TAMPA — A potential $100 million renovation project for Raymond James Stadium appears close to fruition except for three sticking points, including a request by the Tampa Bay Buccaneers for the right to play two regular-season home games elsewhere every season beginning in 2018.
The team’s current agreement with the Tampa Sports Authority runs until 2028, and Chief Operating Officer Brian Ford has been trying to negotiate a stadium renovation agreement since January.
The current lease requires the authority to fund approximately $26 million for capital repairs and updates for the stadium, which opened in 1998 and also serves as the football home for the University of South Florida.
Under the club’s proposal, which includes significant enhancements to the authority’s original plans, the Bucs would be responsible for making a private investment that could approach $75 million.
“Over the last nine months, we have conducted very positive discussions with the Tampa Sports Authority regarding state-of-the-art upgrades to ensure that Raymond James Stadium remains among the best venues in all of sports,” Ford said in a statement. “In our discussions, we have communicated our interest in making a substantial private investment of approximately $52-75 million to enhance the current stadium plans.”
The Bucs agreed to a request to waive the balance of the practice facility fund, foregoing an $11.6 million obligation by the authority, and proposed that the profit split threshold for events at the stadium besides Bucs games be reduced from $2 million to $1.5 million.
The sports authority has countered by asking for a reduction in the threshold to $1 million.
The two sides also disagree on a club request — which was submitted only two weeks ago — to have the option of moving an additional regular-season game to an international site or within the state of Florida, beginning in 2018. That request was the team’s response when asked to waive the $11.6 million obligation.
Under the current agreement, the Bucs are allowed to play one regular-season home game each year outside of Raymond James Stadium. Tampa Bay twice played in the NFL International Series, against the New England Patriots in 2009 and the Chicago Bears in 2011 at Wembley Stadium in London.
In a response to the team on Sept. 22, the authority said the right to play a second home game each season outside of the Bay area should be contingent upon Tampa being awarded a Super Bowl during the remaining term of the agreement, or a written agreement by Premier League soccer club Manchester United to play a match at the stadium.