The deal still needs final approval, but is an important step as negotiations had heated up in recent weeks with a deadline looming.
Both parties had until June 30 to agree to a new lease or approve the first of five two-year extensions, but they’ve agreed to extend the deadline. The Bengals’ original lease expires at the end of next June.
Now they are set to continue playing home games at Paycor Stadium through June 2036 – with 10 additional option years that could extend the lease through June 2046.
Credit: AP
Credit: AP
“This is a significant day for the Bengals and Hamilton County as we secure the team’s future in Cincinnati,” Bengals Executive Vice President Katie Blackburn said in a statement. “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.”
Cincinnati, which has called the former Paul Brown Stadium home since 2000, originally had proposed a renovation plan that would could $830 million.
The new agreement has the county contributing $350 million toward renovations, while the Bengals cover the remaining $120 million. Both sides said Thursday they will work together to seek additional funding from the state.
Details on what the improvements will include were not announced Thursday, but original proposals listed upgrades to club lounges, stadium suites, concessions and scoreboards. According to a release from the Bengals, “the agreement supports a reasonable approach to modernize the 25-year-old stadium at a time where other communities are faced with multi-billion-dollar new stadium projects.”
The Bengals report driving over $1 billion in annual economic impact to the region.
“Under a new deal, the Bengals and Hamilton County are poised to continue transforming the riverfront, driving economic growth and delivering unforgettable moments for fans for years to come in downtown Cincinnati,” the Bengals wrote in their press release.
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