The NFL issued $196M of new debt to fund stadium construction projects in late 2025, which garnered an A+ debt rating by Fitch for the league’s continued strong financial situation and contractually guaranteed revenue, according to a note published Monday. The new debt came in three tranches, all in December, all as part of the league’s G-4 and G-5 stadium finance program, which allows teams to borrow against the league’s spending power (up to $200M in the G-4 program and up to $300M in the G-5 program). Fitch did not identify which teams tapped the loans.
In gauging the NFL’s strong credit risk, Fitch cites the league’s strong cash flow, hard salary cap and long-term media rights contracts and collective bargaining agreement.
The NFL in total has $13.4B in outstanding debt, per Fitch publications, all of which is rated either A+ or A.
Under the G-4 and G-5 program, teams are expected to pay back the debt with revenue generated by newly built premium spaces that would normally be subject to revenue sharing.
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