Squire Patton Boggs Helps Close the Largest Public Subsidy Package Ever for the Development of a Professional US Sports Stadium

View Contact / News /Washington DC

Squire Patton Boggs advised and assisted with closing a precedent setting deal for the development of a professional sports and entertainment stadium in Nashville for client Goldman Sachs & Co. LLC (“Goldman Sachs”). According to media reports, the Nashville stadium bond sale set a public subsidy record with $705.1 million of bonds allocated to help finance the construction of an estimated $2.1 billion state-of-the-art domed stadium. The new venue will replace Nissan Stadium, home to the NFL Tennessee Titans.

The deal, which closed on August 31, ensures that the state, city, and team owners all contribute towards the construction of the new stadium. The bonds are backed by various sources of pledged revenues and required multiple parties be involved in the dealmaking process, which included the Metropolitan Government of Nashville and Davidson County, the Sports Authority of The Metropolitan Government, the Tennessee Titans and its owners, and an underwriting syndicate including Goldman Sachs, as managing underwriter, acting for itself and on behalf of J.P. Morgan Securities LLC; Academy Securities, Inc.; FHN Financial Capital Markets; Loop Capital Markets LLC; Ramirez & Co., Inc.; and Seibert Williams Shank & Co. LLC.

In addition to being the new home of the Tennessee Titans, the stadium will serve as a multipurpose entertainment venue, potentially hosting various award shows, music concerts and festivals in addition to collegiate and professional sporting events, which will positively impact local and state revenues as well as surrounding communities.

The Squire Patton Boggs team was led by partners Alethia Nancoo and Nathan Treu, and associates Gilberto Delgado Jr. and Jessica Ice.

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