UPDATE: The Board of Trustees approved the proposal during its May 5 meeting. Click this link to view supporting materials shared with the board during the meeting.
UNIVERSITY PARK, Pa. — The Penn State Board of Trustees today (May 21) approved (by a 26-2 vote, with three abstaining) in investing in the renovation of Beaver Stadium, which will grow revenue-generating opportunities, transform the fan and community experience, and fuel the future funding for all 31 athletics programs at Penn State. The approved renovations will enable year-round use of Beaver Stadium, further driving economic growth and development in the surrounding region.
"On behalf of the Board of Trustees, I am delighted to share there is overwhelming support for the University's recommendation to renovate Beaver Stadium," said Board of Trustees Chair Matt Schuyler. "I'm pleased that the renovation will benefit our student-athletes, elevate Beaver Stadium's significance in driving local and state economies, and ensure Beaver Stadium remains a premier facility in all of college athletics."
Since January 2024, when the initial expenditure ($70 million) for the Beaver Stadium renovation was approved, steps have been underway at the stadium and will continue leading up to the 2024 college football season. Initial construction has prioritized safety and accessibility through the widening of select concourses and the installation of new escalators, as well as field lighting performance and videoboard replacements. Winterization work also is ongoing, which entails the insulation of pipes and other upgrades to allow the building to be occupied when temperatures are below freezing, giving Penn State the ability to host a College Football Playoff game beginning in 2024 and other potential events beyond Penn State football games in the winter months.
"Many recognize Beaver Stadium as the best stadium in college football, and we want to preserve the atmosphere that our fans, alumni and community have come to expect while building on this history of excellence for generations to come," said Neeli Bendapudi, Penn State president. "The renovations will have a wide variety of positive impacts on our community, help us remain a national leader by attracting top student-athletes, and continue serving as a symbol for belonging and pride for students across the Commonwealth."
Given the significance of the resolution, the Board of Trustees leadership and leadership of the Finance, Business and Capital Planning Committee allocated additional time for the full board to engage in dialogue and digest the information prior to a review of the resolution.
Schuyler added that the enhancements and modernizations described in the in-depth plan highlight the criticality of funding this project now, demonstrate this is the fiscally responsible approach, and show how renovation will propel Penn State forward to remain competitive in the future world of sports entertainment.
Renovation plans after 2024 season
The project plans encompass three distinct phases over the course of the next three football offseasons and will offer a new mix of seating options and improved amenities, such as restrooms and concessions.
"With home football games averaging $16.2 million in tourism and economic growth in our region, the potential return on investing in a premiere football stadium is significant," said Patrick Kraft, vice president for intercollegiate athletics. "Beyond the increased ability to host major events year-round as we winterize the stadium and build inventory, the experience for our fans will be greatly enhanced while providing the facilities our football program needs to continue competing at the highest level. I am grateful for the support of President Bendapudi and Penn State's Board of Trustees in making this investment for the future of our university community and athletics programs."
Kraft emphasized that improved circulation to alleviate congestion and a focus on modernizing safety and operational standards are critical to the stadium's redesign. In alignment with Penn State's commitment to global sustainability, the Beaver Stadium renovations will be designed with a high standard for energy efficiency, construction and eventual operation of the renovated stadium and with a commitment to achieving LEED certification.
Importantly, a new welcome center is planned for the community that will include a 21,000-square-foot facility for events and many other uses, serve as a connection point for all in the community, and augment enrollment efforts for prospective students and future student-athletes.
The campus visit experience continues to be one of the most important drivers for prospective students, and the new center enables customization by leveraging technology to create visits that are personalized, immersive and showcase Penn State's areas of distinction.
Financing
Including the first stage of the Beaver Stadium renovation, which was approved in May 2023, the total project will cost no more than $700 million and will be completed before the 2027 college football season. This multi-year project is financed and paid for entirely by Intercollegiate Athletics.
Penn State Athletics is one of a handful of self-sustaining intercollegiate athletics departments nationwide, which means no tuition dollars or educational budget funds will be used toward the renovations. The entire project will be paid for through fundraising, concessions, naming opportunities, sponsorships and ticket sales, including new premium seating options to be added during the renovation.
Renovating Beaver Stadium eliminates approximately $200 million in major maintenance backlog costs that build up over time and achieves significant cost efficiencies.
Additional updates will shared with the Penn State community as the renovation progresses at GoPSUsports.com/beaverstadiumrenovation.
If you are interested in joining the seating options interest list, click here.
