HSG’s $100 Million Contribution Brings Total Lakefront Redevelopment Funding to More Than a Quarter-Billion Dollars Under Mayor Bibb’s Cleveland ERA Plan
Friday, October 17, 2025 — Cleveland — The respective legal teams for the City of Cleveland and Haslam Sports Group (HSG) have signed a term sheet marking the next step in the process, with a final full settlement agreement to follow. The terms highlight both parties’ commitment to working together on the Brook Park stadium and mixed-use district and to create a world-class lakefront – a key part of Mayor Bibb’s Cleveland ERA economic agenda.
HSG’s $100 million contribution, once finalized and approved, will bring the total amount of investment committed to redeveloping the lakefront to over $250 million since the Bibb Administration took office. The City received approximately $80 million last year from the state and federal government, and was also awarded nearly $70 million in federal funds earlier this year.
“Redeveloping the lakefront will create a place where Cleveland residents from every neighborhood will gather, enjoy the water, and feel a sense of belonging and joy,” said Mayor Bibb. “These investments put Cleveland on a definitive path to being one of the best dual waterfront cities in the country.”
“We are thrilled to continue to partner with the City of Cleveland by investing in the transformation of our lakefront,” said Dee and Jimmy Haslam. “We are grateful to play a role in pushing the region forward by providing a clean slate for the lakefront to allow the Mayor’s administration to capitalize on the opportunity that our stadium move to Brook Park creates for the reimagined lakefront that this city and region have long deserved. We are extremely excited about the combination of a new vibrant lakefront, the Bedrock riverfront project, a new world-class enclosed Huntington Bank Field and adjacent mixed-use development that supports Mayor Bibb’s critical vision for a modernized airport; all reinforcing our belief that Northeast Ohioans should have it all.”
SETTLEMENT TERMS
The parties will voluntarily dismiss all lawsuits related to HSG’s decision to move the Browns Huntington Bank Field to Brook Park, and have agreed on various terms (pending all necessary approvals from the court and other entities) that include:
- HSG will pay (or donate) $25 million to the City by December 1, 2025 (or a later date once all approvals are secured).
- HSG will raze the current Huntington Bank Field in downtown Cleveland to a pad ready state at the Browns’ expense, beginning promptly upon termination of the Parties’ lease agreement. This is estimated to be $30 million, but HSG will cover the cost of demolition if it exceeds this amount.
- HSG will pay (or donate) $5 million to the City by January 1 of each calendar year from 2029 to 2033, totaling $25 million over five years.
- Upon termination of the Lease, HSG will invest no less than $2 million per year over the next 10 years on mutually agreed Community Benefit Projects totaling no less than $20 million.
- Both parties will work together in ensuring public health and safety interests regarding any effects on Cleveland Hopkins International Airport operations caused by the new stadium in Brook Park.
- Both parties will mutually support infrastructure plans with respect to the Brook Park stadium mixed-use project, the modernization of Cleveland Hopkins International Airport, and the development of the Cleveland lakefront, including the redevelopment of the Burke Lakefront Airport property.
- City council must authorize certain aspects of the agreement such as demolition of city-owned property and the acceptance of donations to the City. The terms will be included as part of broader legislation that the Administration plans to introduce during Monday’s city council meeting.
