The Haslam Sports Group (HSG), which owns the Cleveland Browns, is actively pursuing state support to fund the construction of a new domed stadium in Brook Park. In a detailed presentation to the Ohio House Arts, Athletics and Tourism Committee, Ted Tywang, HSG's Chief Administrative Officer and General Counsel, outlined a financing plan involving private capital and public funding through bonds.
Tywang revealed that the Haslams are ready to pony up with up-front cash to sweeten the deal and alleviate the state's concerns about floating $600 million in bonds. They're also ready to put up $1.2 billion of their own money and look to local communities for an additional $600 million. He explained that they would be looking to further "de-risk" the state's investment by this cash payment, which, according to his testimony shared by WKYC, would be "the present value of a portion of the principal balance of the State bonds." This move may even require a rewrite of Ohio state law to create "transformational sports mixed-use development districts."
Alongside the stadium, which would potentially be named Huntington Bank Field, the project encompasses a mixed-use development area with facilities such as hotels, residential complexes, restaurants, and retail spaces designed to enhance the economic impact and appeal of the area. As State News reported, the Haslam family envisions the project as a 50-year solution to secure the Browns' future in Northeast Ohio, with Ted Tywang stating, "The Haslams are not going to move the Browns. In fact, they're investing this unprecedented amount of, private dollars into a publicly owned building."
However, the proposition has not gone without scrutiny. Lawmakers have expressed concerns, as noted by State News, about potential economic shifting from downtown Cleveland and the team's long-term commitment to the area. Tywang assured that the project wouldn't be competitive with downtown but complementary. Despite these concerns, certain lawmakers are showing interest, and some are already advocating for the benefits the development could bring to Northeast Ohio, as Cleveland19 has captured.
Moreover, HSG's projections show that the project could generate $2.9 billion in state taxes across the initial 30-year lease term. Should the state agree to issue the bonds, revenues generated by the project are anticipated to comfortably service the debt obligations. Regarding Governor Mike DeWine's stance against the bond issuance, HSG continues to lobby for support, indicating that they would provide money upfront to cover any potential underperformance, as WKYC reported.
