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Browns to pay $120 million for stadium renovations

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The Canadian Press
11/19/2013 4:19:37 PM
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CLEVELAND -- 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.

Cleveland Browns (Photo: NFL)

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(Photo: NFL)
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