CINCINNATI — The Cincinnati Bengals are on the brink of securing a long-term future at Paycor Stadium after reaching an initial agreement with local authorities for extensive renovations valued at $470 million. This prospective deal, aimed at retaining the team in Cincinnati through at least 2036, was unveiled on Thursday and awaits formal consent from the Bengals and Hamilton County commissioners.
The current discussions arise amidst a crucial deadline. Originally, both parties had until June 30 to finalize a new lease or affirm the first of five possible two-year extensions. Nevertheless, an extension on this deadline has been mutually accepted, with the Bengals’ existing lease set to conclude at the close of next June.
In a broader context, both of Ohio’s professional NFL teams are pursuing public funds for their respective stadium projects. In contrast to the Bengals’ plan, the Cleveland Browns are seeking to establish a new dome stadium just beyond the city limits, anchored by $600 million anticipated from the state budget to aid their project.
As for Cincinnati, the plan to rejuvenate Paycor Stadium with a $470 million makeover is significantly more economical than the initial $830 million proposal put forward by the Bengals. Of this amount, Hamilton County has committed to providing $350 million, while the Bengals will contribute the remaining $120 million.
Katie Blackburn, the Bengals Executive Vice President, emphasized the importance of this agreement in securing the team’s presence in the city. She affirmed that the arrangement ensures Paycor Stadium will continue to serve as a prime venue and remain a central feature of Cincinnati’s riverfront.
Though precise renovation plans have yet to be disclosed, both parties confirmed efforts to collaborate on obtaining supplementary state funding. The team has, however, indicated potential upgrades might include enhancements to club lounges, stadium suites, concessions, and scoreboards.
Home to the Bengals since 2000, Paycor Stadium was originally known as Paul Brown Stadium until the team updated its naming rights in August 2022. The new lease arrangement promises to keep the Bengals at the venue for the next 11 years, with provisions in place for an extension through 2046.