Bengals and Hamilton County: Key agreement to renovate Paycor Stadium

A crucial step has been taken to ensure the permanence of the [Bengals](/nfl/team/_/name/cin/cincinnati-bengals) in downtown Cincinnati. The Hamilton County Board of Commissioners approved a tentative $470 million deal, which will keep the team at Paycor Stadium, their current home, until at least 2036. This investment will be used to renovate the stadium, which opened in 2000 on the banks of the Ohio River. The agreement comes after intense negotiations, driven by the June 30 deadline to extend the lease, which expires after the 2025 season. The approved financial terms will provide additional time for the county and the Bengals to finalize the next lease agreement.

It’s a significant day for the franchise and Hamilton County.

Katie Blackburn, Bengals Executive Vice President

The agreement was approved with a 2-0 vote, with the abstention of commissioner Alicia Reece, who had expressed concerns about the financing structure. Hamilton County will be limited to $375 million, while the Bengals and the NFL, through the league’s G-5 loan program, will contribute $120 million.

Essentially, this is a loan from the NFL. The NFL will contribute, but it’s the team’s responsibility to fulfill its promises to the league.

David Abrams, consultant at Inner Circle Sports

The proposed new lease will have a base of 11 years, extending to June 2036, with five two-year extension options. Unlike the original contract, Hamilton County will be able to automatically execute the first option if the Bengals rank 24th or better in total league revenue. In addition, the contract obligates the Bengals to pay $1 million in rent in the first three years and $2 million in each subsequent year. The projected total cost of $470 million is significantly less than the initial renovation plans, which considered larger investments.

Compared to other renovations in the country, this is probably a lower initial capital cost than almost anywhere I’m working in the NFL.

David Abrams, consultant for Inner Circle Sports

The Bengals’ financial contribution has remained around $120 million. The county’s presentation highlighted that their funding, which represents 75% of the total cost, is less than in other cities. Although the final details are still to be defined, the agreement marks a crucial moment in the negotiations between the Bengals and the county.

I really didn’t think we’d be here today. I am so happy to be here. Our team and your team have worked hard to become a winning team.

Stephanie Summerow Dumas, Hamilton County Commissioner