Mayor Bibb, Haslam Sports Ink Historic $100M Deal for Cleveland Region
Cleveland has entered a new era with a landmark agreement between Mayor Justin M. Bibb and the Haslam Sports Group (HSG). This historic deal, valued at $100 million, aims to profoundly transform the city’s lakefront and develop a new stadium for the Cleveland Browns.
Key Aspects of the Agreement
The $100 million investment from HSG will accelerate the redevelopment of the lakefront area, enhancing the economic landscape. The agreement also embraces a commitment to support the Browns’ new stadium project in Brook Park.
- Investment Breakdown:
- HSG to pay $25 million by December 1, 2025.
- Demolition of the current Huntington Bank Field estimated at $30 million.
- Annual payments of $5 million, starting January 1, 2029, for five years, totaling $25 million.
- Investment in Community Benefit Projects of no less than $20 million over ten years.
- Infrastructure Support: The agreement includes support for road and air travel infrastructure related to the Brook Park stadium and the modernization of Cleveland-Hopkins International Airport.
- Collaboration: Both parties will work together on lakefront redevelopment and Brook Park projects while dismissing all related lawsuits.
Statements from Officials
Mayor Bibb expressed pride in the agreement, emphasizing its potential to unlock the lakefront’s potential. He stated, “This investment will attract new opportunities and benefit all residents.”
Dee and Jimmy Haslam, Principal Partners at HSG, highlighted their commitment to the city. They noted that this partnership would enhance Cleveland’s lakefront and ensure the Browns remain an integral part of the community.
Looking Ahead
The agreement represents a significant milestone for Cleveland. With HSG’s $100 million commitment, the city’s lakefront is poised for transformational development. Moreover, the new stadium and mixed-use facility in Brook Park promise to energize both local economies and fan experience.
Cleveland is ready for this transformation. The leadership displayed by Mayor Bibb and HSG paves the way for a prosperous future, benefiting residents and fans alike.
