Posts
The Eagles Question
Post 6: What If the Linc Had a Battery?
The Hidden Engine Series
By Randy Gipe | February 2026
The rest of the time? Empty asphalt.
But here’s the question: What if the Eagles built their own Battery?
Office towers. Hotels. Retail. Restaurants. Residential. Year-round activation. Just like the Braves. Just like the Phillies are doing 500 yards away.
The Eagles’ lease runs through 2032. Stadium discussions are active (renovation vs. new build). And the economics? We can model them exactly using the Braves’ data as the blueprint.
Let’s see what an Eagles Battery would look like—and why it makes financial sense.
The Current Situation: Lease, Stadium, and Decisions Ahead
🦅 EAGLES & LINCOLN FINANCIAL FIELD (2026 STATUS)
Stadium Basics:
- Opened: 2003 (23 years old as of 2026)
- Capacity: 69,796
- Cost: ~$512 million total ($188M public via bonds, rest private/PSLs)
- Ownership: City of Philadelphia owns land/facility; Eagles lease and operate
- Lease term: Through 2032 (6 years remaining)
Recent Developments:
- July 2025: Eagles sent fan survey asking: Renovate current stadium OR build new?
- February 2026: Eagles COO Frank Gumienny: "Everything is on the table" regarding stadium future
- Timeline: Decision likely needed by 2027-2028 (to complete any major project before lease expires 2032, or negotiate extension)
Ownership:
- Jeffrey Lurie (majority owner since 1994, ~$6.2B net worth)
- Complex family trust structure, private entity
- No public filings (like Phillies, unlike Braves)
Current Land Use Around the Linc:
- Massive surface parking (thousands of spaces)
- Some shared with Phillies/Wells Fargo Center complex
- Mostly city-controlled land, Eagles have operational rights via lease
- Minimal development—just parking and tailgating zones
The Opportunity: Blank Slate in South Philly
The land around Lincoln Financial Field is similar to what the Braves had in Cobb County in 2013: underutilized parking lots ripe for development.
Key assets:
- Prime South Philadelphia location (Broad Street corridor, subway access)
- Adjacent to Phillies/Wells Fargo Center complex (shared traffic, destination appeal)
- Interstate highway access (I-95, I-76)
- Acres of surface parking that could be structured parking + mixed-use towers
The Battery blueprint says: Use the stadium as the anchor, control the surrounding land, build mixed-use, capture year-round cash flow.
But the Eagles have a complication the Braves didn't: They lease from the city. They don't own the land.
The Two Scenarios: Renovation vs. New Build
Scenario A: Major Renovation + Adjacent Development
- Renovate Lincoln Financial Field (keep current location)
- Add retractable roof (enables Super Bowl, Final Four, concerts year-round)
- Modernize suites, concourses, tech, seating
- Cost estimate: ~$1.5-2B for comprehensive renovation + roof
- Negotiate with city for long-term development rights on adjacent parcels
- Build Battery-style district on Eagles-controlled land around stadium
Scenario B: New Stadium + Integrated Development (Battery Model)
- Build new stadium elsewhere in South Philly (or same site, demolish old Linc)
- Fully integrated design: Stadium + mixed-use from day one (like Battery 2017 opening)
- Cost estimate: ~$2.5-3B for new stadium + initial development phases
- Eagles negotiate ownership or long-term control of development parcels
- Capture maximum real estate upside
For this post, we'll model Scenario B (new build + Battery) because it matches the Braves model most closely and gives us clean comparisons. But Scenario A (renovation + adjacent development) would have similar economics for the real estate portion.
The Model: Eagles Battery Financial Projections
Using the Braves' data as the template, let's project what an Eagles-controlled mixed-use district would generate:
💰 EAGLES BATTERY MODEL (HYPOTHETICAL)
Development Scale (Conservative Estimate):
- Total mixed-use square footage: 1.0-1.5 million sq ft (similar to Braves Battery)
- Office space: 400,000-600,000 sq ft
- Retail/dining: 150,000-250,000 sq ft
- Hotel: 200-300 rooms (ground lease or revenue share model)
- Residential: 200-400 apartments/condos (luxury, stadium views)
- Parking: Structured garages (2,000-3,000 spaces, replacing surface lots)
Construction Cost:
- Mixed-use buildings: $400-600M (office/retail/residential)
- Parking structures: $100-150M
- Plaza/streetscape: $50-100M
- Total development (excluding stadium): $550-850M
Financing:
- Eagles private equity: $200-300M
- Debt (construction loans, permanent financing): $350-500M
- Public infrastructure contribution: $100-200M (city roads, transit, utilities — similar to Cobb County for Braves)
Revenue Projections (Steady State, Year 5-10)
Using Braves' metrics (71% margins, Pennant Park acquisition as comparable), here's what an Eagles Battery could generate:
| Revenue Source | Annual Revenue (Low) | Annual Revenue (High) | Notes |
|---|---|---|---|
| Office Rent | $30M | $50M | 400k-600k sq ft @ $50-80/sq ft avg |
| Retail/Dining | $15M | $25M | Base rent + overage (% of sales) |
| Hotel (Revenue Share) | $5M | $10M | Ground lease or profit share |
| Residential | $8M | $15M | Rental income or condo sale proceeds |
| Parking (Non-Game) | $10M | $20M | Office workers, residents, events |
| Sponsorships/Ads | $5M | $10M | District signage, naming rights (non-stadium) |
| Total Mixed-Use Revenue | $73M | $130M | Range based on lease-up, occupancy |
Adjusted OIBDA (Owner Cash Proxy):
- At 70% margins (Braves-style): $51-91M annually
- After debt service (~$25-35M/year on $400M financed @ 6%): $16-56M net owner cash annually
Cumulative wealth creation (10 years):
- Net cash flow: $160-560M
- Land appreciation: Parking lots worth ~$50-100M → developed parcels worth $800M-1.2B = $700M-1.1B unrealized gain
- Total owner wealth: $860M - $1.66B over 10 years
The NFL Twist: Revenue-Sharing Is Different
Here's where the Eagles Battery differs from the Braves:
NFL revenue-sharing:
- National media (TV contracts): 100% pooled, distributed equally (~$400M+ per team annually)
- Local revenue (tickets, suites, sponsorships): Teams keep most, with minimal sharing compared to MLB
- Salary cap: Hard cap (~$255M for 2024, rising annually), tied to total league revenue
Key difference from MLB:
- NFL revenue-sharing focuses on media/licensing (national pool)
- Local stadium revenue mostly owner-kept (unlike MLB's 48% local sharing)
- Real estate development (like Battery) would be 100% outside revenue-sharing and cap calculations (same as MLB)
🏈 WHY EAGLES BATTERY WORKS UNDER NFL RULES
Revenue categorization:
- Included in "football revenue": Tickets, suites, club seats, concessions, team sponsorships (e.g., stadium naming rights if tied to team)
- Excluded: Real estate rental income (office leases, retail rents), hotel operations, residential rental/sales, non-team sponsorships
Ring-fence protection (same as Braves):
- Mixed-use operates as separate business segment
- Eagles would report it distinctly (if public, which they're not)
- Cash flow accrues directly to Lurie ownership
- Zero impact on salary cap or revenue-sharing
Advantage vs. MLB: NFL local revenue is less shared to begin with, so Eagles Battery cash is even more protected than Braves (who lose ~48% of baseball revenue to MLB sharing).
The Jeffrey Lurie Calculation
From an owner's perspective, why would Lurie invest $1.5-3B in a new stadium + development?
Costs:
- New stadium: ~$2-2.5B (with public infrastructure help, Eagles private ~$1.5-2B)
- Mixed-use development: ~$550-850M Eagles equity + debt
- Total Eagles cash outlay: ~$2-2.8B over 5-7 years (construction phase)
Returns:
- Stadium value appreciation: Modern stadium with roof, suites, tech → franchise value boost (~$1-2B additional valuation vs. old facility)
- Mixed-use cash flow: $16-56M annual net (after debt service) → $160-560M over 10 years
- Land appreciation: $700M-1.1B unrealized gain
- Total wealth creation: $1.86-3.66B over 10 years
Net ROI: Spend $2-2.8B, create $1.86-3.66B wealth = break-even to +30% return, plus franchise appreciation compounding beyond 10 years.
Strategic benefits:
- Host Super Bowl, Final Four, WrestleMania, concerts (with roof)
- Year-round activation (Battery traffic supports franchise brand)
- Financial stability (real estate subsidizes football ops, like Braves model)
- Legacy asset (Lurie family wealth compounds via real estate, not just team appreciation)
Why Lurie would do this: He's 73 (as of 2026), building generational wealth for family trust. The Battery model turns a football team (volatile, salary-capped) into a diversified real estate empire (stable, high-margin, compounding).
The Public Subsidy Question
Any Eagles stadium project would likely involve public financing. Here's how it could structure:
💵 PUBLIC-PRIVATE SPLIT (HYPOTHETICAL)
Public contribution (City/State):
- Infrastructure: Roads, transit upgrades, utilities (~$200M)
- Parking structures: Structured parking replacing surface lots (~$100-150M)
- Bonds backed by parking/ticketing revenue: ~$300-500M (issued by city authority, paid via Eagles lease/operations)
- Total public: ~$600-850M
Eagles private contribution:
- Stadium construction: $1.5-2B
- Mixed-use development: $550-850M
- Total private: ~$2.05-2.85B
Total project: ~$2.65-3.7B
Public ROI calculation:
- Construction jobs (thousands), economic activity during build
- Ongoing tax revenue: Property taxes from developed parcels (~$20-40M/year), sales taxes from retail/hotel
- Hosting major events (Super Bowl 2030s+, Final Four, concerts) = tourism boost
- 10-year public ROI: ~$600-1,200M in cumulative tax revenue vs. ~$600-850M investment = roughly break-even to positive
But the upside is asymmetric: Eagles capture $1.86-3.66B in wealth creation (private). Public gets tax revenue and economic activity (shared across city). This is the Battery model dynamic—public enables, private captures.
The Complication: City Ownership & Lease Negotiations
Unlike the Braves (who own Battery land or lease it long-term from Cobb County with development rights), the Eagles have to negotiate with Philadelphia.
Key negotiation points:
- Land control: Eagles need long-term lease (50+ years) or outright ownership of development parcels. City currently owns most land around Linc.
- Development rights: Who captures mixed-use revenue? Eagles want 100% (Battery model). City might demand revenue-sharing or ground leases with payments.
- Stadium lease extension: Current lease expires 2032. Any major investment requires extension to 2050+ to justify ROI.
- Public financing approval: City Council vote required for bonds/subsidies. Political pressure (taxpayers funding billionaire's stadium) could complicate.
Braves had it easier: Cobb County was eager (suburban competition with Atlanta), willing to give development control. Philadelphia has more leverage (Eagles aren't leaving Philly realistically), can demand better terms.
But the Phillies deal shows it's possible: Phillies negotiated control of parcels for Phillies Plaza. Eagles could do similarly—especially if they argue synergy with existing Phillies/Comcast Spectacor South Philly redevelopment.
The Timeline: When Could This Happen?
Realistic path:
| Year | Milestone |
|---|---|
| 2026-2027 | Eagles finalize decision (renovation vs. new build), begin negotiations with city |
| 2027-2028 | Public financing approval, land agreements, architectural design |
| 2028-2029 | Groundbreaking (if new stadium), or begin renovation phases |
| 2029-2033 | Construction (stadium + initial mixed-use) |
| 2033-2034 | Opening (new stadium or renovated Linc + Battery Phase I) |
| 2034-2040 | Mixed-use expansion phases, full lease-up, stabilization |
Best-case: Eagles Battery operational by 2033-2034 (7-8 years from now)
Braves timeline for comparison: Announced Nov 2013 → opened March 2017 (36 months). Eagles would likely take longer (urban complexity, city negotiations vs. suburban blank slate).
The Local Impact: What It Means for Philly Fans
If the Eagles build a Battery, what changes for fans?
Positive:
- Modern stadium (roof = weather-protected, comfortable year-round)
- More events (Super Bowl, concerts, Final Four → Philly hosts marquee events)
- Year-round destination (Battery restaurants/bars open 365 days, not just game days)
- South Philly transformation (Battery + Phillies Plaza + Wells Fargo complex = true sports/entertainment district)
- Economic boost (construction jobs, ongoing employment, tax revenue)
Concerns:
- Ticket prices likely rise (new stadium, premium seating, PSL resales)
- Public subsidy debate (taxpayers funding billionaire's project)
- Traffic/parking changes (surface lots replaced with structures, more expensive, less tailgating space?)
- Gentrification (Battery-style development drives up surrounding property values → displacement)
Net: Fans get a better stadium and district experience, but at higher cost. Owners capture massive wealth via real estate (just like Braves). Classic Battery model trade-offs.
Why the Eagles Should (And Probably Will) Do This
✅ THE CASE FOR EAGLES BATTERY
Financial:
- $1.86-3.66B wealth creation over 10 years (cash + appreciation)
- High-margin, ring-fenced cash flow ($16-56M annual net)
- Stabilizes franchise finances (subsidizes football ops in down years)
Strategic:
- Modern facility (roof enables Super Bowl, Final Four, major concerts)
- Year-round activation (Battery supports franchise brand 365 days)
- Competitive advantage (financial flexibility for roster, coaching, facilities)
Legacy:
- Lurie family generational wealth (diversified real estate empire, not just team)
- Philadelphia anchor (Eagles + Battery become permanent South Philly centerpiece)
Precedent:
- Braves proved the model works (2017-2025, $890M+ wealth creation)
- Phillies executing their version (South Philly $2.5B, Phillies Plaza)
- NFL teams doing it (Rams Hollywood Park $5B+, Cowboys The Star)
Bottom line: The economic logic is overwhelming. The Braves' public filings remove all doubt. Every owner who sees the numbers wants in. The Eagles would be following the blueprint, not pioneering.
Next: The Yankees Contrast
The Braves built a real estate engine. The Phillies are building one. The Eagles could build one.
But not every team needs the Battery model. Post 7 examines the New York Yankees—a team that dominates via pure big-market scale (tickets, luxury suites, YES Network local media) without heavy real estate development.
Same wealth creation, different path. We'll show why market size determines strategy—and why Battery-style development works best for mid-size markets (Atlanta, Philadelphia) but is less essential for mega-markets (New York, LA).
SOURCES
Eagles Stadium & Lease:
- July 2025 fan survey: Philadelphia Inquirer, ESPN Philadelphia reports
- Feb 2026 COO Frank Gumienny comments: Eagles official statements, local media
- Lease terms: Public records, Philadelphia Stadium Authority disclosures
- Lincoln Financial Field construction costs: Historical reports (2003), inflation-adjusted
Financial Modeling:
- Revenue projections: Based on Braves 2025 actuals ($97.5M Mixed-Use revenue, 71% margins) scaled to Eagles market/square footage
- Construction cost estimates: Commercial real estate benchmarks ($400-600/sq ft for mixed-use urban), parking structure costs ($25k-50k/space)
- Debt service assumptions: 6% interest rate (2026 market rates for construction/commercial loans)
NFL Revenue-Sharing:
- NFL CBA (2020-2030): Revenue definitions, salary cap mechanics
- National media pool: Public estimates (~$12B+ annually distributed equally)
- Local revenue treatment: NFL official disclosures, sports business analyses
Comparative Projects:
- Rams Hollywood Park: Public announcements, cost estimates ($5B+ total)
- Cowboys The Star (Frisco, TX): Development details, revenue reports
- Phillies South Philly redevelopment: See Post 5 sources
Public Subsidy Context:
- Stadium financing historical data: Brookings Institution studies, academic analyses of public-private splits
- Philadelphia political dynamics: Local news coverage, City Council reports
