Report: Browns Naming Rights Deal Worth $102 Million
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CLEVELAND (92.3 The Fan) – FirstEnergy will pay the Cleveland Browns $102 million over 17 years for the naming rights to the team’s 73,200 seat stadium the Akron Beacon Journal reported Thursday.
Browns and FirstEnergy officials said Tuesday that both parties agreed to keep the terms of the deal to rename the stadium ‘FirstEnergy Stadium: Home of the Cleveland Browns’ private.
Browns owner Jimmy Haslam said that the revenue from the deal was not specifically earmarked but would be used to help keep the franchise competitive on and off the field in the NFL.
Haslam and the Browns are in the process of planning renovations to the 14-year stadium, the extent and cost of which have yet to be determined. Haslam was also non-committal when asked who will pay for the upgrades to the building which opened in 1999.
At least 4 architectural firms will be asked to tour and assess the current condition of the stadium and propose feasible upgrades within the next 30 days Haslam said.
The Browns are also exploring renovations and expansion to their team headquarters in Berea.
Currently non-football operations employees are housed at the stadium after former coach Eric Mangini moved them out of Berea in 2009. CEO Joe Banner said Tuesday that their goal is to get the entire organization back under 1 roof.