Ravens Insider: Ravens to help pay for upgrades at M&T Bank Stadium

[ExtremeRavens]

The Ravens plan to carry a significant financial burden for improvements to M&T Bank Stadium.

The team will help cover costs for upgrades to the stadium in 2025 and 2026 under a recent memorandum with Maryland Stadium Authority that was approved by the Maryland Board of Public Works.

The state allocated $434 million for the upgrades, but a “confluence of several factors, including increased construction costs, design modifications, and changes to the project schedules (moving up the desired completion date of certain projects) has resulted in a funding shortage of $55 million over and above what is available from the 2023 Bonds,” the board said in their meeting agenda published Wednesday.

In order to maintain the current schedule of the projects, the Ravens plan to allocate $20 million in team funds without any reimbursement from the Maryland Stadium Authority. An additional $35 million in team funds will be allocated with the expectation the state will provide some reimbursement from bonds that will be issued next year, the Board of Public Works reported.

Officials at the Maryland Stadium Authority could not be reached for comment.

In 2022, state law permitted the stadium authority to borrow up to $1.2 billion in bonds at one time to improve M&T Bank Stadium and Oriole Park at Camden Yards — $600 million for each.

Some upgrades have already been completed at M&T Bank Stadium, including the new Gatehouse & Roof Deck, which has two levels for fans to attend before, during and after every home game. The club level has also been upgraded, 136 new seats have been installed on the field and 10 exclusive suites have replaced the press box, which was relocated to the southeast corner of the stadium.

The latest deal will not increase the state’s overall contribution beyond the $600 million because it’s part of the financing from original funds that came with the renewal of the Ravens’ lease in 2023.

Have a news tip? Contact Todd Karpovich at tkarpovich@baltsun.com or on X as @ToddKarpovich.

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