Cincinnati Bengals Agreed To New Deal To Modernize Paycor Stadium
The Cincinnati Bengals announced on Thursday that they’re moving forward with a new lease agreement that will keep the team playing at Paycor Stadium through at least 2036. In talks with Hamilton county the Cincinnati Bengals agreed to a new deal to modernize Paycor Stadium. Things had been tense between the two parties to the point that a deadline was looming to get a deal done. As a result the commission president spoke about the issue saying:
“We are entering into an agreement in collaboration with the Bengals,” said commission Pres. Driehaus. “As you know, that has been a strained relationship in the past. But we are coming together today to announce the terms for the new lease.”
Providing some additional details on the deal, nfl.com reported the following:
“Both sides 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. The Bengals and local officials have reached a tentative deal to make $470 million in renovations to Paycor Stadium and keep the team there for at least the next 11 years.”
The Bengals will invest $120 million in the renovation project, covering 75% of new improvements to the stadium. The team and Hamilton County will continue to work collaboratively to secure meaningful funding from the State of Ohio to further support the renovation efforts. The county will contribute $350 million toward the renovations bringing the renovation total amount to $470 million dollars. That’s down from $830 million proposed earlier.
And as pointed out by ESPN NFL Insider Adam Schefter, “The deal between the Bengals and Hamilton County includes 10 additional option years that could extend the lease through June 2046.”
Cincinnati Bengals Agreed To New Deal To Modernize Paycor Stadium
Although the team has agreed to let county officials have more say over what can happen inside Paycor on non-game days, it wasn’t a deal breaker. Therefore, the Bengals released the following statement:
“This is a significant day for the Bengals and Hamilton County as we secure the team’s future in Cincinnati,” said Bengals Executive Vice President Katie Blackburn. “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.”
So with the renovation deal in place, Bengals’ fans won’t have to worry about losing their team anytime soon. And they’ll get to enjoy the games in updated club lounges, stadium suites, concessions and scoreboards. However, the renovations will take two to three years to complete.
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