Jerry Jones has always spoken in bold, business-first terms, and this move is no different. Talking about how AT&T Stadium was funded, he once said, “We look at Legends as how we paid for AT&T Stadium,” referring to the hospitality firm he co-founded with the New York Yankees and Goldman Sachs—a venture that became the model for modern sports facility financing. For Jones, the stadium was never just a football field. It was an economic engine, a corporate stage, and a cultural landmark all rolled into one.
From day one, the plan was clear: build a place that could pay for itself many times over—not just through ticket sales, but by hosting marquee events, premium experiences, and world-class entertainment. Over the last 16 years, AT&T Stadium has delivered exactly that. Super Bowls, college football championships, Beyoncé concerts, blockbuster boxing matches—it’s become as much a destination as it is the Cowboys’ home turf. Now, that vision is about to notch one of its biggest wins yet.
Arlington officials confirmed the city will make its final payment on the stadium’s long-term public debt—a $22.6 million installment that clears all outstanding bonds. The kicker? The payoff comes a full decade ahead of schedule, wiping out what was originally a 2035 maturity date.
That journey started in 2005, when Arlington voters approved a $325 million public financing plan to help build what was then Cowboys Stadium. The funding came from targeted hikes in sales taxes, hotel occupancy taxes, and rental car taxes—revenue streams designed to spread the cost without hitting residents too hard. The bond issuance was intentionally conservative to limit risk. But what city leaders didn’t expect was how fast the money would pour in.
Thanks to strong economic performance, steady tax surpluses, and savvy refinancing actions. Arlington was able to retire the debt and save taxpayers an estimated $151 million in interest and fees. City Manager Trey Yelverton told the Bond Buyer. ‘Ten years early saves you a lot of interest and a lot of fees,” Yelverton explained to the council. “Because of how we’ve structured things, we’re able to pay them off early, and because we’re paying this one off early, we continue to be in a good position for Globe Life Field.” For Jones and the Cowboys, it’s not merely a footnote on the financials.
It’s a validation of the business model Jones envisioned years before AT&T Stadium broke ground. Public funding helped seal the deal, but his private investment—combined with the revenue-generating partnerships he built through Legends—turned the venue into one of the most profitable stadiums in sports history. The early payoff isn’t a one-off victory, either. Other cities have seen the same playbook succeed. Minnesota’s U.S. Bank Stadium retired its bonds 23 years early, saving taxpayers $226 million. In D.C., Nationals Park is on pace to be debt-free a full decade ahead of schedule, thanks to surging local tax receipts tied to stadium activity.
In Arlington, the same hotel, rental car, and sales taxes that paid for AT&T Stadium will keep rolling in—for now—to help cover the cost of Globe Life Field, the Texas Rangers’ home. That debt is also projected to be paid off years ahead of schedule. This financial breathing room gives the city flexibility to invest in infrastructure upgrades, expand transportation access, and modernize arenas—all while strengthening the relationship between Arlington and its star NFL tenant.
What does early payoff do for Jerry Jones and the Cowboys’ financial future
Paying off public debt years ahead of schedule isn’t just civic bragging—it’s a competitive edge. For the Cowboys, it means their stadium sits on a cleaner fiscal balance sheet, free from debt clouds that could slow expansion plans or limit hosting opportunities.
Operationally, it opens the door to fresh revenue streams. Without bond payments weighing on city budgets, Arlington can pour more resources into stadium-specific upgrades—wider ingress corridors, enhanced public spaces, and improved amenities around the venue. Each upgrade elevates the fan experience, which in turn boosts the Cowboys’ brand value and strengthens their case for landing international events.
NFL, American Football Herren, USA Dallas Cowboys at Kansas City Chiefs, Nov 21, 2021 Kansas City, Missouri, USA Dallas Cowboys owner Jerry Jones signs autographs for fans before the game against the Kansas City Chiefs at GEHA Field at Arrowhead Stadium. Mandatory Credit: Denny Medley-USA TODAY Sports, 21.11.2021 14:26:44, 17254185, NFL, Kansas City Chiefs, Arrowhead Stadium, Jerry Jones, Dallas Cowboys PUBLICATIONxINxGERxSUIxAUTxONLY Copyright: xDennyxMedleyx 17254185
Financially, the move gives the Cowboys a sharper edge in the NFL’s economic arms race. While other teams still carry public debt on their stadiums—complicating upgrade talks or limiting investment in surrounding facilities—Dallas is free to channel its resources into high-impact projects. That could mean cutting-edge tech integrations, premium hospitality upgrades, or new training infrastructure.
There’s also the long-term franchise value factor. Stadium assets anchor a team’s worth, and a debt-free, high-revenue venue is a prime selling point. Jones has repeatedly said he has no interest in selling the Cowboys, but this kind of positioning strengthens the franchise’s market clout and helps keep it atop the NFL’s most valuable teams.
Most importantly for Jones, it reinforces his core philosophy: football business is about more than wins and losses. The early payoff proves that strategic planning, smart partnerships, and a willingness to take calculated risks can produce results that benefit the franchise, the city, and the fans all at once.
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