CLEVELAND, Ohio (92.3 The fan) – The Haslam Sports Group is about to expand their portfolio and add the Milwaukee Bucks to the family.
An agreement by Browns ownership to acquire a 25% share of the NBA franchise valued at $3.5 billion will cost an estimated $875 million and is close to being finalized. While the expansion of their sports business empire is exciting, the Haslam Sports Group has a major hurdle to clear here in Cleveland – what to do about FirstEnergy Stadium?
The Browns lease at the lakefront facility, which opened in 1999 amid a frantic 42-month design and construction process that left the building obsolete the day it opened its gates, expires following the 2028 season leaving them less than six years to resolve the long-term future of the franchise.
In 2015 the Browns completed a two-year, $120 million renovation of FirstEnergy Stadium, including modifying the seating bowl on the east and west ends of the stadium, club and suite renovations as well as audio and video board replacement but new stadiums have since opened in Atlanta, Minneapolis, Los Angeles and Las Vegas with amenities Cleveland's current stadium is incapable of housing.
The Tennessee Titans have unveiled plans for a $2.1 billion stadium with the city of Nashville contributing $760 million and the state of Tennessee tossing in another $500 million. The $1.26 billion in public funding is the largest to date committed to a stadium project surpassing the $850 million the Buffalo Bills received for their new $1.4 billion stadium.
The Chicago Bears recently closed on the purchase of Arlington International Racecourse as a potential new site for a stadium while the city of Chicago has proposed another $2.2 billion renovation of Soldier Field, which includes adding a roof, in an attempt to keep the team downtown.
The Baltimore Ravens are planning another massive renovation to M&T Bank Stadium after completing $120 million in improvements in 2019. The Maryland Stadium Authority secured up to $1.2 billion in borrowing power to overhaul the Ravens home as well as Oriole Park at Camden Yards to keep both teams in town.
The Kansas City Chiefs and Carolina Panthers are exploring their stadium options while the Cincinnati Bengals are exploring potential renovations to Paycor Stadium.
The Washington Commanders have tried, and failed, multiple times to plan a new stadium.
The Eagles ($125 million) and Patriots ($225 million) both have significant stadium renovation projects underway.
In May 2021, the Haslam Sports Group proposed an ambitious lakefront development plan that would cost hundreds of millions to pull off but would finally connect the lakefront to downtown Cleveland.
Since that proposal was unveiled, multiple feasibility studies have been launched and in December Cleveland City Council approved funds for their own lakefront development study to be commissioned.
Last year the Browns began a stadium feasibility study to evaluate the long-term viability of the stadium and separately the city of Cleveland commissioned a stadium audit, in accordance with the lease, which requires one to be done every five years.
Regardless of the findings with either the study or audit, the fact remains the current stadium just doesn't cut it in today's NFL.
So what do the Browns do?
Another renovation would cost, at a minimum, $500 million, but the original construction of the stadium, which only includes half a service level, makes the addition of modern fan amenities, including field-level view clubs and seating found in new stadiums, virtually impossible.
The Browns added temporary field level seats last season and the team hopes to add more this year pending NFL approval.
The starting price tag for a new open-air stadium surpasses $1 billion easily. A domed stadium’s price tag starts north of $2 billion. A retractable roof facility would cost another $750 million to $1 billion more on top of that.
The Browns have tried to keep their ticket prices, which have averaged among the lower third in the league, low by comparison but a privately financed facility likely would result in significant price increases for everyday fans.
The Cavaliers and Guardians are set for the foreseeable future having extended their leases to remain at Gateway on the south side of downtown Cleveland and renovate both buildings at the complex which opened in 1994.
The Cavs received $70 million in public funding for a $185 million overhaul of Rocket Mortgage FieldHouse keeping the NBA franchise downtown through 2034 and possibly longer.
The Cleveland Guardians, who also extended their lease 15 years, are about to commence a $202.5 million overhaul of Progressive Field. Along with capital improvements to the ballpark, the entire project will cost $435 million with the team covering $150 million, plus any overruns, over 15 years while the city, county and state teamed up to cover the balance.
That leaves the Browns to settle their stadium problem – renovate or build new? Should the Browns opt for a new stadium, where to put it becomes the next question followed by open air, dome or retractable roof?
While new stadiums go up and massive renovations continue around the NFL and the costs to do so soar, the Browns are back on the stadium clock in Cleveland.
And that clock is ticking faster than many think.