Baltimore Ravens have revealed an extended lease for the M&T Bank Stadium that will keep the team at the venue until at least the end of the 2037 NFL season.
The proposed agreement between the Ravens and Maryland Stadium Authority was presented to the Maryland Board of Public Works and received ‘unanimous approval’.
Ravens President, Sashi Brown, commented: “We thank the Board of Public Works, and Governor [Larry] 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. 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.”
Furthermore, there are two five-year options to extend the lease for over the already-secured 14 years.
The new deal will also provide the opportunity to expand the economic impact of games and other year-round activities at the stadium.
“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,” added Stadium Authority Chairman, Thomas Kelso.
“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.”
Governor Hogan stated that the deal will help in advancing ‘critical infrastructure upgrades’ for M&T Bank Stadium.
He added: “I want to thank both the Ravens and the Maryland Stadium Authority for their continued partnership.”