Penn State’s Board of Trustees voted 26-2 on Tuesday to approve investing in Beaver Stadium renovations.

The renovations are expected to be completed before the 2027 college football season and won’t cost more than $700 million. It will be paid for entirely by Penn State Intercollegiate Athletics through fundraising, concessions, naming opportunities sponsorships, and ticket sales, according to a press release. The renovations will also eliminate around $200 million in maintenance backlog costs.

“The renovation of Beaver Stadium, which will grow revenue-generating opportunities, transform the fan and community experience, and fuel the future funding for all 31 athletic programs at Penn State,” the release said. “The approved renovations will enable year-round use of Beaver Stadium, further driving economic growth and development in the surrounding region.”

The initial expenditure for renovations was approved in January. Those renovations included improving lighting, videoboards, and concourses, installing escalators, and adding winterization features to allow Penn State to host College Football Playoff games starting in 2024.

The plans passed Tuesday include three phases that stretch throughout the next three football offseasons. The plans offer new seating options, improved restrooms and concessions, and a new 21,000-square-foot welcome center to hold events and improve the campus visit experience for prospective students and future student-athletes.

“The campus visit experience continues to be one of the most important drivers for prospective students, and the new center enables customization by leveraging technology to create visits that are personalized, immersive, and showcase Penn State’s areas of distinction,” Vice President for Intercollegiate Athletics Pat Kraft said in the release.