The NFL’s governing body and NFLPA announced a $1 billion deal Tuesday to create a new $1 trillion stadium in Dallas.
The deal was negotiated by Dallas-based Elliott Management and will be officially announced Thursday by Dallas Mayor Mike Rawlings.
“Dallas is the most dynamic and creative sports city in America,” Rawlings said in a statement.
“It is also home to the NFL’s most iconic stadium.
It is a testament to the tremendous talent and passion for the game of football that we are here today and the impact it has on our city and the world.”
Dallas-area Mayor Mike Bowers called the deal a “great day” for the Dallas area.
“The city of Dallas and the Dallas Cowboys are very proud to have received the largest investment in infrastructure for a sports venue in the nation,” Bowers said in the statement.
A total of $800 million will be invested in the stadium and the first phase of the stadium is expected to open in 2021.
A majority of the funds will be used to finance a new scoreboard and new video board at the stadium.
“This agreement represents an extraordinary and long-term investment in our city’s economy and will create more than 2,000 construction jobs in the Dallas-Fort Worth metro area,” Rawls said.
“In addition, the new stadium will be a focal point for the city of Texas for decades to come.
It will be the largest stadium construction in the country and will have a transformative impact on our community.”
Rawlings was one of the few politicians in the U.S. to visit the stadium site in May and was impressed with the city’s progress.
“What I saw in May was incredible,” he said.
In addition to the $800-million investment, the stadium will include a new roof, new seating areas and improved amenities for fans.
The stadium is estimated to cost $1,500 per seat, and Rawlings has not yet released a revenue forecast for the project.
“I know this is a long, difficult road, but I believe it will be worth it,” Rawlers said in his statement.