Saints closing in on $450M Superdome renovation deal

The New Orleans Saints are nearing a deal with state officials to keep the team in Louisiana long term and set aside $450 million for Superdome renovations, according to Jeff Duncan of NOLA.com.

If completed, the agreement would extend the Saints' lease with Louisiana through 2035. Their existing lease is slated to expire in 2025.

The Saints ($150 million), state ($93 million), and Louisiana Stadium and Exposition District ($207 million) will each contribute to the project. The $450 million in renovations costs about $1 billion less than building a new stadium would.

"The building has to be modernized so we can improve the fan experience," Saints president Dennis Lauscha said Wednesday. "This is basically a wash for us financially."

The Saints have played in the Superdome every year since 1975, except for the 2005 season as New Orleans recovered from Hurricane Katrina. The venue has become synonymous with the team and an iconic landmark in the city.

If approved, the four-phase renovation project will begin in January 2020 and conclude in 2024. Most of the major work is expected to take place between football seasons.

The Superdome will host Super Bowl LVIII on Feb. 4, 2024, by which point officials hope the renovations are finished.

Copyright (C) 2019 Score Media Ventures Inc. All rights reserved. Certain content reproduced under license.