NEW ORLEANS — The New England Patriot and Atlanta Falcons announced Saturday that they have reached an agreement on a new building, construction and logistics agreement to build and operate a new stadium for the NFL’s Atlanta Falcons.
The two teams have been at odds for several years, as both teams have refused to build an NFL franchise in their home states.
This is the first time since 2010 that the two teams agreed to work together to build a new football stadium in the city.
A joint statement released Saturday said the deal was reached after talks in New York on Wednesday and Thursday, with the agreement signed by Patriots President Jonathan Kraft, Falcons President Tom Donahue and Falcons CEO Lazarus Schmitt.
The new stadium, which will seat 30,000, is scheduled to open in 2020 and has a projected completion date of early 2021.
It will replace the existing Mercedes-Benz Superdome in Atlanta, which opened in 2010.
The stadium will be financed with about $50 million in public funds and $200 million in private funds, according to the statement.
The Patriots and the Falcons plan to use a mix of public and private sources for the financing, including private-sector financing, stadium naming rights and naming rights for the stadium, the statement said.
The Falcons will begin operating their new stadium next season.
It opens the door for the Patriots to begin building a stadium for their team.