The University of Colorado has announced plans for a US$155m (€117m, £94.1m) overhaul of its football stadium and athletics facilities in an attempt to revive its struggling sports programme and keep pace with rivals.

The university sold US$304m (€231.3m, £184.7m) of tax-exempt bonds last month to fund the development, and will use US$100m (€76m, £60.7m) on the stadium, while US$25m (€19m, £15.1m) will be spent on a parking complex and US$30m (€22.8m, £18.2m) on the athletics facilities, with the remainder refinancing debt and funding wider expansion of the university.

As part of the work, the stadium’s ageing bleachers will be removed and replaced with loge boxes and club seats, while an indoor practice field, weight-training and locker room areas and new athletics offices will be built.

As a result of the work, capacity will fall to about 50,500 from 53,600, with fundraisers and corporate sponsors also covering some of the cost.

The project will "maximise the competitiveness and academic performance of student athletes," according to a school prospectus for the bond sale. "Planned facilities improvements will create a more efficient and productive department, enhance recruitment, assist in retaining top talent, and foster an environment to support ongoing fundraising for intercollegiate athletics."