Every aging stadium eventually faces the same expensive question: fix it or replace it. A renovation may save money and keep a team in a memorable location fans love. A new building can solve problems that no amount of construction will fix. Choosing hastily may leave a city paying for a venue that is outdated before the work is finished, or watching its team leave for a shinier deal elsewhere.
Andrea Austin, a shareholder at Greenberg Traurig who represents public owners and professional teams on stadium renovations and new venues, says the decision usually comes down to three questions. Can the public afford its share of a new venue? Is the current location so iconic or practical it’s irreplaceable? And can the existing structure be updated to meet what fans and teams now expect?
Before comparing costs, Austin recommends getting clear on what a modern venue has to deliver, from core infrastructure to fan experience. Escalators, mechanical systems, security systems, and worn concrete aren’t glamorous to upgrade, but they’re essential for efficient venue operations. For fans, fast Wi-Fi is a basic expectation, not an extra. So is food and beverage service that gets people back to their seats quickly.
Fans also want new gathering spaces, whether exclusive clubs to open terraces where groups can mingle and circulate for a more interactive game-day experience than traditional seating typically offers.
Teams have their own priorities, and updated facilities can help grow team revenues through suites, new sponsorships, and non-game events. Better facilities can help them recruit top players and grow fan loyalty as well. The real test, Austin says, is whether an existing building can be reshaped to deliver all those things, for the right price.
Renovation likely makes the most sense in three situations. The first is when cost or political headwinds make a new build simply unattainable. The second is when the venue is an iconic fixture in the community, like Wrigley Field in Chicago or Lambeau Field in Green Bay. Venues with such rich history and community roots can’t simply be transplanted somewhere else. The third is when the core structure is sound enough to be modernized.
Most renovations happen in phases so the team can keep playing. Austin notes that phasing is a trade-off between finishing quickly and losing revenue from hosting fewer events during construction. NFL stadiums typically have an easier time because they host relatively fewer games. Arenas and ballparks with full calendars have less room to work around.
Where possible, Austin advises consolidating the construction schedule. A shorter timeline keeps construction escalation costs down and lowers the risk that a renovation will already feel outdated by the time it is complete.
Some venues can’t be fixed because the problem is the design. If a building’s core layout can’t be sufficiently retrofitted to meet modern fan and team needs, renovation money only goes so far. Austin points to Soldier Field in Chicago as an example of a renovation that ran into those limits.
Lease terms can also force the issue. Some leases include a facilities clause that requires the venue to meet first-class standards, and the lease can be voided if it falls short. Austin points to the St. Louis Rams’ relocation as an example of how these clauses can play out when “sight lines” can’t keep pace with comparable first-class facilities. Teams and cities that sign leases like this need to understand what it will cost to keep meeting benchmark standards year after year, and which side is responsible for making the necessary improvements.
Politics, fan loyalty, and changes in the local market can also push a team toward a new building, even when the existing one still works.
Many stadiums are publicly owned, which puts a city or stadium authority at the negotiating table. For public owners of sports facilities, Austin recommends three steps before talks start.
First, hire an independent third party to assess what the facility actually needs. A team’s wish list and a building’s needs are not always the same thing.
Second, make sure the investment is balanced. Funding should cover critical items like escalators, back-of-house systems, and building infrastructure, not only the suites and premium seating that generate revenue for the team.
Third, know the numbers. Public owners should define what reserves are available and confirm their funding sources before discussions begin, so they negotiate from a clear position.
Whether the answer is a renovation or a new building, the goal is the same: a venue that meets today’s standards under an agreement that works for the team and the community over the long term.
About Andrea Austin: Andrea Austin is a shareholder in Greenberg Traurig’s Denver office. She focuses her practice on the development, operation, and renovation of professional sports facilities, representing public owners and professional teams in new venue projects, renovations, and public-private partnerships.
Disclaimer: This article is intended for informational purposes only and does not constitute legal, financial, or investment advice. The views and opinions expressed herein reflect those of the individuals quoted and do not represent an endorsement of any company, product, or service mentioned. Readers should conduct their own due diligence and consult qualified professionals before making any investment decisions.
Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.
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