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USF Pursuing Raymond James Stadium Lease Extension

USF Bulls

The University of South Florida is pursuing a lease extension at Raymond James Stadium, which would continue to host the football team as USF considers a new stadium. 

USF has been exploring possibilities for building a new on-campus football stadium. While the proposed lease does not necessarily end those talks, it shows that the school is looking for a viable solution over the next few years.

The proposed lease calls for USF to continue playing at Raymond James Stadium for the next six years, with the USF Bulls playing at least six home games at the venue per season. Additional terms grant the university the right to sell alcohol during games, and allow for a five-year option to be included in the agreement.

The proposal will be considered during a Tampa Bay Sports Authority executive committee meeting on Tuesday, but it will require additional layers of approval. More from The Tampa Bay Times:

The draft must be approved by the executive committee and the Tampa Bay Buccaneers before presentation to USF. The school’s prior lease with the stadium expired after the 2016 season.

Terms of the agreement indicate USF will pay no rental fees, and only direct costs associated with its games. It must collect and pay to the TSA the same ticket surcharge as its prior lease deal: an amount equal to 8 percent of the price of the tickets sold, not to exceed $2.50 per ticket.

Direct costs for use of the lower bowl and two club lounges is estimated to be $172,000 for games with fewer than 24,000 participants, and $185,000 for games with more than 24,000 for the 2017 season. Rates for future years will be determined each July.

The Bulls have used Raymond James Stadium it opened in 1998.

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