The city hired an independent group, Venue Solutions Group (VSG), to conduct a thorough assessment of the current stadium’s condition and the cost of maintaining it for the remainder of the lease, which ends in 2039.

VSG outlined a preliminary report showing it would cost the city between $1.75 and 1.95 billion to renovate Nissan Stadium as a "first class condition" facility.

[6] The $2.1 billion needed to fund the new stadium will come from a variety of sources: The 1.7-million-square-foot proposed stadium would be a dome, have a seating capacity of 55,000-60,000, have approximately 170 luxury suites and an artificial turf field.

[8] The route of the IndyCar Series Music City Grand Prix was originally planned to be changed during the new stadium's construction period.

However, on February 14, 2024, it was announced that the race would be moved to nearby Nashville Superspeedway.