Ohio Governor approves $600 million towards new Cleveland Browns stadium

The Cleveland Browns are closer to constructing a new, enclosed stadium after Ohio Gov. Mike DeWine signed late Monday night a state budget bill that allocates $600 million in unclaimed funds to the project. The proposal to use unclaimed funds arose in early June and was a topic of much debate in the state government. Cleveland’s stadium proposal carries a $2.4 billion estimated price tag, and thus the state funds will cover about one quarter of the cost.

Ohio has a $4.8 billion unclaimed property fund, which includes various sums of money owed to state residents. Among those with unclaimed assets is former Browns quarterback Baker Mayfield. There exists a 10-year time limit on those funds before the money is transferred back to the state.

“We respect the firm commitment and leadership that Governor DeWine, and the Ohio Senate and House have shown in their collaborative work to find a responsible way to support such a transformative project, one that will create a generational impact for our region and the State,” Browns owners Jimmy and Dee Haslam said.

The $600 million allotment goes to the Browns as a performance grant, and one that the franchise will pay back with revenue generated from the new stadium. Its approval is part of an approved budget that also featured changes to the state’s Art Modell Law. The law previously prohibited professional sports teams from relocating out of an Ohio city without an agreement with said city or a sixth-month advance opportunity for the locale to buy the team. An amendment to the law makes it go into effect only if the team attempts to leave the state.

That latter change is of note in the case of the Browns’ new stadium, which is set to reside in Brook Park, a suburb outside of Cleveland. The move will eventually pull the franchise away from its downtown venue, which Cleveland Mayor Justin Bibb opposes.

“We are deeply disappointed that the final state budget includes both a $600 million public subsidy for a domed stadium in Brook Park and changes to Ohio’s Modell Law — provisions we strongly opposed and requested be removed,” Bibb said. “Relocating the Browns will divert economic activity from downtown, create a competing entertainment district, and disrupt the momentum of our lakefront redevelopment.”

The new Huntington Bank Field will be a fully enclosed facility, and the Browns said it will host concerts and events throughout the year to bring regional and national visitors to Cleveland. The Browns’ stadium lease with the city expires at the conclusion of the 2028 NFL season.