In what Bengals and Hamilton County officials call the
completion of the "third quarter" in stadium negotiations, the
Bengals have agreed to stay in Cincinnati through the 2025 season
and contribute $44-48M toward a new stadium, according to Anne
Michaud of THE CINCINNATI ENQUIRER. The team will occupy the new
facility by August 1, 2000. The agreement "sets in motion"
finding an architect, but doesn't set a location for the new
facility. The deal calls for the team contributions to come from
$20-24M in PSL revenue, $5M from the sale of naming rights,
$11.7M in rent over nine years, and $4M in ticket surcharges.
The 20-page memo of understanding also includes: a promise that
the team will not enter into any contract to play elsewhere
without permission from the county; the team can not apply to the
NFL to relocate; all parking, concession and ticket revenue goes
to the team; the county is responsible for maintenance and
upkeep; the team must sell 80% of their luxury boxes for ten
seasons and sell 50,000 season tickets by April 30, 1997, or
"they can walk away from the deal." The county must sell $20M in
PSLs by the April '97 date or the team can get out of the deal.
The Bengals have the exclusive right to bring in a pro soccer
team for the first ten years of the agreement (CINCINNATI
ENQUIRER, 9/11).
