by: Brian Jones 28 minutes ago brianjones_93
Dallas Cowboys’ AT&T Stadium will be paid off years ahead of schedule. According to Eric Fisher of Front Office Sports , the city of Arlington, Texas, which owns the Cowboys stadium, will make a $22.6 million payment on the venue. It will be the final payment, and the debt ends a decade early.
Arlington was originally scheduled to pay the $325 million in total contributions until 2035. The debt was paid off sooner because of the revenue from a sales-tax increase, car rental taxes and hotel occupancy taxes, and all were approved by local voters in 2004.
“Ten years early saves you a lot of interest and a lot of fees,” Arlington city manager Trey Yelverton told the city council. “Because of how we’ve structured things, we’re able to pay them off early, and because we’re paying this one off early, we continue to be in a good position for Globe Life Field.”
Arlington paid $490,3 million in total principal, interest and fees toward AT&T Stadium, but saved more than $150 million in additional interest and fees. The Cowboys paid the remaining $1.2 million in construction costs for the stadium.
More on the Cowboys’ AT&T Stadium
The Cowboys have called AT&T Stadium home since May 2009. The stadium has a capacity of as much as 100,000 and has hosted multiple big sporting events, including Super Bowl XLV and the College Football Playoff National Championship game in 2015.