spot_img

Bill to cap Titans seat license increases at new stadium dies

Date:

spot_img

(The Center Square) – A Tennessee bill that would cap the amount of increase the Tennessee Titans could charge personal seat license holders for seats at new Nissan Stadium was taken off notice and withdrawn by Rep. Larry Miller, D-Memphis.

After initially attempting to block any increase in PSL prices for 10-year seat holders at the current stadium, Miller had amended House Bill 2646 to put a 20% cap on price increases.

Miller said he met with the Titans and could receive no confirmations on cost increases for PSLs in the new stadium. The team did say that 24% of PSL holders are Nashville residents and the other 76% are Tennessee residents.

“This bill is about giving the loyal Tennessee taxpayers, who happen to be PSL holders, some type of reasonable discount as we moved forward,” Miller said.

Miller first said he would withdraw the bill and then it was moved to a special calendar on March 19. The Senate version of the bill was sent to the general subcommittee of the Senate Commerce and Labor Committee, all but killing its chances of being considered.

“I hesitate to get into the Titans business, but I think what the message that I would like to send would be is that this body has been good partners with that organization,” said Rep. Kevin Vaughan, R-Collierville. “Their loyal season ticket holders have been in good partnership with them through the years and that we look forward – anxiously – to what they are going to do to address, particularly the lack of information we received on this moving forward. Because some of us will be contributing twice to the situation.”

Miller mentioned the Tennessee Legislature approved sending $500 million toward construction of the new stadium, set to open in 2027. The state also has approved multiple state and local sales tax captures – including in and around the current and new stadium – that will go into an estimated $3.1 billion tax capture account to repay bonds from Nashville’s Metropolitan Sports Authority for the new stadium as well as infrastructure and ongoing costs.

“I can’t support this bill moving forward because it does limit their business opportunities,” Vaughan said as the bill died.

Miller was asked if the Titans approved of the bill and he acknowledged that they do not and he did not expect them to approve.

The Titans have not revealed how much new stadium PSLs will cost but the team is planning to fund a large portion of its $840 million toward the stadium project from those sales along with undisclosed naming rights payments from Nissan.

Titans revenue from PSL sales was projected at $270 million at one point during a sports authority work session.

PSLs for the current Titans stadium range in price from $250 to $64,000 per seat.

Read the Black Chronicle Black History Edition for Free! Click Below

Read the Black Chronicle Black History Edition for Free! Click Below

spot_img
spot_img

Subscribe

Share post:

Popular

More like this
Related

Legislation adds hurdles to mobile home park owners looking to sell property

(The Center Square) – A measure advancing at the...

Feds, scientists take fire for allegedly hiding COVID origins truth

A Republican-led Congressional committee says a scientist and top...