House Speaker Cameron Sexton (R-Crossville) told a local radio host Friday that the Adams family, members of which own the Tennessee Titans, is willing to spend $700 million on a new facility to replace Nissan Stadium.
The cost for the project could rise to $2 billion, according to reports and estimates, and state officials including Sexton are currently considering chipping in $500 million. The goal, for some, is to build a domed facility capable of hosting major national events like the Super Bowl or Wrestlemania.
Sexton said the Adams family is “investing everything they have, liquidating almost everything that they have, to come up with $700 million.” He added that it would be their “largest single investment.”
“That tells you how much they’re into it, which gives me confidence that they’re here to stay,” Sexton said.
Sexton added that the plan is to build a stadium with a retractable roof.
Added sales tax revenues from major events would help the state fund K-12 education and infrastructure in rural areas, the House speaker said. He added that he believes the state has recouped its investment in Nissan Stadium “a couple times over” and that the return on new stadium spending, if the stadium has a roof, would be “a lot bigger.”
Not everyone is as excited by the prospect of major development on the East Bank. Some community groups are seeking to gather public input and make sure that new projects include housing and other public amenities.
A Titans representative did not immediately respond to a request for comment.