Yesterday's announcement of the approved state budget that includes a construct which supports a new enclosed Huntington Bank Field in Brook Park is a tremendous milestone for our organization, Browns fans everywhere and the entire Northeast Ohio community. We respect the firm commitment and leadership that Governor DeWine, and the Ohio Senate and House have shown in their collaborative work to find a responsible way to support such a transformative project, one that will create a generational impact for our region and the State. As Dee and Jimmy communicated earlier today:

"Our fans deserve a world-class facility, and we are committed to building a state-of-the-art enclosed stadium that resonates with Cleveland, highlighting our loyal and passionate fans and the Dawg Pound, while also incorporating innovation, bold design, and an immersive experience.

The new enclosed Huntington Bank Field will be completely fan-centric, a first-of-its-kind design in the NFL, and a dynamic venue that draws visitors from across Ohio and beyond, for concerts and significant sporting events throughout the year. This premiere facility will anchor a major lifestyle and entertainment development and be a catalyst for one of Northeast Ohio's largest economic development projects ever and something our community will be proud of and can enjoy for years to come. We appreciate the support of State leaders and their belief in this transformative project."

The Browns have been part of the fabric of Northeast Ohio for generations and although there is more work to be done to bring this vision to fruition, we are thrilled at the prospect of this transformative project securing the Browns' future in Northeast Ohio for generations to come.

As we continue down our stadium path, we want to reinforce a few key facts:

• The Haslams continue to commit to Greater Cleveland with this unprecedented $2+ billion investment in the stadium and vibrant mixed-use lifestyle and entertainment development, along with our private development partners. Haslam Sports Group will pay for any cost overruns on the stadium construction and the public will not bear any overrun risk.
• The new enclosed Huntington Bank Field is more than just a stadium project. The venue will host the world's best and most exciting concerts and events throughout the year, bringing a far greater impact to downtown Cleveland through regional and national visitors than just the 10-12 current stadium dates.
• The state's construct is a "performance grant" towards the stadium that will be paid back with incremental revenue generated by the project above a current state revenue baseline. There has been no ask by the Haslam Sports Group to pledge existing tax revenue streams that would take away from other pressing community needs to fund this project. This economic development project will not only pay back but also provide all stakeholders an additional return on their investment. The Haslam family is also providing the State additional protection in the form of significant up front private dollars that will be held in escrow to ensure that State is made whole on its investment in the unlikely event the project falls short of its projections.
• We will continue to invest in Northeast Ohio and our community. We embrace our responsibility and our privilege to use our platform to create meaningful change, particularly in supporting equitable opportunities in the fields of education, youth football and economic advancement. We see the stadium project as a further way to advance these important community pillars of our organization.
• Humbly and admittedly, we have not had the success our fans deserve on the field, but we have always tried to hire the right people to put us on the path to success and our commitment remains steadfast to building a championship-caliber team, a world-class stadium and fan experience, and continuing to give back to the community.

In the meantime, training camp is less than a month away and everyone in our organization is working towards an exciting, successful season that gives Browns fans plenty to cheer for.

We look forward to sharing more details about this project as plans evolve and thank you for your support of the Browns and for coming on this journey with us. We are excited to deliver the long-term stadium solution and major economic development project all of Northeast Ohio deserves.

Sincerely,

Dave Jenkins

Haslam Sports Group - Cleveland Browns