NEW ORLEANS — New Orleans Pelicans owner Gayle Benson has pledged $150 million toward a proposed $420 million renovation of the Smoothie King Center, but a major piece of the financing remains unresolved.

The Louisiana Stadium and Exposition District, which oversees the arena and the Caesars Superdome, is exploring how to cover approximately $195 million of the project, according to reporting by Stephanie Riegel in The Times-Picayune. The district is also known as the Superdome Commission.

Team spokesperson Greg Bensel said Benson personally pledged the $150 million, the newspaper reported. Another $75 million would come from the state construction budget under a proposal reportedly supported by Gov. Jeff Landry. That contribution would be spread across two budget periods and would require legislative approval.

Financing remains a question

The commission can issue bonds, but it already carries about $520 million in debt from the Superdome renovation and other projects, according to The Times-Picayune.

Among the options under consideration are creating a special taxing district or dedicating some existing tax revenue to the arena project. Either approach would require lawmakers to act during the 2027 legislative session. Commission chair Robert Vosbein did not give a timetable for an agreement.

Plans call for more lower-level seats and entertainment space

The proposed arena renovation would add 2,155 lower-level seats while reducing seating in the upper level, according to Sports Business Journal. The concept also includes upgraded concourses, new clubs and suites, additional concession options and a rooftop terrace.

Outside the arena, plans would rework Champions Square and nearby parking areas into a larger entertainment district with restaurants, bars and a stage. The latest renderings also show a proposed Pelicans training facility on the former Macy’s site, The Times-Picayune reported.

Pelicans lease and Super Bowl bid

The renovation discussions are tied to negotiations over the Pelicans’ next lease. The team’s current lease runs through June 30, 2029, according to Louisiana’s public audit.

WDSU previously reported that a deal under discussion would keep the team at the arena for another decade, with extension options. The Times-Picayune reported that negotiations remain ongoing.

The proposed improvements could also play a role in New Orleans’ bid to host the 2031 Super Bowl. Team and tourism officials say upgrades to the area around the Superdome, which can host events during Super Bowl week, would strengthen the city’s bid.

Mayor Helena Moreno supports the project, while Senate President Cameron Henry has questioned using the Super Bowl bid to justify public funding for the arena, according to The Times-Picayune. The commission has not announced a firm construction schedule.