Seahawks’ next owners may want a new Lumen Field. Good luck getting it.
Irwin Kishner, co-chair of Herrick's Sports Law Group and co-chair of Herrick's Corporate Department, was quoted in The Seattle Times in an article discussing the sale of the Seattle Seahawks and how the upcoming expiration of the team's stadium lease in 2032 will affect the sale. The article notes that the stadium will be 30 when the lease is up, which is when "NFL teams push to remodel or replace even perfectly serviceable stadiums."
A stadium of Lumen's vintage "definitely is going to be, if you will, obsolete in the views of ownership," said Irwin.
The article notes that stadiums today can run "two to three times Lumen's $430 million cost, and voters are less willing to 'hold their noses' and subsidize them, especially in states with budget holes." According to the article, both public funding and private financing could be a stretch give the city's recent inability to find a site for a smaller basketball venue. In addition, while the stadium is older, Lumen has kept current with significant renovations and steady upgrades. Given several roadblocks, "industry observers don't expect a new owner to rush into a new stadium project, even if they want one."
Read the full article in The Seattle Times here. Access may require a subscription.