The Atlanta Falcons and the Philadelphia Eagles announced Thursday that they have reached a multi-year agreement to build the new $1.9 billion stadium at FirstEnergy Stadium in downtown Atlanta.
Atlanta Mayor Kasim Reed said the agreement “paves the way for the completion of the stadium project in 2019.”
“I’m proud of the Atlanta Falcons for taking the bold step of partnering with the Eagles to build a stadium for the NFL’s most successful franchise, and for the tremendous support the Atlanta community has given them,” Reed said.
“I look forward to the success of this partnership, and I know that the NFL is thrilled to have them in Atlanta.”
The Falcons and Eagles also announced that the Falcons will have a 50 percent ownership stake in the new stadium.
The Eagles will have 25 percent.
The deal is subject to the league’s approval.
The deal was announced after the Falcons announced that they were in negotiations with a private equity firm to acquire the Falcons and move the team to Atlanta.
It is expected that the deal will be completed in the next few weeks.
The Eagles have been working with FirstEnergy since 2015 to get the project completed, and they had already been looking to move the football team from Charlotte, N.C., and to an urban area of Atlanta for a long time.
The Falcons have been the only team in the NFL with a downtown stadium since the 1960s.
The Falcons have played in the city since 1970.
They moved to Atlanta in 1960 and moved to the city from Charlotte in 1963.