Bengals, County Finalize $470M Stadium Renovation, Lease Deal

The Cincinnati Bengals and Hamilton County have agreed on a major plan that keeps the team at Paycor Stadium through at least the 2036 NFL season. On Thursday, the county’s board of commissioners approved a $470 million deal to renovate the team’s stadium and give both sides more time to finalize a new lease.

Paycor Stadium, which opened in 2000 on the Ohio River, has been the Bengals’ home for over two decades. The current lease ends after the 2025 season, and this new agreement will help extend that while updating the aging stadium.

Bengals, County Split the Cost

Under the new plan, Hamilton County will contribute up to $350 million. The Bengals and the NFL will cover the remaining $120 million, with the NFL’s portion coming from its G-5 loan program.

Even though the league is technically putting in some money, county consultant David Abrams explained that the responsibility still falls mostly on the team. “The NFL will be contributing, but it is basically on the back of the team to make good on their promises to the league,” he said.

Lease Includes New Terms and Flexibility

The proposed lease includes 11 base years, lasting through June 2036, with five additional two-year options. In a change from the past, the county—not just the team—can now activate the first of those extensions. That happens if the Bengals rank 24th or higher in total revenue among all 32 NFL teams.

Another update: the Bengals will now pay rent. The team will owe $1 million in each of the first three years and $2 million annually after that.

Initial Plan Was Far More Expensive

Earlier versions of the stadium renovation were expected to cost much more. In 2023, a $1.2 billion plan included upgrades and a new training center. That dropped to $830 million before landing at the current $470 million total.

Abrams said this is one of the most affordable renovation plans in the NFL right now. “Compare this to other renovations going on around the country, this is probably a lower cost of initial capital than just about anywhere that I’m working in the NFL,” he said.

Commissioner Reece Holds Back Vote

The county board approved the deal with a 2-0 vote. Commissioner Alicia Reece abstained, continuing her concerns about how the costs are being shared between the Bengals and the county. Still, the agreement moves forward.

County officials pointed out that other cities are paying more. Charlotte is covering over 81% of the Carolina Panthers’ stadium work, while Baltimore is putting in state money for the Ravens’ renovation—leaving the team to pay only $20 million of a $490 million upgrade.

State Help Still Uncertain

The Bengals and the county are still hoping for state funding, though no money has been promised yet. Meanwhile, the Cleveland Browns could receive $600 million from the state for their project, which is expected to cost $2 billion overall.

Positive Outlook After Tough Talks

Bengals executive vice president Katie Blackburn called it a “significant day” for both the team and the city. “We are proud to call Paycor Stadium our home and to keep our future here in Cincinnati, where it belongs,” she said.

Commissioner Stephanie Summerow Dumas added that getting this deal done wasn’t easy, but worth it.

“I really didn’t think we’d be here today at all,” he said. “Not that I was negative, but things were just going in different ways, it was described that way. I’m just really happy about being here. Our team and their team have worked hard to become a winning team.”