Bengals reach $470 million deal to renovate Paycor Stadium in Cincinnati, pending final approval

The Cincinnati Bengals have nearly finalized a deal to keep the team at Paycor Stadium for another decade. The Bengals and local officials have agreed to a $470 million venue renovation and an 11-year lease extension.

The preliminary agreement, announced on Thursday, came down to the wire. The parties have until June 30 to agree on a new lease or approve the first of five two-year extensions, according to the Associated Press. The deal still requires final approval from the team and Hamilton County commissioners. The agreement keeps the Bengals at their longtime stadium through June 2036, with 10 additional option years that could extend the lease through 2046.

The $470 million renovation is less than the $830 million the Bengals originally proposed. The county will contribute $350 million, and the Bengals will pay $120 million. The Bengals originally proposed improvements to the club lounges, stadium suites, concessions and scoreboards. Both parties plan to approach the state of Ohio for additional funding.

“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. “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.”

Paycor Stadium has hosted the Bengals since 2000.