USF approves stadium financing plan

USF students kick off the Fall 2021 semester. Image via USF.

The University of South Florida (USF) board of trustees has approved the financing plan for an approximately 35,000-seat stadium on-campus, a significant step forward in the school’s quest to erect a new sports facility.

Under current plans, the stadium is expected to open by fall 2026.

“I’m pleased to see our board recognize the value of this project and significant return on investment it will bring for the on-campus experience at USF,” board of trustees Chair Will Weatherford said. “The stadium will provide the university community with a place to come together and express their shared passion for USF, build lasting memories and stay connected to the university for life.”

The stadium is estimated to cost $340 million. The board’s approval this week authorizes the USF Financing Corp. to issue a debt of $200 million, which will be repaid from several sources, including operating revenues from the stadium and other revenues generated by USF Athletics.

The remaining funding will come from cash advances on future capital gifts ($50 million); the Capital Improvement Trust Fund ($31 million); auxiliary funds and proceeds from a 2017 FCC auction ($34 million); and a contingent cash contribution from the sale of educational broadband service licenses ($25 million-$40 million).

“The University of South Florida is investing in our athletics programs in ways we never have before,” USF President Rhea Law said.

“The construction of an on-campus stadium is a complex endeavor that requires significant financial resources and thorough planning. We are very excited about the progress we are making on this long-awaited project, and we are grateful to our Bulls fans and the surrounding Tampa Bay community for their continued enthusiasm and support.”

USF has partnered with the firm Barton Malow as the design/build team. The project is currently in the design phase, which so far has included more than 40 meetings with students, faculty, staff, alumni, fans and other supporters. Those meetings are meant to ensure stakeholder priorities are considered in the stadium design, including amenities, experiences and other unique elements.

USF officials expect to present a more detailed stadium design plan when the design phase is complete.

“We are thrilled to take this next step with our on-campus stadium and so grateful to those donors who have already pledged their support,” said Jay Stroman, senior vice president of Advancement & Alumni Affairs and USF Foundation CEO.

“Thoughtful and achievable financing is a key driver for the short- and long-term impact and success of the stadium as a point of pride for our community. With the approval of the board of trustees, we are confident this plan will result in a stadium that will make Bulls Nation proud.”

The stadium will be built on the east side of the Tampa campus on a site known as Sycamore Fields.

The board of trustees also approved a plan to relocate recreational fields and other small facilities located at the Sycamore Fields site to alternative locations on campus to help ensure all USF students continue to access facilities for club sports, intramurals and other recreational activities.

“There is incredible commitment and alignment from our university leadership to bringing a high-quality stadium to our campus,” Vice President and Director of Athletics Michael Kelly said.

“The approval by the board of trustees should instill great confidence from the USF community that we are going to build a ‘home’ that we can call our own, will attract the best and brightest and will continue the tremendous elevation of our athletics programs and entire university.”