Browns Stadium Move and Huntington Deal with the Haslams: What We Know Now

CLEVELAND, OH — As speculation grows over the future location of the Cleveland Browns' stadium, new details have emerged about the team's recent naming rights agreement with Huntington Bank. Sources close to the situation have shed light on how the deal came together and what it could mean for both the Browns' potential move to Brook Park and Huntington's deeper involvement in the team's operations.

Huntington National Bank, headquartered in Columbus, secured a 20-year agreement to rename the Browns' home as Huntington Bank Field, a deal announced just days before the start of the 2024 NFL season. Though the financial terms were not disclosed, a source within the bank indicated that the cost was equivalent to less than 5% of Huntington's annual marketing budget.

While Huntington has not released specific figures, looking at the marketing budgets of comparable banks offers a clue. For instance, Fifth Third Bank, also based in the Midwest, reported an annual marketing expenditure of approximately $200 million in 2023. If Huntington's marketing budget is in a similar range, the cost of the Browns naming rights deal could be speculated to be around $8 million per year, totaling approximately $160 million over the 20-year period. Such estimates, however, remain speculative, as Huntington has not confirmed specific financial details.

Another inside source revealed that a former executive of Huntington, who had retired and lives in an eastside Cleveland suburb, was temporarily brought back to help finalize the deal. “It happened very quickly,” the source said, adding that the arrangement took just six weeks to formalize. Most employees were kept in the dark until the official announcement. The rapidity of the deal reportedly began after a chance meeting between Browns co-owner Jimmy Haslam and Huntington executives at a dinner event, which sparked the initial discussions.

The immediate impact of the partnership was evident. Within the first week of launching Browns-branded debit cards, more than 30,000 cards were ordered, and 11,000 new customers signed up for accounts at Huntington. These figures underscore the bank's aim to deepen its connection with the Browns' extensive fan base, an objective that could extend far beyond simple branding.

Financial Implications for Huntington Bank

The surge in new accounts not only demonstrates the strength of the Browns' brand but also has tangible financial implications for Huntington. Based on the information provided, if the 11,000 new accounts had an average balance of $2,800 (a figure derived from Federal Reserve data on typical U.S. checking account balances), this would mean an influx of approximately $30.8 million in new deposits. Under the U.S. fractional reserve banking system, where banks are required to keep around 10% of deposits as reserves, Huntington could leverage about 90% of these funds for lending and other profit-generating activities.

This calculation translates to approximately $27.72 million that Huntington could use to extend loans, invest, or deploy in other financial products; and again, these are figures from the first week preceding the launch of the Browns' branded Huntington Bank debit cards. These activities are core to how banks generate revenue, primarily through interest on loans and investments. "The ability to convert deposits into lending power is a cornerstone of the banking model, and new accounts from this partnership certainly expand Huntington's capacity in this area," a source familiar with banking operations commented.

Moreover, while Huntington executives have not confirmed specifics, there is speculation that the partnership could also include the bank playing a role in financing the Browns' future stadium project, particularly if the team proceeds with plans to move to Brook Park. Huntington’s involvement might encompass bonds and credit card processing services, potentially positioning the bank as a key financial player in any future stadium construction. "Given the Haslams' long-standing relationship with Huntington, it's not surprising to see the bank’s involvement potentially go beyond just marketing," a source shared. This deeper collaboration could offer Huntington a chance to recoup its investment through additional revenue streams tied to stadium operations.

Brook Park Deal Raises Questions Over Browns’ Future Home

As rumors persist, it has been confirmed that the Haslam Sports Group (HSG) has entered into a purchase agreement for 176 acres of land in Brook Park, directly across from Cleveland Hopkins International Airport. The site, part of the former Ford Motor Co. plants, meets all the key criteria for a new stadium location, including proximity to major transportation routes like Interstates 71 and 480, and a nearby public transit line. As of now, however, it does not appear that money has officially changed hands for the purchase of that land.

The Brook Park site had been part of the Forward Innovation Center-West project, with plans that included a new Amazon distribution center. However, sources now suggest that Amazon’s project has stalled, prompting speculation that HSG might utilize the entire site for a new state-of-the-art domed stadium. This could allow the Browns to host year-round events, including concerts and conferences, a significant economic boost for the region.

For the Browns, moving to Brook Park would bring additional benefits, notably its proximity to Cleveland Hopkins International Airport. If the new stadium is constructed, the possibility of building a walkway connecting the airport directly to the venue could offer a unique convenience for fans, players, and executives flying in for games. This connectivity might also alleviate some of the air traffic at Burke Lakefront Airport, which the city is considering closing, potentially redirecting air traffic to Hopkins.

Connections Between Hopkins and Pilot Flying J Add to Speculation

In another intriguing development, our teams has observed that several food kiosks within Hopkins Airport were recently branded with the Pilot Flying J logo. Pilot Flying J, a company founded by Jimmy Haslam’s father, Jim Haslam II, was previously owned by Jimmy Haslam before its complete acquisition by Warren Buffett's Berkshire Hathaway earlier this year. This branding within the airport, which wasn’t present before, has raised eyebrows. Could this be a coincidence, or does it hint at a larger strategic alignment related to the Browns' potential stadium move?

If the Haslam Sports Group proceeds with the stadium development across from Hopkins, the Pilot Flying J presence might serve as a subtle indicator of deeper ties between Berkshire Hathaway, the Haslam family, and future plans for the area. The timing of this brand placement in Hopkins could suggest that Berkshire’s acquisition of Pilot Flying J brought some perks, possibly paving the way for a closer relationship between the airport and any future stadium project. Whether this signifies anything more than a branding opportunity remains to be seen, but the connection is notable given the broader discussions about developing the area near Hopkins.

The Future of Lakefront Development and the Impact on Local Economy

Cleveland Mayor Justin Bibb has expressed concern over the economic consequences of a move to the suburbs, emphasizing the importance of maintaining the Browns' presence on the downtown lakefront. The city has proposed a $461 million renovation plan for the current stadium, which has been part of broader lakefront development efforts. “Our focus remains on building a vibrant, people-centered lakefront,” Mayor Bibb said earlier this year. “Losing the Browns downtown would be a significant loss for local businesses and the city's economy.”

City officials have continued to negotiate with HSG, and sources say discussions are still ongoing. Yet, with HSG’s land purchase agreement in Brook Park and the apparent slowdown in talks with the city, it appears the Browns’ future could be shifting.

If the Browns do relocate, the city would need to pivot its lakefront development plans, which had included integrating the existing stadium into a broader vision of mixed-use spaces, shops, and pedestrian accessways. Advocates of the project, including County Executive Chris Ronayne, have been lobbying for federal and state funds to support infrastructure improvements along the waterfront, emphasizing the importance of revitalizing the area, with or without the Browns.

Meanwhile, Brook Park stands to gain if the Browns' new stadium plan materializes. The proposed facility would be able to host events year-round, potentially bringing an influx of economic activity to the city and surrounding suburbs. However, the shift would not be without its challenges. Should the new stadium be developed, local infrastructure will need enhancements to accommodate increased traffic, and partnerships with local businesses would be critical to maximizing the site's potential.

The potential transformation of the former Ford plant site into a sports complex could be a game-changer for the region, but it raises questions about how it might affect existing businesses and facilities, especially those that depend on Burke Lakefront Airport. This isn't the first time the City of Cleveland has considered closing Burke; the possibility has been discussed for years. If the Browns move to Brook Park, it could reduce the game-day traffic that currently flows through Burke, potentially making it easier for the city to revisit that decision. However, some organizations, like the Cleveland Clinic, rely heavily on Burke for vital operations. The airport’s proximity to the Clinic's main campus and its less-congested airspace make it ideal for critical services, including organ transplants. “The location near Hopkins could serve as a strategic advantage,” said a source familiar with airport operations. “But this development would need to be carefully coordinated to ensure existing air traffic, including critical medical flights, isn’t disrupted.”

For now, Huntington Bank’s naming rights deal and the Haslam Sports Group’s land acquisition in Brook Park represent two significant moves that could redefine the future of sports infrastructure in Northeast Ohio. As negotiations continue, Cleveland officials and fans alike are left to ponder the fate of the Browns’ current lakefront home and the potential new beginnings that might await in Brook Park.