CLEVELAND, Ohio (AP) – The Browns will finance $120 million for renovations at FirstEnergy Stadium and recoup $42 million from the city.
Mayor Frank Jackson and Browns CEO Joe Banner announced the tentative agreement Tuesday.
The Browns will receive $2 million annually over the next 15 years from the city. That money is owed to them as part of their existing lease. They’ll get an additional $12 million from a capital improvements fund.
Last week, the Browns announced details for planned improvements to the 15-year-old stadium. But they did not indicate how they intended to pay for the two-year project beyond a $62.5 million loan from the NFL.
The Browns plan to install giant scoreboards and make other upgrades to their lakefront stadium. The city’s planning commission approved the proposal last week.