A panoramic view of Huntington Bank Stadium during the NFL football game between the Cleveland Browns and New York Giants on September 22, 2024 in Cleveland.
Kirk Owen | Associated Press
The National Football League’s Cleveland Browns are leaving the shores of Lake Erie.
The Browns plan to leave their current open-air stadium in Cleveland for a yet-to-be-built domed stadium in Brook Park, Ohio, according to a press release from Cleveland Mayor Justin Bieber, which was later confirmed by the Browns owner.
Jimmy and Dee Haslam, the heads of the Browns ownership group, notified Bieber of their plans to move Wednesday night, according to Bieber. He announced the news in a scathing press release on Thursday, saying the Haslams’ choices were “motivated by a desire to maximize profits rather than positive impact.”
“They have an opportunity to reinvest in Cleveland and transform the existing stadium into a world-class facility that enhances the fan experience and maintains high profits,” Bieber said. “We sincerely put these options on the table. Unfortunately Yes, that’s not enough.”
The Haslams said in a joint statement that the team must have a domed stadium for “year-round activities” and that it would not be economical to build a domed stadium on some designated land on Cleveland’s municipal lake. Makes sense.
Stadiums’ ability to generate revenue from non-football events has received more attention recently. CNBC reported earlier that an NFL stadium will generate $4 million per show during Taylor Swift’s Eras Tour in 2023.
The Brook Park Dome will not use existing taxpayer funds, the release said.
“Instead, more than $2 billion in private investment, combined with public investment, will create a major economic development project that will fuel the activity needed to pay the public bond debt service through revenue generated by future projects and generated by Brown.” Dee and Jimmy Haslam said in a news release, while also emphasizing that they remain committed to improving the city of Cleveland.
According to news released by the mayor of Cleveland, the departure of the Browns will cause an economic loss of $30 million per year to the city of Cleveland. Bieber said the city remains open to resuming negotiations if the Brook Park site doesn’t happen.
The city of Cleveland and Haslam Sports Group have been in talks to renovate the existing stadium or build a new stadium in Cleveland. But Haslam Sports Group also considered spending $2.4 billion dome The project is located in Brook Park and intends to pursue that option, according to the Associated Press.
Brook Park is just over 16 miles from the Browns’ current stadium, which was built in 1999.
According to CNBC’s official 2024 NFL team valuations, the Cleveland Browns are valued at $6.02 billion. The Browns recently reached a naming rights agreement with Huntington National Bank for their current stadium.
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