On Tuesday, the Tampa Bay Buccaneers announced they seek around $1 billion in funds for a renovation project of Raymond James Stadium. Team owners the Glazers also signaled that they want to pay one third of those funds. The rest would be paid by the public. Half of the total funds would be used for creating a cover for the stadium.
One potential snag remains. Tampa and Hillsborough County have a deal in place to build a new stadium for the Tampa Bay Rays. That deal is worth $2.3 billion. It’s possible that deal may cost the public more than previously thought. If so, that would change how much publicly available money the Buccaneers can receive for the renovations. However, it seems the Buccaneers are a priority over the Rays.
Tampa Bay Buccaneers Stadium Renovation Plan in the Works
GettyComments from the Tampa Sports Authority board members indicate that the Buccaneers will get priority of the Rays in stadium negotiations.
During a meeting on Tuesday, Tampa Sports Authority board member Tony Muniz indicated that the Buccaneers have the upper hand in a potential stadium deal.
Muniz said, “I think most of us have talked to the Buccaneers at this point, and we’re going to be writing a very large check in the very near future for Raymond James Stadium, and that’s our priority. We have to always remember that. I think that we need to take care of Raymond James before we go out and try to convince the Rays to stay in Tampa Bay.”
Still the question exists how much the Tampa Bay Rays and Buccaneers will get if both seek a stadium deal. Another board member, Luciano Prida also asks that question.
He said, “When you calculate what we’re talking about for the Rays, what’s left after that for the Bucs? That’s the big question.”
Andy Scaglione, another board member, noted that the Tampa Bay Rays stadium needs 113 acres. It’s possible they could combine that with a mixed-usage project with Hillsborough College. That project could cost $600 million and about 81.5% of that could come from publicly invested funds.
Stadium Deal Still a Long Ways to Completion
GettyWhile discussions seem fluid, any imminent agreement still seems unlikely because of the situation with the Rays.
Eric Hart, CEO and President of the Tampa Sports Authority, noted that the Tampa Bay Buccaneers could request anywhere between $700 million and $1.3 billion in funds for a stadium renovation project. Those projections are based on numbers from other NFL stadium deals in recent history.
The Tampa Bay Buccaneers desire to have another meeting with the Tampa Sports Authority. There remains no specific time frame for when these conversations will conclude. However, with the Tampa Bay Rays also searching for a stadium, expect these negotiations to take time.
The Tampa Sports Authority budgeted about $58 million set aside for Raymond James Stadium projects. While most of those funds are for maintenance, the Tampa Sports Authority also wants the renovation to occur.
During Tuesday’s meeting, Hart said, “[The renovation is] important for all of us. We’ve done this before, so we’ll do it again. I think our goal would be to not have them relocate.”
The Buccaneers renovated Raymond James between 2015 and 2018. They plan to not close the stadium when the project begins.
Tampa Bay Buccaneers Stadium: $1 Billion Renovation Plan