Here's the letter emails to PSL holders:
Dear Titans Family,
I am writing to you today to share some exciting news. Earlier today, we reached agreement with Nashville Mayor John Cooper on a long-term lease for a new stadium to be built in the parking lots east of the existing stadium. We could not have made it to this point without your unparalleled loyalty and support and are incredibly grateful for each of you.
The new lease not only eliminates a significant financial obligation on Nashville taxpayers under the existing stadium’s lease, but ushers in the next era of our organization with an incredible facility that will give Titans fans the world-class fan experience you deserve.
To be clear, there are additional steps and approvals required before a new stadium becomes a reality. The stadium plan must be reviewed and approved by Metro Nashville’s Sports Authority and City Council, and that process will begin in the coming weeks. In the meantime, we will continue to solicit feedback from the community and our fans about the project.
Nashville’s new stadium will be a game changer for our community. Using fan and community input, we are designing a stadium inspired by the character and spirit of Tennessee. In addition to Titans games, concerts and other events, the new stadium will be able to host the world’s greatest events, such as Super Bowls, College Football Playoffs, Finals Fours, and WrestleManias. The stadium will enhance the national and international reputation of our great city and state and generate billions in economic activity for local businesses and state and local government budgets. More importantly, we are committed to designing a facility with dedicated spaces to serve our neighbors throughout Nashville and Tennessee with regular community programming such as nonprofit fundraisers, high school athletics, and job fairs.
Stadium construction will be funded through a public-private partnership with contributions from the Titans, NFL, State of Tennessee, and Metro Nashville. Metro’s contribution will be funded by a 1% hotel tax paid primarily by tourists and sales and use taxes collected at the stadium and surrounding land. Like nearly all stadium projects of this scale over the past several decades, PSLs will also be a part of the new stadium project.
We appreciate that you will have questions about PSLs in a new stadium, and we are committed to offering you transparent and complete answers as soon as we have them. While we still have many details to work through, I wanted to offer you an update on what we know so far.
If the project is approved and we transition to a new stadium, it is critically important to our organization that you and all existing PSL holders are treated fairly and with the respect and appreciation you deserve. Our owner, Amy Adams Strunk, has insisted from the beginning of this process that the Titans organization find a way to protect our most loyal fans’ PSL investment as part of any new stadium plan. To ensure that we do, we will offer every current PSL holder a full credit towards a new PSL equal to the value of your PSL when you acquired it.
Thank you for your patience and trust as we continue to work through the details of our plan and the questions we still need to answer for you. In the meantime, we’ve created a webpage at
TennesseeTitans.com/NewStadium with additional information. The website also allows for you to send feedback on what you’d like to see in a new stadium. As this process continues, we will share updates regularly, and look forward to seeing you at upcoming games and events.
This agreement will cement the Titans’ future in Tennessee for another generation, and we can’t wait to create new memories with you.
Sincerely,
Burke Nihill
Titans President and CEO