Stop me if you’ve heard this one recently, but the Browns appear in for a major upgrade.
No, not an “upgrade” that might not suit up this season but will nonetheless cost the team $230 million over the next five years.
No, we’re talking stadium upgrade.
According to real estate blogger Ken Prendergast, sources confirmed that Browns owners Dee and Jimmy Haslam are interested in constructing a new stadium for the football club to play in.
Not only that, but the Haslams are willing to move the stadium closer to the city to make a deal happen, with construction estimates hovering around $1 billion.
Planes, Cranes, and Automobiles
What are the Browns looking for in an arena upgrade?
Prendergast provided the following insight:
“The Haslams reportedly want a year-round stadium with either a permanent dome or retractable roof to attract to Cleveland more non-football related events such as bigger concerts and shows, larger and annual Rock Hall induction ceremonies, college sporting events including basketball tournament games and more. Unfortunately, FirstEnergy Stadium is used only about 10-12 times per year, underutilizing 20 acres of prime lakefront land.”
It makes perfect sense for a new Browns stadium to come with a dome.
Come December, January, and February, the stadium generally sits empty aside from home games.
Fans were generally excited about the news of a stadium upgrade.
Especially intriguing was the idea of a domed arena:
The old Municipal Stadium! Ahh the memories! Cleveland is considering a new stadium in their future! What do you think? Do you want a new domed stadium? #Browns @CLEsportsTalk pic.twitter.com/E67o8F1U2f
— ThrowBack CST (@ThrowBack_CST) June 19, 2022
I would like to think of myself as a traditionalist when it comes to our Cleveland Browns, but if they're going to do a new stadium with a roof I want to be very similar to the Vikings but I want built to look like a giant dog house with retractable roof.#Browns
— joe R. (@JTRedski) June 18, 2022
Not sure dumping hundreds of millions into @FEStadium beyond 2028 makes any sense. Build new elsewhere, sell lakefront land to developers, use the land sale proceeds as the public contribution to new stadium. No new taxes needed. Everybody is happy. #Browns
— Daryl Ruiter (@RuiterWrongFAN) June 18, 2022
I’m good with a new stadium for the #Browns . Park it next to Progressive, put a lid on it, and use it year round! #BrownsDome #ClevelandSportsComplex
— John Bradford (@johnhbradford) June 18, 2022
I really hope we get that new stadium. #browns
— 🅿️arkerSCenter | CW: OP (Water 7) (@ParkerSCenter) June 18, 2022
Very important to note, #Browns are in the preliminary/exploratory stages of planning. 7 years left on lease is perfect timing. The concern over viability of current stadium is real. Corners were cut in construction – was a rush job. Gateway well planned/built, stadium wasn’t
— Daryl Ruiter (@RuiterWrongFAN) June 18, 2022
If the #Browns are indeed looking to build a new stadium, then it should have a retractable roof.
— Jonnie DeVoe (@OmoshiroiJon) June 18, 2022
I’d love a new stadium.. not that our current one is bad but this city truly does deserve the best #Browns
— BrownsAlways216 (@brownsalways216) June 18, 2022
Picking Up The Tab
These stadium projects, while exciting, usually come with a hefty price tag.
Most recently, the Los Angeles Rams’ SoFi Stadium came with a $5 billion price tag, the highest in football.
According to Prendergast, one thing is “certain” — some of the funding for any new stadium project will come from public subsidies.
But Cuyahoga County won’t be the only source of funding for a new stadium:
“In addition to those public funds and revenues from lakefront development, there may also be financial contributions from a private company seeking naming rights, the State of Ohio and from the NFL. The league has contributed anywhere from tens of millions to as much as $500 million for new stadiums. The NFL has been most generous where one facility is shared by two teams. To benefit the Los Angeles Rams and Los Angeles Chargers, the NFL gave a $500 million loan to help build the $5 billion SoFi stadium — the most expensive sports venue ever built. A similar split was done by the NFL for MetLife Stadium in East Rutherford, NJ, with $150 million loaned to each the New York Giants and New York Jets.”
Don’t exact a $500 million loan from the NFL, though.
But perhaps something in the $100 million range is on the table?
That would put the loan at just about one-tenth the overall price of the stadium, similar to the SoFi investment ratio.
And increasing the number of events at a stadium necessarily makes it more profitable.
Meaning investors might be more willing to inject some of their own capital into a project.
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