Photo credit: www.cnbc.com
The Cleveland Browns to Relocate to New Domed Stadium in Brook Park
The Cleveland Browns, a prominent franchise in the National Football League (NFL), have announced their decision to relocate from their current open-air stadium by Lake Erie to a new domed facility projected for construction in Brook Park, Ohio. This move was confirmed by Cleveland Mayor Justin Bibb following communication from Browns owners Jimmy and Dee Haslam.
In a statement released on Thursday, Mayor Bibb expressed his disappointment regarding the decision, criticizing the Haslams for prioritizing profit over the community’s interests. He noted that the opportunity existed for the team to reinvest in the existing stadium, enhancing it into a modern venue while also continuing to be financially successful. “We put those options on the table in good faith. Unfortunately, that was not enough,” Bibb lamented.
Addressing the rationale behind the move, the Haslams articulated the need for a domed stadium to support a variety of events throughout the year. They indicated that constructing such a facility in Cleveland would not be economically viable, highlighting the revenue potential of hosting multiple non-football events that a dome allows.
This shift in venue is underscored by recent trends showing the significant financial return that NFL stadiums can realize from diverse events. For example, a single stadium reportedly brought in $4 million per event during Taylor Swift’s 2023 tour, underscoring the lucrative opportunities available beyond traditional football games.
The proposed Brook Park stadium project will not utilize existing taxpayer funds, according to the Haslams. They outlined a plan involving a substantial private investment of over $2 billion, which, alongside public investment, is expected to stimulate economic growth while covering public bond debts through generated revenue.
While this relocation is set to greatly impact Cleveland, Mayor Bibb highlighted that the city would experience an annual economic downturn of approximately $30 million due to the Browns’ departure. He also mentioned that Cleveland remains open to discussions about potential alternatives should the plans for Brook Park not progress as intended.
Negotiations have been taking place between the City of Cleveland and the Haslam Sports Group regarding the possibility of renovating the current stadium or erecting a new structure within Cleveland itself. However, it appears that the focus has shifted firmly towards the Brook Park option, which is just over 16 miles from the Browns’ current home, a stadium that opened in 1999.
According to the latest figures from CNBC, the Browns have a valuation of $6.02 billion. The team recently entered into a naming rights agreement with Huntington National Bank for their existing stadium, a move that aligns with the ongoing economic strategies of the club.
Stay tuned for further developments on this story.
Source
www.cnbc.com