Just In: ESPN Report few minutes ago. Jaguars aproves stadium renovation worth $1.4B and to be instantly….

Jacksonville, Florida, has greenlit a monumental $1.4 billion project for a cutting-edge “stadium of the future,” securing the Jacksonville Jaguars in the city for at least another 30 years. The city council voted overwhelmingly in favor of the proposal, which now awaits final approval from NFL owners. The funding plan involves a 50-50 financial split between the city and the team, with Jacksonville committing $625 million and an additional $150 million for deferred maintenance, covering 55% of the total costs.

Construction is slated to commence after the 2025 NFL season, with interim arrangements for the Jaguars’ home games in Gainesville or Orlando during the rebuild phase. The revamped stadium, boasting a 63,000-seat capacity expandable to 71,500, promises state-of-the-art features including a translucent covering to mitigate heat and accommodate major events like the Florida-Georgia rivalry and the College Football Playoff.

Key components of the deal include a non-relocation agreement, limiting away games, and significant city-led developments around the stadium, including a University of Florida satellite campus. Financing will leverage existing revenue streams without new taxes, potentially saving $1.5 billion in debt-service fees over the lease’s duration. The project underscores Jacksonville’s commitment to bolstering its downtown area and securing its status as a sports and cultural hub for decades to come.