TAMPA, Fla. — The University of South Florida is closer than ever to making its plans for a state-of-the-art on-campus football stadium a reality.
The university's board of trustees gave its approval to the $340 million stadium plan on Tuesday, just weeks after USF’s finance committee unanimously approved a financial plan for the massive project.
“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 Chair Will Weatherford said.
While this doesn't mark the end of the football stadium's approval process, it's a major step. Architects and builders will still need to present a maximum cost for the project next year.
The school plans to have the 35,000-seat stadium and adjoining sports complex up and running for the 2026 football season. Based on the timeline, the school could break ground in about a year from now.
According to the approved plan, $140 million will come from the school itself using capital improvement funds, donations and an estimated $59 million from the sale of broadband equipment and licenses.
Another $200 million would come from a 20-year loan at 5.5% interest.
“We want to win and we want to win the right way. We want to build a stadium the right way too,” Committee Chairman Michael Griffin said in May. “And we want to make sure that we’re doing it while protecting the university by investing in our student experience on campus.”
Some committee members previously brought up concerns raised by a number of USF faculty who are worried that such an enormous financial commitment could impact academics.
But the board’s Chief Financial Officer Richard Sobieray said USF was getting 30% more in state funds these days, and that academics would not suffer.
“That money is being invested in our academic mission. It’s not used for this particular purpose," Sobieray said. "So, I do think that there is a real effort to make improvements and find those additional resources for investments in our academics and research."
The stadium will be built on the Sycamore Fields site, which is located on the east side of campus. The university said it plans to relocate the existing recreational fields and facilities to other locations on campus "to help ensure that all USF students continue to have access to facilities for club sports, intramurals and other recreational activities."
For now, the USF Bulls will continue to play their home games at Raymond James Stadium.