Nebraska’s Memorial Stadium will undergo a $600 million overhaul that will make the 103-year-old venue more fan-friendly and greatly increase revenue for the athletic department, according to a plan announced Friday and expected to be approved next week.

“Big Red Rebuild,” as the project is called, would be funded by a mix of $250 million in philanthropic support and $350 million in private bond financing. Completion is targeted for the start of the 2028 football season. University regents will consider the proposal at its meeting in Lincoln next Friday.

“Memorial Stadium is one of the most iconic venues in all of college sports and this project ensures that our stadium is well-positioned for future generations,” athletic director Troy Dannen said. “We have listened intently to Nebraska fans and are building a best-in-class fan experience that will also drive revenue for the University of Nebraska, create exciting new year-round programming for Nebraskans, create new opportunities for our student-athletes, and position Nebraska to compete and lead at the highest level in a rapidly evolving college athletics landscape.”

The Cornhuskers have played at Memorial Stadium since 1923 and will enter this season with an NCAA-record sellout streak of 410 games dating to 1962.

The proposal would upgrade amenities throughout the stadium and create a 360-degree main concourse connecting the east and west sides. Capacity would be 80,000, including 20,000 new chairback seats.

Officials said the stadium would host concerts and other events year-round and annual stadium revenue would increase 40%, to an estimated $95 million.

Construction would begin after the 2026 football season.

Incremental stadium improvements have been made over the years, including luxury suites in 1999 and an expansion to more than 85,000 seats in 2013. A $450 million renovation was approved in 2023 but did not go forward because school leaders wanted to review the scope, strategy and costs.