CLEVELAND (WJW) – A new report is shedding light on the financial impact of moving the Cleveland Browns out of Cleveland.
The FOX 8 I-Team was the first to break the story that the Browns planned to move the team to Brook Park.
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Now, a new economic and fiscal impact analysis shows the potential consequences of relocating the team and building a new stadium near Cleveland Hopkins International Airport.
Economic and Fiscal Impacts of Cleveland Browns Relocation to Brook Park and Market Evaluation_11-11_2024Download
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(Cleveland Browns) -
(Cleveland Browns)
The study was commissioned by the city of Cleveland through global law firm Squire Patton Boggs and conducted by the consulting firm Econsult Solutions, Inc. (ESI).
Their research suggests that the move could lead to substantial economic losses for the city of Cleveland, as well as potential adverse impacts on downtown businesses.
The relocation of Browns home games and other stadium events from Cleveland’s downtown area to Brook Park could result in the city losing up to $30 million annually in direct, indirect and induced economic output, according to ESI’s findings.
This also includes a loss of about 360 jobs.
In addition, the city of Cleveland stands to lose nearly $11 million in annual tax revenue.
Huntington Bank Field (previously FirstEnergy Stadium) is estimated to contribute $100 million in total economic output in Cuyahoga County, according to the report.
The city of Cleveland is citing the “Art Modell Law” to keep the team in the city. The Browns have sued the city, hoping a federal judge will clear the way for the team to move to a dome in Brook Park.
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