CMA Football and the NFL are set to meet in Indianapolis this weekend to talk about the future of the NFL’s stadiums, with the latter reportedly willing to invest $300 million into the construction of a new facility.
The meeting comes after the league signed a new stadium deal with a consortium of construction and renovation companies in February, with a total cost estimated at $250 million.
The new agreement will allow the league to make a bid for a stadium at a site that will be in the same location as the proposed stadium in Inglewood, California.
The deal includes an estimated $350 million in construction funds.
The team has also hired a private firm to complete the $100 million renovation of the field at Lucas Oil Stadium, and it has begun talks with the city of Indianapolis about redeveloping the stadium into a mixed-use development.
CMA, the league’s chief financial officer, has previously said that the teams plans to renovate their stadiums could cost up to $300 to $400 million.
“This partnership is a significant investment in a unique facility,” CMA said in a statement.
“The NFL is committed to improving the facilities at its facilities across the league.
It is our expectation that the team will also use the investment to upgrade its facilities and make the new facility the centerpiece of the new stadium project.”
The new stadium will replace the aging Lucas Oil Field, home to the NFL and the San Francisco 49ers.
According to the CMA statement, the new arena will include a $100-million addition to the existing stadium, and a $300-million expansion to the current facility.
It will also include an additional $250-million project to build out the stadium and field.
The league will also invest $100.5 million to refurbish the existing field.
“As the league continues to build its stadium network, CMA is excited to work with the NFL on this project,” CMT CEO Jim Hall said in the statement.
The Indianapolis Colts, who are part of the proposed new stadium consortium, will host the meeting on Sunday at the Indianapolis Convention Center, with tickets on sale at 9 a.m.
PT.
“CMA will continue to work closely with the Indianapolis Colts to further enhance their experience at Lucas-Oil Stadium,” Hall added.
“Our focus at this time is to provide the best experience for the team and the fans of the Indianapolis Motor Speedway and its partners.”
