the Associated Press reports.
The "stadium of the future" would keep the team in the city for another 30 years.
The proposal calls for each side to contribute $625 million to the $1.25 billion project. Jacksonville won't levy any new taxes to pay for the rebuild and has committed to another $150 million to get EverBank Stadium ready for construction in 2026.
The city will finance its portion by moving $600 million from a capital improvement plan and using revenue from an existing, half-penny sales tax.
The city council heard the plan Tuesday and is expected to vote on it next month, with a simple majority of the 19 members needed to pass. NFL owners would then vote on it in October, with 24 votes needed for final approval.
Construction would begin after the 2025 season, with the Jaguars playing in a reduced capacity stadium in 2026 and playing their home games in either Gainesville or Orlando in 2027.
The new 30-year lease calls for the Jaguars to play all preseason and postseason games in Jacksonville with one home game played annually in London, likely at Wembley Stadium. The Jaguars could play one additional home game overseas every four years, but only if the NFL dictates and only during seasons in which the Jaguars have nine home games.
Jaguars owner Shad Khan agreed to pay for all construction cost overruns, assume day-to-day operations of the stadium and take on the majority of game-day expenses moving forward.
The 63,000-seat, open-air stadium, which includes a translucent covering, could be expanded to 71,500 to accommodate big events like the annual Florida-Georgia game.
The team's current lease runs through 2029.
