The NFL Stadium Capex Tracker

Chicago Bears — Hammond, IN (Wolf Lake) domed stadium build

The Indiana pivot. In early June 2026, the Bears’ board voted to advance a new stadium project in Hammond, Indiana, roughly 15–25 miles southeast of downtown Chicago, in the Wolf Lake area. The vote followed the failure of the Illinois legislature to pass property-tax relief and “megaprojects” legislation that would have enabled a build on the 326-acre former Arlington International Racecourse site the Bears bought in 2023 for approximately $197M. A downtown Chicago lakefront domed alternative that surfaced in 2024–2025 has been ruled out by the team as non-viable. Team president Kevin Warren (formerly Big Ten commissioner) is running the project. The specific Wolf Lake parcel has not yet been finalized, and soil testing continues on adjacent land, but multiple reports describe Hammond as the clear priority path barring major surprises.

The Indiana deal framework. Indiana created the Northwest Indiana Stadium Authority via legislation signed by Governor Mike Braun in early 2026, modeled in part on the Lucas Oil Stadium approach used for the Colts. Under the base framework: the Bears would contribute approximately $2 billion to stadium construction (with additional obligations for surrounding mixed-use development, taking overall project concepts into the ~$5B range including entertainment, retail, and residential elements). Public support of up to approximately $1 billion in bonding would be state-backed but primarily repaid via local and visitor taxes rather than general state appropriations — a 12% admissions/ticket tax on stadium events, a 1% food-and-beverage tax in Lake and Porter counties, an increased innkeepers/hotel tax in Lake County (doubling the existing rate toward 10%), Professional Sports Development Area (PSDA) capture of certain sales and income taxes around the site, and infrastructure support potentially aided by renegotiating the Indiana Toll Road lease.

Ownership and operating economics. The Northwest Indiana Stadium Authority would own the facility. The Bears would lease it long-term (minimum ~35 years), keep essentially all operating and event revenue, and pay no property taxes on the stadium. After the bonds are amortized (~40-year horizon in some descriptions), the team would have the option to purchase the stadium for $1 (or the remaining debt in some earlier framings). The building is planned as a fixed-roof, enclosed venue capable of hosting Super Bowls, Final Fours, WrestleMania rotations, and year-round concerts — the Allegiant / SoFi economic model, applied to Chicago’s market with an Indiana ownership/tax structure. Groundbreaking could come as early as spring 2027, with a target opening around 2031. The Bears’ Soldier Field lease runs through 2033 with an early exit available for a fee.

What practitioners should weigh. Analysts have flagged questions about whether the projected tax revenues fully cover long-term debt service across all scenarios, but the legislative framework is now in place. Arlington Heights remains theoretically possible if Illinois finds a late political path to property-tax certainty and related incentives, but the June 2026 board vote and subsequent site work in Hammond shifted momentum decisively. The Arlington Heights 326-acre parcel becomes a strategic-optionality asset the family enterprise will need to monetize, JV, or hold on the balance sheet — likely the largest single real-estate decision the McCaskey estate faces alongside the stadium build itself. The stadium decision will materially reshape the family enterprise for the next generation.

Cincinnati Bengals — Paycor Stadium renovation negotiations

Paycor Stadium (originally Paul Brown Stadium, opened 2000) is a 25-year-vintage building on a Hamilton County lease that has been the subject of long-running political tension over the original public-financing package — widely cited in sports-economics literature as one of the worst public-side deals of its era. The current renovation negotiation between the Brown family and Hamilton County is active but the cost figure and public/private split are not yet formalized; industry reporting suggests a program in the $1.0B range for a substantial modernization. The strategic question is whether a Bengals ownership known for capital discipline commits materially to a renovation absent an aggressive county contribution — and what happens to the lease if the negotiation stalls past 2026.

New Orleans Saints — Caesars Superdome renovation

The ~$560M renovation of the Caesars Superdome (opened 1975, hosting seven Super Bowls including Super Bowl LIX in February 2025) is nearing completion. Financing stack: approximately $260M from the State of Louisiana, with the balance from the Saints organization and the Caesars naming-rights extension. Gayle Benson owns the Saints (and the NBA Pelicans) through the Benson family estate structure. The Superdome is unusual among NFL venues in that it is state-owned and leased to the team, which keeps public-financing politics closer to the surface than in team-owned or team-leased buildings. The renovation prioritizes concourse widening, premium-seating rebuild, and a new video board package — the tier-two upgrades that don't require closing the building.

Philadelphia Eagles — Lincoln Financial Field renovation (team-funded)

Jeffrey Lurie announced a ~$700M team-funded renovation of Lincoln Financial Field in 2024. Philadelphia is not putting up public money this cycle — the political and civic appetite has shifted after the 2003 stadium build's public-cost debates. The renovation program covers premium-seating rebuild, concourse and food-and-beverage upgrades, technology infrastructure, and sponsorship-inventory expansion, phased so the team plays home games throughout. Lurie's 100%-private structure is a data point for the class of large-market owners with the balance-sheet capacity to self-fund upgrades and the political read to conclude that a public ask is not worth the fight. Contrast with Buffalo's structure at the opposite end.