Steelers Now
The Cincinnati Bengals and Hamilton County, Ohio have agreed to terms on a proposed lease to keep the Bengals in their current stadium, while providing public funding for renovations.
The lease agreement will last for 11 years and include two five-year extension options, and comes with $470 million in improvements to Paycor Stadium, with $350 million in public money and $120 million contributed by the Bengals. The state of Ohio is also expected to contribute to the project.
The deal comes just before a June 30 deadline set by the Bengals to come up with a plan for their future stadium needs.
“This is a significant day for the Bengals and Hamilton County as we secure the team’s future in Cincinnati,” Bengals vice president Katie Blackburn said in a press release. “We thank the Hamilton County Commissioners for supporting this agreement to ensure Paycor Stadium remains an excellent venue and a focal point for Cincinnati’s riverfront. We are proud to call Paycor Stadium our home and to keep our future here in Cincinnati, where it belongs.”
Paycor Stadium opened in 2000, and the deal continues a trend of stadiums from that era either being replaced or undergoing extensive renovations. The Baltimore Ravens got $600 million in state funding for renovations to M&T Bank Stadium, which began last offseason. That stadium opened in 1998.
The Cleveland Browns are moving forward with plans to construct a new domed stadium in suburban Brook Park, Ohio. Their current stadium opened in 1999.
The Pittsburgh Steelers are right behind their division rivals on the stadium timeline, with Acrisure Stadium opening in 2001. Steelers president Art Rooney II said he expects the team to sign an extension to their current least, which expires in 2030. A package of public financing for renovations that keeps paces with the Bengals and Ravens will likely be the expectation from the Steelers.
Pennsylvania Governor Josh Shapiro cautioned over the weekend that the state budget may not support new stadiums for teams such as the Steelers and Philadelphia Eagles.
This article originally appeared on Steelers Now: Bengals Finalize Deal for $470 Million Stadium Renovation
