https://player.anyclip.com/anyclip-widget/lre-widget/prod/v1/src/lre.jsThe Haslam Sports Group released their latest financial plan to build their Brook Park development to move the Cleveland Browns into a dome.
The Cleveland Browns are seeking a 50/50 public and private partnership to bring Brook Park to fruition. The total cost of the project will be around $2.4 billion. The Haslams have committed $1.2 billion in private funding.
They hope the public’s funding will come from bond-financed contributions from Brook Park, Cuyahoga County, and the state of Ohio. The $1.2 billion in proposed bonds would be split with the State issuing $600 million, Brook Park issuing $422 million, and Cuyahoga County issuing $178 million.
The organization believes the funding model leverages new tax revenues from the project to pay for it. The model will not use any existing tax revenue sources.
Ohio Governor Mike DeWine dismissed the idea of using bonds to fund future stadiums or renovations earlier in the week. DeWine has proposed a new budget that would double the tax on sports gambling to help pay for future professional sports stadiums or renovations.
The Browns are deep in negotiations for their new stadium. The city of Cleveland is fighting to keep them within the city limits. However, the Haslam family wants to build their stadium and the accompanying economic zone which includes hotels, restaurants, and flagship stores, as soon as possible. The Browns lease at their current stadium ends in 2028. The Browns will likely decide on their next stadium sometime this year.