The Browns suggested splitting the $1 billion cost of a $1 billion renovation of the team’s current Lakefront stadium 50/50 with the municipal and state governments, according to Signal Cleveland.
The state of negotiations over the Browns’ proposed new stadium is still developing.
A week after the Browns announced that they would be looking at “additional sites” for a future stadium, a new report from Signal Cleveland indicates that the team initially proposed to city and state governments to share a $1 billion cost to renovate the current stadium along the Lakefront.This most recent development follows Ken Prendergast of the NEOTrans Blog’s claim that Jimmy and Dee Haslam, the owners of the Browns, were getting close to finalizing a deal to buy 176 acres in Brook Park, which is located approximately 1,000 feet from Cleveland Hopkins International Airport. The aforementioned comment from the team hours later seemed to hint that it’s at least a possibility, even if there was no concrete proof that the piece of land would be used to build a new stadium.
Nick Castele broke the story, citing two members of the municipal council as sources. According to Castele, during a recent autumn meeting, the Haslam Sports Group suggested allocating $500–600 million in state and municipal government financing to finance half of the renovation project. The ownership group would finance the other half of the project, which is anticipated to cost between $1 and 1.2 billion.The latest development in the Browns’ prospective stadium issue is detailed in Castele’s piece. The story revolves around the decision of whether to renovate the team’s present stadium or start from scratch and construct a brand-new one. Maintaining the beloved Browns in downtown Cleveland is the city’s top goal, but it’s easier said than done when taxpayer money is involved, as the city reiterated in its own statement last week.As Castele pointed out, six years ago, the city and Cuyahoga County contributed to the $140 million renovation of Rockert Mortgage Fieldhouse. These two groups, in addition to the state, agreed to pay two thirds of the $202.5 million cost of the current renovations at Progressive Field. However, the Browns Stadium project would be the most expensive sports complex renovation in Cleveland’s recent history.
Renovating Cleveland Browns Stadium will set you back $1 billion, which is roughly half of what it would normally cost to construct a new stadium. The Tennessee Titans are developing a new stadium proposal of their own; the project is expected to cost more than $2 billion, although the amount of public funding has not been disclosed. Comparably, the Buffalo Bills’ new stadium, which is now under construction, is anticipated to cost more than $1.5 billion. In that transaction, local taxpayers are paying roughly $850 million.
German Spencer
PER SPENCER GERMAN
Contributing to a number of Northeast Ohio websites, including Browns Digest, Cleveland Baseball Insider, and Cavs Insider, is Spencer German. In addition, he fills in as a host on Cleveland Sports Radio, 92.3 The Fan, a radio affiliate of the Cleveland Browns.
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