The National Football League (NFL) team Cincinnati Bengals and the local officials have reached a tentative deal to make $470 million in renovations to their home venue – the Paycor Stadium in Cincinnati, Ohio (US) – and keep the team there through at least 2036.
‘Herald-Star’ stated that the preliminary agreement announced recently still needs final approval from the team and the Hamilton County Commissioners.
The Cincinnati Bengals are a professional American football team based in Cincinnati. The Bengals compete in the National Football League (NFL) as a member of the American Football Conference North Division. The team plays its home games at the Paycor Stadium in downtown Cincinnati (US).
The 65,515-capacity Paycor Stadium, previously known as the Paul Brown Stadium, is an outdoor football stadium in Cincinnati, Ohio (US). It is the home venue of the Cincinnati Bengals of the National Football League (NFL) and opened on August 19th, 2000.
‘Herald-Star’ further stated that the two sides had until June 30th to agree to a new lease or approve the first of five two-year extensions but they have agreed to extend the deadline. The Bengals’ original lease expires at the end of next June.
Both of Ohio’s NFL teams are looking for public money for their stadiums. The NFL team Cleveland Browns want to build a new dome stadium just outside the City and are counting on $600 million in the new State budget to help finance the construction.
In Cincinnati, the $470 million plan to renovate the stadium is far less than the $830 million the Bengals originally proposed.
The county will contribute $350 million toward the renovations and the Bengals will pay $120 million.
The Bengals’ Executive Vice-President Katie Blackburn said the agreement will secure the team’s future in Cincinnati – “This new deal ensures the Paycor Stadium remains an excellent venue and a focal point for Cincinnati’s riverfront.”
Details on what the improvements will include were not announced. Both the sides said they will work together to seek additional funding from the State.
The team has proposed improvements to the club lounges, the stadium suites, concessions, and the scoreboards.
The Bengals have called the Paycor Stadium home since 2000. It was originally named the Paul Brown Stadium until the team sold the naming rights in August 2022.
The new lease would keep the Bengals there for 11 years and could be extended through 2046.
Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.
Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at www.coliseum-online.com/alliance and make use of the 365Coliseum Business.