UWF borrows $20M from foundation for new football stadium

The University of West Florida is borrowing $20 million from the UWF Foundation to finish construction of the new football stadium .

The university’s board of trustees approved the loan at a special Zoom meeting on Feb. 12.

The groundbreaking for the estimated $50 million Darrell Gooden Stadium and multi-use events facility was held Feb. 11. The first kickoff in the stadium is planned for the fall semester of 2027.

Dan Lucas, UWF’s vice president of finance and administration and the foundation's chief financial officer, told trustees the $20 million loan would have a fixed 4% interest rate on a 10-year term. The secured revolving credit loan will be paid back through donations and pledges.

“We have pledges and commitments exceeding half of that balance today,” Lucas said. “We find that donors that give significant money to the university often will pay over a 10-year term, so we’re trying to match our donation timing with the needs of the construction of the stadium, which will take place in the next 18 months.”

He said there are also some built-in contingent payments that would come from rental and usage fees from the events space and stadium by outside organizations.

“We fully expect donations will fulfill the needs of this loan, and I wanted to point out that no current student support or faculty support will be affected in any way,” Lucas added.

Darrell Gooden Stadium groundbreaking: Vision for UWF football complete as work begins on $50M stadium

Gooden, a longtime UWF supporter, contributed a more than $9 million gift that secured the facility’s name. The stadium project also received a $2 million grant from the Escambia County’s Tourist Development Council through the Tourist Development Tax. The university also expects other donations.

The new stadium will also expand the stadium’s current seating capacity from about 3,800 to 7,500 and include premium seating, club areas and suites.

As part of the phased development, a new state-of-the-art LED video board—measuring 85 feet wide by 30 feet tall—will be installed in the end zone opposite the Darrell Gooden Center and be in place for the 2026 season.

Trustee and Faculty Senate representative Heather Riddell asked Lucas if the project’s cost had increased. She said in November the project was estimated at $45 million and questioned if that is why the university secured the new funding.

Lucas said the original expectation for the project was a $25 million internal loan from the university side that was approved over a year ago.

“The foundation was always expected to assist. As we come up to the timeframe, we have gone to the foundation and formally asked for the loan,” Lucas said, adding the project’s design is not complete but very close to being finalized.

Lucas added the loan does not require State University System’s Board of Governors approval. He said he spoke with multiple Florida university CFOs, consulted BOG staff and reviewed the BOG debt management guidelines.

The motion was unanimously passed by 13 trustees.

This article originally appeared on Pensacola News Journal: UWF Darrell Gooden Stadium funded with UWF Foundation loan