It's been great hosting many of you at training camp in Berea and we can't wait to see you at Cleveland Browns Stadium for what we believe will be an exciting season ahead. As you know, we have been hard at work on a long-term stadium solution to bring our fans the best-in-class experience they deserve while also positively impacting the Northeast Ohio region. The process began as far back as 2017, and our efforts have intensified as we approach the end of our current lease after the 2028 season. We know this is a topic that is important to our fans and the broader community. With Mayor Bibb releasing the City's latest proposal for a renovated stadium last week and the increased community dialogue around our stadium future, including the possibility of a dome stadium in Brook Park, we feel it is the appropriate time for us to communicate directly and share an update on our stadium process. We are currently evaluating the City's proposal and have requested additional information from the City to enable us to comprehensively do so.

We do not take the stadium decision lightly, and have been working diligently with city, county and state officials to consider all opportunities. We need to be bold, we need to be innovative, and we need to take advantage of this unique moment to create a transformational project not only for our fans, but for Cleveland, the Northeast Ohio region and the State of Ohio.

While we have considered numerous sites throughout Cleveland and the region, our focus has been on two potential paths for the future of our stadium. One option is the renovation on the lakefront; while our current stadium has served us well, it would need substantial improvements to ensure future sustainability and make it a state-of-the-art facility that makes Cleveland proud. The lakefront site also has significant operational limitations for a building of our size, and requires major infrastructure moves to improve our operational and fan experience challenges. We have invested heavily in exploring this path and remain engaged with the City of Cleveland regarding a potential renovation plan, but it remains a complex and challenging proposition.

The other and more transformational option is to build a $2.4 billion new domed stadium in Brook Park, creating a modern, dynamic, world-class venue that would greatly enhance the fan experience and enable the State of Ohio and our region to compete for some of the biggest events in the world 365 days a year. Similar to other markets in the Midwest, this proposed domed stadium would catalyze our region in a major way. The stadium's year-round activity would anchor a large-scale lifestyle and entertainment district, including experiential retail, residential space, hotels and other unique products, drawing visitors throughout the year and driving substantial fiscal impact for our region.

While significant work remains, the more we have explored the Brook Park option, the more attractive it has become, and we are excited to share the current vision with you:

We have considered not only the Brook Park site but also other locations for a future dome stadium, including Burke Lakefront airport, which we have determined with the City of Cleveland is not feasible. We also cannot put a dome on the current building because of economic constraints and FAA restrictions. The Brook Park site is the most compelling option for a dome for several reasons: its central location for our regional fan base, its proximity to downtown, the RTA and the airport, and its strong existing infrastructure. The large footprint is also ripe for major economic development and supports ample parking and optimized ingress/egress for our visitors. Our diligence of the site is ongoing, but our work to date has shown positive results on the FAA, environmental and traffic/infrastructure fronts.

As demonstrated in other markets, a project of this magnitude only realistically works through a public-private partnership. We have approached this as a 50-50 partnership on the stadium, excluding cost overruns, which we would cover. But this would be more than just a stadium project; it would also include a private development that when combined with the world-class dome stadium will be transformative for our region. The proposed $1.2 billion+ private investment in the stadium is unprecedented and would be the largest private per capita stadium investment ever in this country. And that does not include the approximately $1 billion privately funded phased development we are envisioning, which would also be tremendously impactful for our region.

Importantly, we are not looking to tap into existing taxpayer-funded streams, which could divert resources from other pressing needs. We are instead working on innovative funding mechanisms with local, county, and state officials that would leverage the fiscal impact of the project and the unprecedented private contribution to support the public investment and generate a substantial return for Brook Park, Cuyahoga County, and the State of Ohio. While still in progress, our funding model also contemplates setting aside future dollars generated by the project for stadium repairs and maintenance to help ensure long-term sustainability of the building well beyond the initial lease term.

While we are excited about the possibility of building a dome and surrounding development in Brook Park, the City of Cleveland and the success of its downtown remain incredibly important to us. We acknowledge that a move to Brook Park may have a near-term impact on downtown, but we believe that the year-round activity of a domed stadium can still positively impact the downtown economy, particularly when coupled with the possibilities of a reimagined lakefront absent the stadium.

Developing the lakefront without the stadium could be the best way to maximize the long-term success of our underutilized North Coast waterfront asset. We continue to have dialogue with the City regarding the optimal use of the lakefront, and will remain engaged on this critical priority regardless of where the stadium is. We will also keep working with our public partners in earnest so that the stadium solution is a long-term win for everyone, including the City of Cleveland.

As we've begun to share this Brook Park dome vision with elected officials, fans and business and civic leaders, we've received overwhelmingly positive feedback. We have also learned through every conversation and understand there is more input to be gathered and still significant work to be done. The City of Cleveland's effort to modernize Hopkins airport, along with a re-imagined lakefront and a world class dome and development in Brook Park could accelerate Northeast Ohio's momentum. We will continue working diligently with Cleveland, Brook Park, County and State officials to capitalize on this generational opportunity.

We know that you are passionate about this decision, and we thank you for your continued support of the Cleveland Browns. We are excited about the future and look forward to sharing more information with you as the process continues to evolve and when a final decision is made.

Sincerely,

Dave Jenkins

Haslam Sports Group - Cleveland Browns