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Browns, City Agree On Financing Plan For Upgrades To FirstEnergy Stadium
Published November 20, 2013
CITY GOT OFF EASY? In Cleveland, Terry Pluto notes the Browns "plan to borrow the entire amount" needed for the $120M in upgrades, with a $60M loan from the NFL and another $60M in "loans from 'private sources.'" But they will "receive a lot of help from the city -- thanks to the terms of the stadium lease" inherited by Jackson. The city had "huge obligations to the Browns over the next 12 years," set to pay close to $40M into the stadium through '25. The new deal "could have been much worse for the city" (Cleveland PLAIN DEALER, 11/20).