The Commanders’ New Stadium Will Change D.C. Forever
Today's newsletter explains how the Commanders will finance their new stadium, including private equity money, personal seat licenses (PSLs), naming rights deals, and the NFL's stadium loan program.
Less than two years after buying the Washington Commanders for a record $6.05 billion, Josh Harris has done what previous owner Dan Snyder couldn’t do in two decades.
Seated next to NFL Commissioner Roger Goodell and Washington, D.C. Mayor Muriel Bowser, Harris unveiled a historic new stadium agreement, officially bringing the NFL franchise back to the nation’s capital after nearly three decades in Maryland.
Here is what we know so far:
The Commanders’ new stadium will be built seven miles away on the site of their previous home, RFK Stadium. Last December, Congress gave D.C. permission to use the federally owned 180-acre parcel surrounding RFK Stadium, clearing a major legal hurdle that had prevented the area’s redevelopment for decades.
The $3.7 billion project will include a 65,000-seat stadium with a transparent roof. The roof will provide views of the U.S. Capitol and enable year-round use of the venue for other major events, such as the Super Bowl or the NCAA Final Four.
Since the stadium will occupy only 20 acres (11% of the land), the remaining area will be developed into an entertainment district. This district will feature 6,000 new housing units, along with a mix of parks, restaurants, and shops. At least 1,500 of the housing units will be reserved for affordable housing, and the federal land transfer required that 30% of the land be dedicated to parks or open space.