As a business enterprise in the world of professional sports, the NFL is in a league of its own. According to estimates from Sportico, the NFL’s revenue of $18.7 billion in 2023 eclipsed that of both the NBA and MLB by nearly $8 billion — and nearly tripled the NHL’s $6.8 billion in revenue. The NFL makes most of its money from lucrative media deals. Of the 100 most watched television programs in 2023, 93 were NFL games — and every year, TV networks and streaming services spend billions of dollars for broadcasting rights. (Here is a look at America’s most valuable sports teams.)
In an organization as valuable as the NFL, it is little surprise that nearly every owner of the league’s 32 teams are billionaires. Still, despite the NFL’s profitability — and the financial resources of team owners — many of the league’s largest expenses are subsidized by taxpayers. Over the last decade and in the coming years, nearly $4.7 billion — or more than $6.4 billion, adjusting for inflation — in public funding has been used or slated for use, to finance football stadium renovations and construction.
Notably, not all new NFL stadiums benefit from taxpayer money. SoFi Stadium in Inglewood, California — home to the LA Chargers and the LA Rams — took four years and an estimated $6 billion to build, and was entirely privately funded. However, as one of only three NFL stadiums that was not built on the backs of taxpayers, SoFi is an exception to the rule.
Compiling data from league press releases and a range of local and national media reports, 24/7 Wall St. identified the NFL teams benefitting the most from taxpayers. NFL teams are ranked by inflation-adjusted taxpayer funding that was, or will soon be, put towards stadium renovations or new construction. Our list includes recent projects — those completed within the last 10 years — as well as ongoing and upcoming stadium construction. The 10 NFL teams on this list are ranked by the estimated taxpayer contributions to their home stadium, adjusted to 2024 dollars.
Inflation adjusted taxpayer contributions to the stadiums on this list range from about $156 million to $1.26 billion, covering anywhere from 9% to 100% of capital improvement costs.
Typically, NFL teams are able to extract public funds by threatening, either implicitly or explicitly, to relocate to a new city. The practice has become increasingly common since the Colts moved to Indianapolis in 1984 when their home city of Baltimore denied subsidies for stadium renovations.
Some stakeholders in these deals argue that cities benefit economically from public investment in professional sports venues — with temporary construction jobs and part-time employment for stadium vendors and ushers. However, multiple studies cited by the Brookings Institution and the Federal Reserve Bank of St. Louis do not support these claims. New, state of the art stadiums are also used to justify higher ticket prices. (Here is a look at the NFL teams with the most expensive tickets.)
Why It Matters
The National Football League is a money-making behemoth without equal in the world of professional sports. Despite reporting billions of dollars in revenue every year, and many team owners ranking among the wealthiest people in America, taxpayers are burdened with many of the NFL’s largest capital expenditures. This list includes 10 recent and upcoming stadium construction projects that are being funded, either partially or entirely, with public resources.
10. San Francisco 49ers
- Publicly funded project: Construction of Levi’s Stadium; 8.8% taxpayer-funded
- Project’s start and end dates: 2012-2014
- Reported taxpayer contribution: $114 million (approx. $156 million in 2024)
- Total construction costs: $1.30 billion (approx. $1.78 billion in 2024)
- 2023 regular season record: 12 wins, 5 losses
- Most recent Super Bowl win: 1995
9. Atlanta Falcons
- Publicly funded project: Construction of Mercedes-Benz Stadium; 12.5% taxpayer-funded
- Project’s start and end dates: 2014-2017
- Reported taxpayer contribution: $200 million (approx. $264 million in 2024)
- Total construction costs: $1.60 billion (approx. $2.11 billion in 2024)
- 2023 regular season record: 7 wins, 10 losses
- Most recent Super Bowl win: N/A
8. New Orleans Saints
- Publicly funded project: Renovation of Caesars Superdome; 66.7% taxpayer-funded
- Project’s start and end dates: 2020-2024
- Reported taxpayer contribution: $300 million (approx. $365 million in 2024)
- Total construction costs: $450 million (approx. $548 million in 2024)
- 2023 regular season record: 9 wins, 8 losses
- Most recent Super Bowl win: 2010
7. Baltimore Ravens
- Publicly funded project: Renovation of M&T Bank Stadium; 100.0% taxpayer-funded
- Project’s start and end dates: 2024-2026
- Reported taxpayer contribution: $430 million
- Total construction costs: $430 million (approx. $DELETE million in 2024)
- 2023 regular season record: 13 wins, 4 losses
- Most recent Super Bowl win: 2013
6. Carolina Panthers
- Publicly funded project: Renovation of Bank of America Stadium; 50.0% taxpayer-funded
- Project’s start and end dates: 2026-2029
- Reported taxpayer contribution: $650 million
- Total construction costs: $1.30 billion
- 2023 regular season record: 2 wins, 15 losses
- Most recent Super Bowl win: N/A
5. Minnesota Vikings
- Publicly funded project: Construction of U.S. Bank Stadium; 46.9% taxpayer-funded
- Project’s start and end dates: 2013-2016
- Reported taxpayer contribution: $498 million (approx. $670 million in 2024)
- Total construction costs: $1.06 billion (approx. $1.43 billion in 2024)
- 2023 regular season record: 7 wins, 10 losses
- Most recent Super Bowl win: N/A
4. Jacksonville Jaguars
- Publicly funded project: Renovation of EverBank Stadium; 55.4% taxpayer-funded
- Project’s start and end dates: 2026-2028
- Reported taxpayer contribution: $775 million
- Total construction costs: $1.40 billion
- 2023 regular season record: 9 wins, 8 losses
- Most recent Super Bowl win: N/A
3. Buffalo Bills
- Publicly funded project: Construction of New Highmark Stadium; 60.7% taxpayer-funded
- Project’s start and end dates: 2023-2026
- Reported taxpayer contribution: $850 million (approx. $875 million in 2024)
- Total construction costs: $1.40 billion (approx. $1.44 billion in 2024)
- 2023 regular season record: 11 wins, 6 losses
- Most recent Super Bowl win: N/A
2. Las Vegas Raiders
- Publicly funded project: Construction of Allegiant Stadium; 48.8% taxpayer-funded
- Project’s start and end dates: 2017-2020
- Reported taxpayer contribution: $750 million (approx. $962 million in 2024)
- Total construction costs: $1.97 billion (approx. $1.97 billion in 2024)
- 2023 regular season record: 8 wins, 9 losses
- Most recent Super Bowl win: 1984
1. Tennessee Titans
- Publicly funded project: Construction of New Nissan Stadium; 60.0% taxpayer-funded
- Project’s start and end dates: 2024-2027
- Reported taxpayer contribution: $1.26 billion
- Total construction costs: $2.10 billion
- 2023 regular season record: 6 wins, 11 losses
- Most recent Super Bowl win: N/A
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