There seems to be a deal in place that will allow the Haslams to leave Cleveland.
Cleveland Mayor Justin Bibb has raised the white flag and has surrendered in his attempts to keep the National Football League’s Cleveland Browns franchise within city limits. The Browns owners will move the business to Brook Park which is about 15 miles from Cleveland. Bibb has a tentative deal in place with Browns’ owners Jimmy and Dee Haslam that clears the way for the Haslams to leave town once the Haslams’ lease with the city to use the Cleveland-owned stadium ends in 2028. Bibb and the Haslam Sports Group agreement includes “a $100 million commitment from HSG to the City of Cleveland that will accelerate the lakefront transformation and prepare the current lakefront stadium site for redevelopment and the City’s commitment to support the continuing progress and timely completion of the Browns’ future home in Brook Park”
HSG will pay the City of Cleveland the sum of $25 million by December 1st, 2025. HSG will raze the stadium. That cost is estimated to be $30 million. Beginning on January 1st, 2029, the Haslams pay the City of Cleveland $5 million on or before January 1st of each calendar year until January 1st, 2033, totaling $25 million over five years. Upon termination of the lease, HSG will invest no less than $2 million per year over the next 10 years on a mutually agreed Community Benefit Projects totaling no less than $20 million. All litigation will be dropped. The Haslams are still short of what they say they need in public financing for the stadium-village. Ohio taxpayers are kicking in $600 million. Brook Park can create a special tax district where the Haslams can keep all sales taxes and pay down the stadium-village debt. Brook Park could take a lump sum payment in lieu of property taxes to help the Haslams. It is just business.
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