The Cincinnati Bengals take significant steps to renegotiate their Paycor Stadium lease. The new lease is scheduled to last until June of 2036. This yet-to-be finalized lease will be for 11 base years and gives the team five additional options to extend for two more years. As it stands, the Bengals’ lease is currently set to expire after the 2025 season but has since led to serious and immediate discussions with Hamilton County officials.
During a recent meeting marked by spirited discussions, Bengals owner Mike Brown expressed concerns regarding the funding structure for a potential new stadium. To that end, the team has pledged a multi-million-dollar financial commitment—at least $120 million—to the renovation project. At the same time, Hamilton County will limit its total contribution to $350 million, as the cost of the project balloons to an estimated $470 million.
The terms of the proposed agreement will help ensure the Bengals remain among the most competitive teams in the National Football League. The team’s ranking in total revenue among the league’s 32 teams will determine whether Hamilton County can automatically execute the first two-year extension option. This clause comes into effect if the Bengals place at least 24th. That’s so the team can remain in Cincinnati, without breaks.
It opened its doors in 2000, but you’d be hard pressed to find a stadium more central to the Bengals’ identity and operations. Last year, we released a detailed comprehensive renovation plan to bring the facility into the modern age and improve the overall fan experience. This politically popular upgrade has a much steeper cost. The current proposal would still put both parties on the same financial footing but is intended to be more responsive to the needs of this changing franchise.
In comparison to other NFL renovation projects, David Abrams, a spokesperson for the Bengals, noted that “this is probably a lower cost of initial capital than just about anywhere that I’m working in the NFL.” This view highlights the economic sense that underlies Bengals’ proposal. That’s especially noteworthy considering the sky-high cost of stadium renovation continues to rise throughout the league.
“Hamilton County Commissioner Stephanie Summerow Dumas shared her amazement at getting this far in negotiations. “I really didn’t think we’d be here today at all,” she remarked, indicating a sense of optimism about the ongoing discussions between the county and the team.
Katie Blackburn, on behalf of the Bengals, thanked Hamilton County commissioners for their ongoing loyalty. “We thank the Hamilton County Commissioners for supporting this agreement to ensure Paycor Stadium remains an excellent venue and a focal point for Cincinnati’s riverfront,” she stated.
As part of the overall landscape of NFL stadium financing, it is notable that other teams are receiving substantial state funding for their renovations. The Cleveland Browns are about to get an eye-popping $600 million of state money. At the same time, the Carolina Panthers do quite well, subsidized for 81.25% of their stadium construction costs. The Baltimore Ravens are putting $20 million of their own into their renovation of M&T Bank Stadium.
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