Penn State’s Board of Trustees voted to approve the first stage of Beaver Stadium’s renovation on Friday afternoon, an initial project which is slated for a price tag of $70 million as part of an overarching estimated cost of roughly $700 million. No tuition money is to be used for the renovation of Beaver Stadium.
The Beaver Stadium project is slated for an August 2027 completion with other approved projects slated to be completed in a similar or earlier time frame.
Additionally, Penn State’s Board of Trustees voted unanimously to move forward with multiple major projects within the athletic department with an overall price tag of around $68 million in additional funding. These projects – covered here – include the creation of an outdoor, air-supported practice structure for Olympic sports, the renovation of Jeffery Field, the second phase of Lasch Football Building renovations and upgrades/renovations to East Area locker rooms and the Greenberg athletics complex area. In total project costs between Beaver Stadium and the remaining projects total roughly $168 million.
While there are no plans or intentions to pay for any of these projects with anything but debt servicing and philanthropy, Penn State board members alluded to the possibility of seeking out state funding for Beaver Stadium renovations but have planned and mapped out all current financing plans under the assumption that funding from the state would not come. No tuition or currently state-appropriated funding will be used to pay for any projects.
The swath of projects were unanimously approved by the board while the Beaver Stadium project had one opposition vote – by member Barry Fenchak – who cited due diligence and financial concerns for his opposition to the project at this stage. Fenchak did not oppose the renovation of Beaver Stadium in principle.
