ANNAPOLIS, MD—The Maryland Board of Public Works today unanimously approved a new stadium lease agreement between the Maryland Stadium Authority (MSA) and the Baltimore Ravens that extends the team’s commitment to remain in Baltimore and support investment in M&T Bank Stadium through the end of the 2037 NFL season, with two five-year options to extend.
“This is an exciting day for the City of Baltimore and the State of Maryland as the Ravens are truly a world-class organization and a source of great pride for Marylanders,” said Governor Larry Hogan. “With the ratification of this historic agreement, we are securing the franchise’s presence in Baltimore for decades to come, and advancing critical infrastructure upgrades for M&T Bank Stadium. I want to thank both the Ravens and the Maryland Stadium Authority for their continued strong partnership.”
Following passage by the Maryland General Assembly of HB896 (2022), the MSA was delighted that the Ravens expressed a desire to discuss their agreement well in advance of its 2027 expiration and investment in M&T Bank Stadium as it approaches its 25th year. HB896 offered a significant incentive for the team to renew or extend its lease and remain in Baltimore, and it provides the opportunity to expand the economic impact of games and other year-round activities at the stadium.
On Wednesday, December 14, 2022, general business terms of an agreement related to stadium renovations were presented and approved by the National Football League (NFL). On Tuesday, December 27, the MSA Board of Directors met to consider for approval a new stadium lease agreement that would reaffirm the team’s strong commitment to the State of Maryland and the City of Baltimore. With the MSA Board of Directors’ unanimous approval of the proposed agreement, it was then presented to the Maryland Board of Public Works on Wednesday, January 4, 2023 and received unanimous approval.
MSA will continue to work closely with the Baltimore Ravens so that M&T Bank Stadium will be upgraded to remain a best-in-class facility in terms of safety, amenities, and fan experience. MSA fully recognizes that with this agreement and the improvements HB896 affords presents a once in a generation opportunity to redevelop M&T Bank Stadium to further elevate Maryland as a sports and entertainment destination and create economic development opportunities for years to come.
“The Maryland Stadium Authority is extremely pleased with the new stadium lease agreement with the Baltimore Ravens at M&T Bank Stadium that continues our strong partnership with the team through the end of the 2037 NFL season with two five-year options to extend,” said Thomas Kelso, Chairman, MSA. “While fundamentally the same as the agreement presently in place, it offers greater protections to the MSA, additional revenue opportunities to the team that are in line with current stadium trends and opportunities to collaborate on improvements that will enhance the fan experience as afforded by the HB896 legislation.”
“We thank the Board of Public Works and Governor Hogan for supporting this agreement. We are excited that M&T Bank stadium will be home to the Ravens for at least the next 15 seasons,” said Sashi Brown, President, Baltimore Ravens. “We also look forward to working with MSA to make key investments to ‘the Bank’ that Ravens fans deserve. These improvements will allow the Ravens to continue delivering one of the NFL’s best game day experiences and to attract world class concerts and events to Baltimore and the capital region.”
About HB896. HB896 (2022) increased the cap on Camden Yards Sports Complex debt from $235 million to $1.2 billion ($600 million each for Oriole Park and M&T Bank Stadium), increased the cap on monies for debt service transferred from lottery funds to $90 million from $20 million, and stipulated that the term of any bonds issued could not exceed the term of the team lease where the money is to be spent. This offers a significant incentive for the teams to renew or extend their leases and remain in Baltimore, and provides the opportunity to expand the economic impact of games and other activities at the stadiums.