TAMPA, Fla. — To put it in football terms, it’s finally reaching the end zone.
The Florida Board of Governors voted on Friday in favor of the financing plan for the University of South Florida's new on-campus stadium.
This approval signaled state-level support for the transformational facility set to open in fall 2026, a news release from the university explains.
USF Board of Trustees Chair Will Weatherford presented the vision of the new stadium to the board alongside USF President Rhea Law, explaining how the project will "positively impact the university community and broader Tampa Bay region as it hosts USF football and women’s lacrosse, as well as concerts and other events."
According to university leaders, the new on-campus stadium will present the opportunity to strengthen campus culture while also serving as a recruiting tool and raising the school's overall profile.
“Bulls Nation deserves to have a stadium on USF’s campus. Our time has come. Our 50,000 students, our alumni, faculty, staff, and our greater community all deserve the benefits that come with a stadium on our campus,” Weatherford said in a statement. “The stadium will be a rallying point that brings people together and helps connect and inspire generations of Bulls fans far and wide.”
USF is set to open its $340 million, 35,000-seat stadium in 2026 on the eastern edge of the Tampa campus, university officials said.
But in the months between proposal and approval, some things have changed that could make the $340 million plan a little riskier – the university has had to revise its financial projections.
The $200 million loan that was supposed to come in at around 5.5% interest is now closer to 7%.
With that change, a report found USF is now under increased pressure to sell tickets to about 30,000 fans at its games.
Anything short and that could mean cuts elsewhere for the athletics department. But those promoting the stadium said between ticket sales, renting out the stadium and sponsorships – they’re confident they would cover the estimated $2 million dollar additional cost per year due to the higher interest rate.
Students, even those who support the idea of a stadium, said it would be unfair to see other programs suffer.
“Cutting it back a little, I could see,” USF freshman Brent Henderson said. “But eliminating it completely just for a new stadium. I don’t think that’s fair, no.”
Ellie Agerton, a chemistry student, agreed.
“The only thing that I could see on the other side is that if there is a new stadium, more people might go to the game so that could create more money,” she said. “But I just don't know if that's worth it in the long run.”
Back in June, when USF's board of directors voted to move forward with the plan, faculty representatives were already raising concerns.
USF assured the board of governors that they would have it covered.
The planned location for the new stadium is at a spot known as Sycamore Fields, where the athletic department already has a state-of-the-art facility and indoor practice field. It's also where the “Ponderosa” once originally housed USF's fledgling football offices.
"The USF Financing Corp. will issue a debt of up to $200 million that the university will repay from several sources, including operating revenues from the stadium and other revenues generated by USF Athletics," university leaders explain in the release. "USF has also identified the other funding sources on the project, including capital gifts ($50 million, of which nearly $40 million is already raised); the Capital Improvement Trust Fund ($31 million); contingent cash contribution from the sale of educational broadband service licenses ($25 million); administrative overhead from auxiliary expenditures ($15 million); auxiliary funds ($11.5 million); and proceeds from a 2017 Federal Communications Commission auction ($8 million)."
Law said the stadium will essentially lift USF to new heights while also creating a brighter future for the school, students and the entire region.
“We are grateful for the support of the Board of Governors as we move forward with our plans for a transformational stadium that will take our university to the next level," she said in a statement.
This approval from the BOG follows a day after USF announced a gift of $25 million from Tampa General Hospital to put toward naming the Center for Athletic Excellence.
Until the on-campus stadium is ready, the USF Bulls will continue to play their home games at Raymond James Stadium.
The Associated Press and 10 Tampa Bay's Andrea Chu contributed to this report.