Browns, City of Cleveland Strike $100M Settlement for Stadium Move and Lakefront Revival

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A new, enclosed Huntington Bank Field will be built in Brook Park. And the current home of the Cleveland Browns in Downtown Cleveland will be demolished for lakefront redevelopment for which the owners of the Browns will help finance to the tune of $100 million.

That’s the result of a settlement announced by both sides today that effectively ended an often bitter fight over where the National Football League franchise will play it’s home games after its current stadium lease ends after the 2028 football season.

Mayor Justin Bibb and the Haslam Sports Group (HSG) called the agreement “historic” and said it will continue a partnership between the City of Cleveland and the Cleveland Browns.

With today’s agreement, Bibb and HSG’s ownership, Dee and Jimmy Haslam, said they will move forward together, committed to providing advocacy and partnership for each other’s transformative projects.

“I’m proud to deliver this historic deal to the residents of the City of Cleveland,” Bibb said in a written statement. “My administration, with the Haslams’ support will finally unlock the full potential of our lakefront, benefiting all residents and attracting new investment to the city.”

“Because of Mayor Bibb’s leadership, and this monumental public-private partnership, we are accelerating the transformation of Cleveland’s lakefront while delivering a new world-class stadium and mixed-use development in Brook Park. It’s a win for the city, the region, and the fans,” the Haslams said.

The Haslams, along with Whitney and JW Johnson, founded Haslam Sports Group in 2020. Their portfolio including ownership of the Browns, operating rights to Major League Soccer’s Columbus Crew, and co-ownership of the Milwaukee Bucks, as well as investments in HSG Ventures, HSG Facilities and other entities. HSG paid $76 million in June to buy nearly 180 acres for the $2.4 billion Brook Park stadium.

“We will always be the Cleveland Browns, and this agreement reflects a continued commitment by the Haslam/Johnson family to strategically invest in City of Cleveland community programs, building on the family’s consistent charitable giving across the region since taking leadership of the Cleveland Browns in 2013.

“This $100 million investment continues our lakefront momentum and economic resurgence,” added Bibb. “This agreement puts the lakefront on the path to transformational development and the Browns on the path to a world-class facility in Brook Park.”

“This is the right solution for the city and the region,” continued Bibb, who is running for re-election on Nov. 4. “Cleveland’s time is now. We are a city that leads the region, that’s open for business, and that knows how to get big things done.”

Here are the agreements highlights:

• HSG to pay the City of Cleveland the sum of $25 million by Dec. 1, 2025.

• HSG to raze the current Huntington Bank Field in downtown Cleveland to a pad ready state at the Browns’ expense. This cost is estimated to be $30 million.

• Beginning on Jan. 1, 2029, pay the City of Cleveland $5 million on or before January 1 of each calendar year until Jan. 1, 2033, totaling $25 million over five years.

• Upon termination of the Lease, HSG to 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.

• Parties to mutually support infrastructure plans related to road and air travel with respect to both the Brook Park stadium mixed-use project, the modernization of Cleveland-Hopkins International Airport, the development of the Cleveland lakefront, including the redevelopment of the Burke Lakefront Airport property.

• City to support the continuing progress and timely completion of transformational Brook Park stadium and mixed-use development.

• Both parties will voluntarily dismiss all lawsuits with prejudice related to the Browns’ Huntington Bank Field move to Brook Park.

In July, the City of Cleveland, the nonprofit North Coast Waterfront Development Corporation (NCWDC) and real estate brokerage CBRE issued a request for qualifications (RFQ) on redeveloping 50 acres of the lakefront — including the existing 22-acre site of Huntington Bank Field.

The city and NCWDC plan to announce by the end of the year who will win the RFQ. However, it remains to be seen what role HSG will have in lakefront redevelopment as a result of today’s settlement announcement.

It should be noted that, because this is former submerged land recovered from Lake Erie, the city cannot sell the land. So the city is offering ground leases of up to 75 years with two 50-year extensions per the RFQ. The city’s goal for the project is to promote lakefront access, equity and extraordinary economic opportunities.

To redevelop the lakefront will require infrastructure. The city’s plan proposes a reconstruction of the Shoreway highway into a multimodal boulevard and construction of a new Land Bridge over the railroad tracks and boulevard plus new access roads, sidewalks, bike paths and streetscaping costing about $450 million.

Of that, $284 million is already committed. The city has $130 million in federal grants, $20 million in state grants, and $134 million in local matching dollars from the city’s Shore-to-Core-to-Shore tax-increment financing district.

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