Jimmy Haslam indicates the Browns might remain at the lakefront if Ohio legislators turn down $600 million in funding for a new domed stadium in Brook Park.
PALM BEACH, Fla. — Is it possible for the Cleveland Browns to continue their presence on the lakefront instead of relocating to a domed stadium in Brook Park? Team owner Jimmy Haslam acknowledged this possibility while speaking to reporters at the NFL Annual Meeting in Palm Beach, Florida.
As reported by Mary Kay Cabot of 3News partner Cleveland.com, Haslam stated that the decision hinges on whether Ohio lawmakers will approve $600 million in funding for the stadium project in their budget by the end of June. If approved, construction in Brook Park is set to begin in the first quarter of next year.
If the funding is denied, Haslam revealed they would pursue “Plan B,” which involves renovating the existing Huntington Bank Field in downtown Cleveland.
“We are genuinely enthusiastic about the stadium,” Haslam expressed, according to Cabot. “As I often say, constructing a stadium requiring both private and public funding can be a complex journey. It’s been a bit of an emotional rollercoaster. We experience good weeks and bad weeks, but we believe we are making progress.”
Last month, the Browns detailed their plan to finance a $3.4 billion economic development project near Cleveland Hopkins International Airport, which includes a $2.4 billion domed stadium along with a mixed-use development.
The Haslam Sports Group and its partners have pledged over $2 billion in private capital. They propose that Ohio issue $600 million in bonds, which would be repaid with tax revenues. Additionally, Brook Park and Cuyahoga County would be asked to contribute $600 million in bonds funded by increased taxes on admissions, parking, hotels, and rental cars.
This month, HSG informed lawmakers that the Browns would initially provide $38 million in “up-front” cash to ease concerns about the bond issuance. Furthermore, reports indicate that the Ohio House Finance Committee might soon incorporate provisions for $600 million in state-backed bonds into the forthcoming budget legislation, as suggested by Committee Chair Brian Stewart.
