A message from the
PRESIDENT/CEO
ERIC D. HART, CVE
I am pleased to present the recommended biannual Operating and Capital Budget for fiscal years 2026 and 2027. This budget was developed by staff and included consultation with Hillsborough County and the City of Tampa finance staff, along with the Authority’s Finance Committee. This budget reflects continued revenue enhancements through the booking of major community events along with the costs associated with sharing revenues as required by the Stadium Agreement, ongoing costs associated with our primary tenants on field success and a continued emphasis on venue capital repairs.
The Authority saw another year of financial success at Raymond James Stadium in FY 2025. The Authority successfully hosted the following sold-out concerts: AC/DC
and two nights of Metallica on June 6th and 8th. Chris Brown and My Chemical Romance are currently sold out and are scheduled in August and September 2025 and will have an impact on the Authority’s projected FY 2025 and 2026 budgeted revenues and expenses.
Additionally, the Authority hosted the Breakaway Music Festival, Country Thunder Music Festival, two Monster Jams, Supercross, the Gasparilla Bowl, ReliaQuest Bowl, the Savannah Bananas (in their first NFL stadium), soccer superstar Lionel Messi and Inter Miami FC vs Orlando City, along with full seasons of college and professional football. Our successful efforts continue to place Raymond James Stadium as one of the highest performing stadiums in the world. Our staff is the key to the success of the Authority and this budget makes efforts to thank our staff for all they have accomplished for the citizens of Hillsborough County and the City of Tampa.
The entire Tampa Bay region was impacted by Hurricanes Helene and Milton in the fall of 2024, although the stadium withstood both storms with relatively limited damage. Raymond James Stadium served as a vital shelter for first responders, emergency operations staff from the nearby Air Force Base, and essential equipment that is deployed post storm.
As initiatives within the Authority’s strategic plan, staff continue to place significant emphasis on customer service, revenue generation and venue capital improvements. Staff continue to review the organizational structure and make modifications in operating and event staffing policies which are designed to reduce costs, improve efficiency and better meet the needs of the community and Authority clients and tenants. Based upon the continued uncertainty with costs and the local labor availability, the management team continues to be tasked with finding new and creative ways to operate the stadium and incorporate additional private sector practices into our operations.
Respectfully,
MISSION STATEMENT
To plan, develop, promote, and maintain a comprehensive complex of sports and recreation facilities for the use and enjoyment of the citizens of Tampa and Hillsborough County.
ABOUT
To stimulate economic vitality and improve the quality of life in Tampa Bay through compelling sports and entertainment offerings held at world-class venues.
VISION STATEMENT
Providing Sports and Entertainment to Tampa Bay.
THE AUTHORITY
The Tampa Sports Authority, a government entity, is an Independent Special District created by the Florida Legislature in 1965 to construct and manage sports and recreational facilities in in Hillsborough County. The Authority’s role is to stimulate economic vitality and improve the quality of life in Tampa Bay through compelling sports and entertainment offerings held at world-class venues. The Authority has no taxing power, but rather acts as an enterprise fund utilizing user-fees to subsidize its operating costs. As a result, all of its major capital construction projects from the original Tampa Stadium, the golf courses, the Hillsborough County Tournament SportsPlex, Amalie Arena, George Steinbrenner Field and Raymond James Stadium have been accomplished by working closely with the approvals and financial support of Hillsborough County and the City of Tampa. Raymond James Stadium was constructed with funds from the Community Investment Tax (CIT). The CIT is a 30-year half-cent local option sales tax. The first 25% of the total projected CIT collections goes to build new schools. The next amount is applied to debt payments on the stadium bonds (approximately 5% of the total) and the remaining 70% is divided between the County and the three cities in Hillsborough County for roads, sidewalks, buildings and public safety needs (see page 25).
We estimate that more than 1.2 million fans will enjoy the various events and functions held at Raymond James Stadium in fiscal year 2025. In addition to hosting the Buccaneers and USF football seasons, the Authority also hosted major community events and festivals contributing regional economic impact through the generation of significant hotel room nights. Along with these major community events, the venue hosted more than 175 banquets, special events, and parking lot events.
CHART ORGANIZATIONAL
TAMPA SPORTS AUTHORITY: EXECUTIVE TEAM (BACK L-R) STEVE REED (VP OF SPORTPLEX), BOBBY SILVEST (VP OF MARKETING & COMMUNICATIONS), DAVID MOSS (VP OF STADIUM OPERATIONS) (FRONT L-R) JIM GARRISON (VP OF GOLF OPERATIONS), ERIC HART (PRESIDENT/CEO), DAVID BYRNE (VP OF FINANCE/ADMINISTRATION) (NOT PICTURED) REBECCA SANTOS (EXECUTIVE ASSISTANT TO CEO)
Jeffrey W. Gibson GENERAL COUNSEL KRISTEN GRAY ASSOCIATE GENERAL COUNSEL
BOARD OF TAMPA SPORTS
PATRICK MANTEIGA
CHAIR
BOCC APPOINTEE
TERM EXPIRES: 6/2029
HONORABLE KEN HAGAN
COUNTY COMISSIONER
TERM EXPIRES: 11/2025
JOHN JAEB
VICE CHAIRMAN
CITY APPOINTEE
TERM EXPIRES: 6/2025
BOCC APPOINTEE
TERM EXPIRES: 6/2027
ANDY JOE SCAGLIONE
SECRETARY/TREASURER
BOCC APPOINTEE
TERM EXPIRES: 6/2027
LUCIANO PRIDA, JR.
CITY APPOINTEE
TERM EXPIRES: 6/2025
TONY MUNIZ
DIRECTORS AUTHORITY
C. DENNIS CARLTON, JR.
BOCC APPOINTEE
TERM EXPIRES: 6/2029
HONORABLE ALAN CLENDENIN
CITY COUNCILMAN
TERM EXPIRES: 5/2026
JOSEPH W. J. ROBINSON P.E.
CITY APPOINTEE
TERM EXPIRES: 6/2027
MARK S. WOODARD
CITY APPOINTEE
TERM EXPIRES: 6/2027
DON DEFOSSET
GOVERNOR’S APPOINTEE
TERM EXPIRES: 6/2025
ERIC D. HART, CVE PRESIDENT/CEO
CONTRACT TERM: 9/2029
STRATEGIC PLAN
As part of the Authority’s long range planning efforts, the strategic plan identifies strategic objectives that will drive planning for the Authority over our diverse inventory of current and possible future business lines. The initial objectives will be analyzed and possibly adjusted over the next year, based on input from the TSA Board and other stakeholders. This strategic plan is used as the main guiding document for the staff in managing the Authority’s business lines and help the Board and TSA leadership align behind long range strategic priorities.
Key Performance Indicators:
• Actionable strategic initiatives and key performance measures (KPIs)
• Staff uses a quarterly “scorecard” to summarize performance toward achieved KPIs for each business line.
STRATEGIC OBJECTIVES
• Diversify into and capitalize on new and profitable revenue sources
• Adopt proactive facility master planning while rapidly exploiting new or emerging sports and entertainment opportunities
• Create positive customer experiences
• Protect public assets while safeguarding our customers and their personally identifiable information
• Develop and maintain a diverse, innovative and engaged workforce
• Reduce reliance on County and City subsidy
• Build community support for the Tampa Sports Authority
• Expand our adoption of environmentally sustainable practices
TSA KPI SCORECARD
During natural disasters in Tampa Bay, Raymond James Stadium serves as a vital shelter for first responders, emergency operations staff from the nearby Air Force Base, and essential equipment that is deployed post storm. Behind the scenes during Hurricanes Helene and Milton, a dedicated team of maintenance, housekeeping, security, and facilities staff kept things running smoothly, while food and beverage partners fired up the kitchen to serve three hot meals a day to those sheltered at the stadium and working tirelessly across the city and county. It is more than a stadium—it’s a hub of resilience and response.
Hurricane Preparedness Tampa Bay Rays
The Tampa Bay Rays are playing at George M. Steinbrenner Field in 2025 because Hurricane Milton severely damaged Tropicana Field, their usual home, making it unplayable for the season. The Yankees graciously offered their spring training facility in Tampa as a temporary solution for the Rays. During the 81 game home season, the Authority provides all parking and cleaning services to the Rays, similar to their support during New York Yankees spring training.
YEAR IN
TAMPA BAY BUCCANEERS
The Buccaneers entered the season as the three-time defending NFC South champions. After winning the division and leading the team to the Divisional Round of the playoffs one year earlier, Baker Mayfield signed a three-year contract extension to continue as starting quarterback.
Much like their previous season, the Buccaneers started off the season 3–1, but saw a mid season slump, losing five of their next six games to slide to 4–6. They had a late season rebound, winning six out of their final seven games to finish 10–7 and again winning the NFC South. The Buccaneers would go on to lose in the Wild Card round at home against the Washington Commanders 23–20.
USF FOOTBALL
The Bulls were led by Alex Golesh in his second year as the head coach. The #8 ranked Miami Hurricanes visited Raymond James Stadium on September 21, 2024 with almost 50,000 fans in attendance. The Bulls finished the regular season at 6-6, earning them a spot in the Hawaii Bowl against San Jose State. After five overtimes, the Bulls left with a 41-39 victory.
UNION HOME MORTGAGE GASPARILLA BOWL
The 2024 Gasparilla Bowl was played on December 20, 2024. The 16th annual Gasparilla Bowl featured the Tulane Green Wave from the American Athletic Conference (ACC) and the Florida Gators from the Southeastern Conference (SEC). Over 35,000 fans saw Florida dominate the Green Wave 33-8.
RELIAQUEST BOWL
The ReliaQuest Bowl was played on December 31, 2024, and featured the Michigan Wolverines from the Big Ten Conference and the Alabama Crimson Tide from the Southeastern Conference (SEC). Michigan prevailed over Alabama 19-13 in front of over 45,000 fans.
REVIEW
MONSTER JAM
Monster Jam returned to Raymond James Stadium February 1 & 2, 2025. Fans witnessed world-class drivers and the most recognizable trucks tear up the dirt and compete in intense competitions of speed and skill.
SUPERCROSS
The Monster Energy AMA Supercross Championship returned to Raymond James Stadium on February 8, 2025. This event is the most competitive off-road motorcycle racing championship on the planet. Over 30,000 fans attended the championship this year.
BREAKAWAY MUSIC FESTIVAL
Breakaway Music Festival is a two day festival that brings top-tier musical talent to local cities, offering accessible and unforgettable live entertainment experiences. They returned for their second year on April 25 & 26, 2025, with over 25,000 fans in attendance.
INTER MIAMI CF VS ORLANDO CITY SC
Soccer superstar Lionel Messi and Inter Miami CF played against Orlando City SC in a preseason match at Raymond James Stadium on February 14, 2025, in front of over 37,000 fans. The game resulted in a 2-2 draw, with Orlando City winning in a penalty shootout.
SAVANNAH BANANAS YEAR IN
The Savannah Bananas play a unique version of baseball called “Banana Ball,” which features quirky rules and a focus on fan engagement. The team has gained popularity for their choreographed dances, scoring celebrations and overall fun atmosphere. They played their first NFL stadium here on March 15, 2025, to a sold-out crowd of 65,000.
COUNTRY THUNDER MUSIC FESTIVAL
Country Thunder brought their three day music festival to the north lots of Raymond James Stadium, after six years in Kissimmee, Florida. The event was held May 2, 3, & 4, 2025, with headliners Riley Green, Blake Shelton, and Jelly Roll.
ZACH BRYAN
CONCERT
Zach Bryan brought his “Quittin’ Time” tour to Raymond James Stadium on August 14, 2024, along with Jason Isbell and the 400 Unit plus Levi Turner. A sold-out crowd of over 52,000 were treated to his unique blend of country, folk and Americana.
REVIEW
MORGAN WALLEN CONCERT
Morgan Wallen’s “One Night at a Time” tour returned to Raymond James Stadium on October 4, 2024, to make up his second July date which was postponed due to the artist’s illness. Morgan, along with opening acts Cole Swindell, Nate Smith and Lauren Watkins, did not disappoint the sold-out crowd of over 63,000. This concert became the highest grossing single night concert in Raymond James Stadium history, surpassing the George Strait show in 2024.
AC/DC CONCERT
AC/DC brought their “PWR UP” tour, along with opening act The Pretty Reckless, to the stadium on May 16, 2025. The band had not been back to Tampa in 17 years and treated a sold-out crowd of over 50,000 to a great night of rock and roll.
METALLICA CONCERTS
Metallica performed two shows here on June 6 & 8, 2025, as part of their M72 World Tour. The shows featured different setlists and included performances by support acts Limp Bizkit, Ice Nine Kills, Pantera, and Suicidal Tendencies. Metallica and their innovative new 360-degree circular stage entertained over 130,000 fans during the two nights.
CONTRIBUTION
REQUESTS
This year’s anticipated property taxes, along with the Stadium’s operating and maintenance (O & M) expenses outlined in this document, require the Authority to request contributions of $3,610,815 from the City and County to meet next year’s contractual obligations. The Authority has existing inter-local agreements with the City of Tampa and Hillsborough County, which provide that in the event the Authority is unable to pay its operating costs, the City will pay one third (1/3) and the County will pay two thirds (2/3) of any deficit after the Authority depletes its O & M funding.
Therefore, the Authority will be asking the City of Tampa to contribute $1,203,605 and Hillsborough County to contribute $2,407,210 to fund next year’s operations. The following schedule shows actual and forecasted contributions from the City and County:
CONTRIBUTION REQUESTS
Revenues for FY 2026 were developed from the following assumptions:
- 10 Buccaneer games (1 Preseason and 1 home playoff game)
- 6 USF games
- 2 Monster Jams
- ReliaQuest Bowl
- Gasparilla Bowl
- 4 concerts
- NHL Stadium Series game
- Three day Rodeo event
- No increase in parking rates
- Use of 2023 net gain to reduce FY 2026 Operating Subsidy request
Expenses for FY 2026 were developed from the following assumptions:
- 10 Buccaneer games (1 Preseason and 1 home Playoff game)
- 6 USF games
- 2 Monster Jams
- ReliaQuest Bowl
- Gasparilla Bowl
- 4 concerts
- NHL Stadium Series game
- Three day Rodeo event
- Increase in security cost due to selection of new security provider, as well as increase for police/fire staffed event security
- 1.55% COLA and 0-2% merit increase for eligible full time employees, plus the addition of two new positions to support events and maintenance
- Increase in FRS retirement costs, rates determined independent of the Authority
- No increase in insurance from current premiums due to favorable renewal and proven building storm resiliency
- 7.69% increase in Florida minimum wage is included for part-time personal
- 5% increase in health insurance costs
- Completing many capital projects with in-house staff vs. using contracted staff
- Increase in medical and security labor costs
- 3% property tax increase
- Reduced budgeted consultant and legal costs related to a new tenant
- $0 DROP impact
NOTES BUDGET
1) Accrual Accounting: The Authority’s budget is presented on an accrual basis. Monthly financial statements along with budget documents are presented on a full accrual basis of accounting.
2) Capital Improvements: Capital Improvement activity is not included in the budget summary, but is shown as a separate schedule in this report. The Authority is responsible for the ongoing capital repairs at Raymond James Stadium. Between fiscal years 2007-2023, Authority received $15,000,000 from the Tourist Development Tax (TDT) to fund stadium capital repairs and improvements over 20 years.
3) Debt Service: Debt service activity is not included in the budget summary, but is shown as a separate schedule to this report. Funding sources for the stadium from debt service activity are primarily from sales tax funding. No new debt related to Raymond James Stadium is anticipated for the next fiscal year.
4) Salaries: Wages include full-time, part-time and over-time estimates and corresponding benefits such as social security, retirement and health insurance.
5) Buccaneers License Fee: In accordance with the terms of the Stadium Agreement between the Authority and the Tampa Bay Buccaneers, dated August 28, 1996, the Buccaneers pay an annual rent of $3,500,000. The Buccaneers retain all admissions, concessions, parking, and advertising revenues generated as a result of their events. Additionally, the Buccaneers retain all suite lease revenues and advertising revenues at Raymond James Stadium.
6) Ticket Surcharges: A surcharge of 8% is placed on all tickets sold at Raymond James Stadium with a maximum surcharge amount of $2.50 per admission ticket. Ticket surcharges are charged on every paid entry ticket and are paid to the Authority, not to exceed $1,930,000 annually (beginning February 1 of each year). Surcharge revenues that exceed $1,930,000 are placed in a reserve account. Surcharge reserves are permitted to be used by the Authority to reach the $1,930,000 annual surcharge cap. If the cumulative surcharge reserve exceeds $1,000,000, all reserve amounts in excess of $1,000,000 can be used by the Buccaneers for capital investments at Raymond James Stadium. In the event that surcharge revenues do not reach the $1,930,000 annual surcharge cap, the Authority uses any excess funds in the surcharge reserve account to reach the $1,930,000 surcharge cap. In the event the surcharge reserve does not have sufficient funds to be applied to reach the surcharge cap, the Authority has the right to implement surcharges on food and beverage and/or parking to address any surcharge shortfalls. The Buccaneers have the right to pay any surcharge revenue cap shortages in lieu of the Authority implementing any new surcharges. The Buccaneers’ agreed to fund any shortfall in 2026 in lieu of any surcharge implementation. The present balance in the surcharge reserve fund is $2.3 million.
7) Other Event Revenues: During each contract year beginning February 1, the Authority collects and pays to the Buccaneers:
A. The first $2,000,000 of revenues (net of sales tax, surcharges and direct event costs) received from rent
B. Thirty three percent (33%) of all revenues above the first $2,000,000 and below $3,500,000 (net of sales tax,
C. Fifty percent (50%) of all revenues above $3,500,000 (net of sale tax, surcharges and direct event costs) received
concessions and parking for all Stadium Events. from rents, concessions and parking for all Stadium Events. surcharges and direct event costs) received from rents, concessions and parking for all Stadium Events.
8) Taxes:
A. Income Tax: the Authority is a governmental agency and therefore exempt from federal and state income
taxes under provisions of the Internal Revenue Code and the Florida Income Tax Code, respectively There are no provisions for income taxes in the budget.
B. Ad Valorem and Tangible Property Tax: Ad valorem and tangible property taxes are estimated based
upon available assessed property values from the Hillsborough County Property Assessor’s office and the estimated tax millage available at the time the budget is prepared. When the actual ad valorem and tangible tax notices are received in November of each fiscal year, the estimated tax amount determined for budget purposes will be adjusted to reflect the actual tax amount. The actual tax amount will be reflected on the requests for reimbursement from the City of Tampa and from Hillsborough County. The Authority’s budget contains ad valorem property tax payments for New York Yankees minor league complex, portions of Raymond James Stadium and the south property which is owned by the Aviation Authority and leased by the Authority. Additionally, the Authority budget contains tangible property tax payments for the Buccaneers property within Raymond James Stadium.
9) Produce Events: The Authority successfully co-produced Supercross events in FY 2018 - FY 2020 - FY 2023 and produced Kenny Chesney concerts at Raymond James Stadium in 2011, 2012 and 2013. Prior to 2011, the Authority acted as a landlord with clients who promoted concerts in Raymond James Stadium. Since 2011, the Authority has acted as an event promoter and self-produced several concerts with the goal of generating additional revenue. The Authority continues to encourage promoters to produce events in the Stadium, when evaluating these opportunities, the authority strategically evaluates the risks and reward of self-promotion.
The need to produce events is new for many stadiums and is primarily due to changes in the event industry and a decline in event promoters and acts which have the ability to sell tickets for such large stadiums. There are inherent risks with self-promoting events and Authority management will continue to work closely with the Authority Board of Directors and the City and County administrations to gain approval and a better understanding of the risks and possible return on investment. Additionally, the Authority has established a $500,000 event development fund (which was funded FY 2018 and 2019 from prior positive budget variances) in order to offset the potential risks of producing events.
REVENUE &
OPERATIONS EXPENSES
STATEMENT OF REVENUE & EXPENSES
CAPITAL Fy 2025 PROJECTS
HEAT MITIGATION
The Authority has taken on several projects to help mitigate the extreme Florida heat that can have a negative impact on guests’ enjoyment of events. The addition of 14 large industrial fans installed on the main concourse will provide much needed air flow and adding eight evaporative coolers on the upper concourses will provide much needed cool air for guests and staff. Finally, the Authority has installed four bottle refill stations on the upper concourses so guests can stay hydrated.
HURRICANE SHUTTERS
New hurricane shutters have been installed at each of the four float entries leading to the field from each loading dock. The new shutters are rated to withstand Category 5 hurricane winds and installation is quick and easy and can be done electrically or manually, saving many hours of labor. These new screens will provide increased protection for the many Public Safety assets and personnel that take shelter in the stadium’s service level.
UPPER CONCOURSE COATING
A new durable, non-skid, flexible, waterproof traffic coating system with excellent UV, chemical and wear resistance was applied to both of the upper concourses. This new coating greatly improves the appearance of the concourses while continuing to provide a safe surface for pedestrian movement.
PROPOSED CAPITAL PROJECT BUDGET & OVERVIEW
CAPITAL Fy 2026 PROJECTS
PROPOSED CAPITAL
PROJECTS
HILLSBOROUGH COUNTY COMMUNITY INVESTMENT TAX
DEBT SERVICE REQUIREMENTS
$28,790,000
$63,020,000
