Bucs float a two-thirds public tab for Ray Jay as the first seat bid comes in under budget

The Rays vote did not empty Hillsborough’s sports-finance well. It published the term sheet. The next named ask belongs to the Glazer-family Tampa Bay Buccaneers at Raymond James Stadium, where a roughly $1B upgrade conversation meets a lease clock: the lease ends Jan. 31, 2028, and the Bucs must tell the Tampa Sports Authority their renewal plans by Jan. 31, 2027 (WUSF). FOX 13 puts it the same way: the Bucs must decide by January 2027 whether to extend their lease for another five years, and they have not unveiled how the proposed $1 billion renovation package would be funded (FOX 13). Asked on Aug. 4 for an update on the renewal, TSA CEO Eric Hart said, “Nothing at this time” (TSA minutes).

Your stake: no reader-level figure exists yet. The near-term Ray Jay list runs on the fourth-cent tourist tax with no Community Investment Tax, the TSA’s chief executive says, but the $1B Bucs package could draw on city and county sales taxes as well as tourist dollars, and Hillsborough’s recommended budget books $83.7M for Raymond James in the fund group that uses the county’s commercial-paper facility (TSA minutes; FOX 13; Hillsborough County FY27 Recommended Budget). If you shop or stay overnight in Hillsborough, those are the taxes in play.

The money

The private-versus-public split is on the record now, as a float. The Buccaneers have floated paying one-third of the cost of a $1B Raymond James renovation, with the public covering the other two-thirds; Sports Authority officials said half of that amount would go toward sun coverage, and Hart said he expects the Bucs to ask for between $700M and $1.3B (Sports Business Journal, citing the Tampa Bay Times). Pewter Report, also citing the Times, says the team would ask the Sports Authority for $1 billion in renovations, “with the team possibly paying one third of that and then seeking the rest of the funding from the public,” and that half the money “would be used for sun shades” (Pewter Report). On a $1B package, two-thirds public is about $667M (our arithmetic). Nothing is signed. The TSA’s June letter cited about $500M in maintenance identified just to keep the stadium in its current condition, and County Commission Chair Ken Hagan has said the county and city previously set aside $500M from sales tax and tourist tax money in anticipation of the Bucs’ requests (WUSF). FOX 13 reported Sept. 4 that the hope is a deal within three to five months on several waves of work, including a north-end “Buccaneers Cove” of restaurants, bars, team stores, and entertainment areas, and possibly a cover. “New elevators, escalators and new seats are already on the way,” FOX 13 reported, and “the county will have to agree to fund things like new scoreboards and tower boards” (FOX 13).

Tampa City Council Chair Alan Clendenin, one of the city’s four appointees to the sports authority, is the named public negotiator (FOX 13; WUSF). “We already have about $60 million worth of improvements budgeted for Raymond James Stadium to do upgrades,” he told FOX 13 in May, and “That’s already happening.” “Needs versus wants,” Clendenin said. “We’ll have to negotiate and strike a good deal for both the Buccaneers and the taxpayers” (FOX 13). In June he told WUSF: “Of the $1 billion that the Buccaneers are looking for, half of that is the shade structure, so half a billion dollars,” and “We have an obligation to maintain the stadium at NFL standards” (WUSF).

The near-term number is approved. On Aug. 4, the TSA board passed its FY2027-2028 Stadium Capital and Operating Budget 10-0 (TSA minutes); the published document still labels its columns “proposed.” It carries $61.08M of capital projects in FY2027 and $15.55M in FY2028, about $76.6M over two years, and requests $57.59M and $15.55M in capital subsidies, $73.14M together, against $3.49M of available cash (TSA budget). Tampa Bay Business & Wealth printed the total: the authority would “request the remaining $73.14 million from Tampa and Hillsborough County, according to the budget” (TBBW). Hart said there is “no CIT on any of these projects”: they run on the fourth-cent tourist development tax, and “the city and county have an obligation 1/3, 2/3” under the agreement and have chosen to fund it from the fourth cent (TSA minutes). The biggest lines: $30M to replace the bowl seats and add a telescopic retractable system in the south end zone; $18M to replace all ten passenger elevators and four corner escalators; and a new visiting locker room in undeveloped Quad A space, $600,000 for design and oversight in FY2027 and $10M to build it in FY2028. Projected 2028-2047 capital costs, all shown as county and city contributions, total $378.65M (TSA budget).

The county has a number of its own. Hillsborough’s FY27 County Administrator’s Recommended Budget carries “Raymond James Stadium Capital Improvements” at $83,707,000, against $28,000,000 adopted for FY26, $7,066,566 spent in FY25 and $6,628,841 in FY24, and lists it as “an increase in reimbursement” of $55,707,000. The line is funded from the Commercial Paper & Credit Capacity Fund, which the book says covers Raymond James, Benchmark International Arena and other capital programs that use the county’s commercial paper facility “as a form of short-term interim financing” (Hillsborough County FY27 Recommended Budget, pp. 154, 349, 351). That is a recommended figure, not the TSA’s request. Commissioners adopted the county’s $13.7 billion budget and an 8.6864 aggregate millage at the Sept. 24 final hearing, with Commissioner Donna Cameron Cepeda the lone no vote and Commissioner Joshua Wostal not present (Tampa Bay Times; Hillsborough County hearing agenda). As of Oct. 18 the county’s page still lists the adopted FY27 documents as “To be posted,” so whether the adopted budget keeps the $83,707,000 line cannot yet be checked (Hillsborough County). Tampa City Council adopted its more than $2 billion budget Sept. 22, Mayor Jane Castor’s last; the Times account does not mention the Sports Authority or Raymond James (Tampa Bay Times).

The seats came in under budget. On Sept. 29, TSA staff recommended Hussey Seating for the seat replacement, RFP #25-13, at a final offer of $19,269,890.30 against Irwin Seating’s $20,097,370.48, inside the $30M approved budget. Hussey also ranked first on final averaged scores, 261 to 253. The Sept. 22 Finance Committee agenda had listed RFP #25-13 as a request for approval (TSA Finance Committee packet). Concrete patching and sealing, new south-end concrete before the telescopic seating, and electrical feeds for aisle lighting are outside the bid and come back to the board in future months (TSA packet). The board agenda lists the item as discussion, not consent (TSA agenda). Staff asked the board to accept Hussey “as the most responsive and responsible proposer” (TSA packet). As of Oct. 18, the TSA meeting portal lists the Sept. 29 board meeting with an agenda and a packet only, and its minutes page reads, “The minutes for this meeting has not been published,” so the board’s action is unpublished, and we found no news report of a vote (TSA). On Sept. 1, VP of Stadium Operations David Moss had held it back: “The team has asked us to, to delay this just a little bit longer while they get ownership actually to get in town and actually sit in the sample seats” (Sept. 1 minutes, TSA).

Under the 1996 stadium agreement, the Buccaneers pay $3.5M a year in rent, rising to $7M if the agreement is renewed, and keep all admissions, concessions, parking, and advertising revenue from their events, plus all suite lease and advertising revenue at Raymond James (TSA budget). The FY2028 planning budget shows $5.83M from the team, which TBBW describes as the Bucs’ annual stadium license fee, budgeted at $3.5M in FY2027 and rising to $7M if the agreement is renewed; TBBW says the budget does not explain how the $5.83M was calculated (TBBW). Finance VP David Byrne said FY2028 starts to show the Bucs’ “hopeful renewal with us where our rent will double” (TSA minutes).

The same authority now watches the Rays. Its Sept. 29 agenda asked approval of Skanska USA Building as its owner’s representative for the ballpark’s schematic design review at $303,370, and of an interlocal agreement under which the TSA acts as Hillsborough’s representative and supervises Skanska, funded up to $3.5M over the full review; the Finance Committee recommended it unanimously (TSA packet). Hillsborough commissioners had approved that role 5-2 on Sept. 16 (FOX 13), and the first phase is paid out of the county’s contribution (WUSF). A reorganization memo adds a chief operating officer, a chief financial officer, and three business lines, citing USF Stadium, the Fieldhouse at Fowler, and the new Rays ballpark; all costs were approved in the FY27-28 budget (TSA packet).

Legends sits on both sides of Dale Mabry. Catered-function contracts at Ray Jay, for venues including Bar 76, the Cove, and the East Club, “have been entered into by Legends and the Tampa Sports Authority,” signed by Hart and Moss (TSA packet). On Sept. 18 the Rays named Legends their owner’s representative and sales lead for naming rights, founding partners, premium seating, and suites (Rays release). Legends works with construction manager AECOM Hunt Turner and architects Gensler and Populous (WUSF). The terms were not disclosed (Business Observer).

How it works

Two franchises, one tax well, two kinds of money. The near-term Ray Jay list runs on the fourth-cent tourist tax with no CIT, Hart says. The $1B conversation is different: FOX 13 says the future Bucs deal covers tourist dollars as well as city and county sales taxes, and the Tampa Bay Business Journal, via SBJ, calls CIT and TDT funds the likely sources. Hagan says none of the sales tax or tourist tax meant for Raymond James was touched by the Rays negotiations (FOX 13). On the record so far, the shared constraint is political capacity and voter patience across one county, not a drained account. The Bucs’ lease clock forces the second argument on a published calendar.

What could still stop it

The Rays build reaches Ray Jay’s lots. Economic development expert John Boyd says the plan could eliminate 2,600 to 3,000 parking spaces used for Raymond James events, and hundreds of fans already walk Dale Mabry to avoid $50 to $150 parking (FOX 13). On Wednesday, Oct. 14, the Hillsborough Transportation Planning Organization voted 13-2 for a $10 million package near the Rays’ stadium site: Tampa Bay Boulevard widens to four lanes from Dale Mabry Highway to Lois Avenue with a new intersection at the stadium entrance, Air Cargo Road widens to four lanes from Tampa Bay Boulevard to West Ohio Avenue, and the roundabout at South Lois Avenue and Tampa Bay Boulevard grows from one lane to two, with construction expected to start in 2027 (WUSF; WFTS; Plan Hillsborough). The project’s programmed total rose from $3,407,714 to $10,283,642, which staff described as state and federal money “from a statewide pot of reserves” (WFTS). Commissioner Joshua Wostal voted no and said “there’s almost certainly going to be a legal challenge” (WUSF).

Next door, site work is about to start. Most Dale Mabry classes move to temporary classrooms called The Nest for the spring semester, with the Rays paying for the move (WUSF), and demolition could come in December (Bay News 9). The Rays had hoped to break ground “this September”; Rays CEO Ken Babby said the project would first go through bond and funding validation, and a community benefits agreement must be finalized (FOX 13, Aug. 30). By Sept. 29, WTSP reported work on The Nest, with land clearing “real soon” and vertical construction “some time next spring.” WUSF reported Oct. 14 that “The Rays are planning to break ground on the ballpark in November, with the goal to have it completed at the start of the 2029 season” (WUSF). On Oct. 15, Tampa City Council voted 4-3, after an initial tie, to start a court proceeding to validate up to $80 million in bonds for the city’s share of the Rays’ ballpark, and Hillsborough has set its sales-tax hearing on the ballpark for Nov. 10 (Tampa Bay Times; WUSF; see the Rays story).

USF is leaving and may still pay the TSA. The on-campus stadium is on schedule for the Bulls’ Sept. 4, 2027 home opener against Louisville, though they open at Northern Illinois the week before (Tampa Bay Times). TBBW reported a proposed deal for the TSA to operate it for 15% of revenue on non-USF events the university books and 20% on events the TSA books, July 1, 2026 to Sept. 30, 2030, with two three-year options; the Sept. 29 memo says the board approved expanding TSA services to USF Stadium (TSA packet). Byrne said the loss of college football is offset largely by hosting the Florida-Georgia game in October 2027 (TSA minutes).

Why it matters across Florida

Jacksonville has already answered its version of the Bucs’ ask: its City Council approved $775 million in public funding for a $1.4 billion renovation of EverBank Stadium (The Center Square via The Capitolist), and WUSF reports the Jaguars will play their 2027 home games in Orlando during the work (WUSF via St Pete Catalyst). Tampa Bay is the live split-screen, and one authority now runs one stadium while watching the other get built.

What to watch

The TSA calendar: Finance Committee Oct. 27 at 10:30 a.m., Executive Committee Oct. 27 at noon, and the board Nov. 3 at 4 p.m., none with an agenda posted as of Oct. 18; no October board meeting is listed, and the board’s seat action is not yet published (TSA portal). The $18M elevator and escalator replacement, now no earlier than the Nov. 3 board; the Sept. 29 packet has no elevator or escalator item (TSA portal; TSA budget). Whether Hillsborough’s adopted FY27 budget, adopted Sept. 24 but not yet posted, keeps the $83.7M Raymond James line. The three-to-five-month window for a Bucs funding deal, counted from Sept. 4 (FOX 13). The Jan. 31, 2027 renewal notice (WUSF). Hillsborough’s Nov. 10 public hearing on sales-tax money for the Rays’ ballpark (Tampa Bay Times). Tampa’s Rays bond-validation filing after the council’s Oct. 15 vote, and the separate council vote needed to take out the loan if the court approves (Tampa Bay Times; WUSF; Bay News 9). The council’s Oct. 29 special meeting on the Rays community benefits agreement (FOX 13). USF’s first season on campus.

Correction

Correction, Oct. 16: An earlier version of this story said the transportation proposal near the Rays’ stadium entrance would change the Lewis Avenue roundabout. It is the Lois Avenue roundabout; the existing roundabout at South Lois Avenue and Tampa Bay Boulevard would be expanded from one lane to two (Plan Hillsborough; WFTS).

Correction, Oct. 16: An earlier version of this story said Hillsborough’s FY27 budget had not been adopted as of Oct. 6. Commissioners adopted the county’s $13.7 billion budget and millage at the Sept. 24 final hearing; the adopted documents had not been posted as of Oct. 15, so the $83,707,000 Raymond James line remains the recommended figure (Tampa Bay Times; Hillsborough County).