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Writer's pictureMarcus Donald
Sep 35 min read

Is Huntington Bank Playing a Bigger Role in the Browns’ Stadium Move Than We Think?

CLEVELAND, OH – Huntington National Bank has secured a 20-year deal for the naming rights of the Cleveland Browns stadium, with the venue set to be rebranded as "Huntington Bank Field" for the 2024 season opener. Although the financial details of the agreement have not been publicly disclosed, similar NFL naming deals suggest that the price likely exceeds $100 million. Comparisons with other high-profile stadium deals, such as SoFi's $138 million agreement for the Los Angeles Rams/Chargers and Allegiant's contract for the Las Vegas Raiders, suggest this may be the case. However, this naming rights deal may involve more than just a simple exchange of funds, especially given the uncertainty surrounding the Browns' long-term stadium plans.

The Haslam Sports Group, which owns the Browns, has two options on the table as their lease on the current downtown stadium expires in 2028. The team could either renovate the existing facility for an estimated $1 billion or build a new domed stadium in Brook Park. Huntington Bank’s CEO Stephen D. Steinour confirmed that the naming rights would transfer to a new stadium should the Browns relocate, but there are growing speculations that the deal might extend beyond just marketing. Some suggest that Huntington could be involved in financing the Browns' future stadium, providing loans or other financial services to help fund the project.


Could Huntington’s Role Go Beyond Naming Rights?

There is speculation that Huntington Bank might not have paid the typical lump sum for the naming rights but instead could be financing the development of the Browns' new stadium or renovations of the current one. If Huntington is providing significant funding for construction or upgrades, this could explain how the bank plans to recoup its investment. The bank may be leveraging its position as both a financier and naming rights holder to generate long-term revenue from the project. By financing construction, Huntington could earn interest on loans and further embed itself into the financial infrastructure of the Browns' operations.


Moreover, Huntington could generate additional revenue by taking over financial services at the stadium, including processing credit card payments for ticket sales, concessions, and merchandise. Controlling the credit card processing for in-stadium transactions could provide the bank with a steady income from transaction fees, while also enhancing its relationship with fans through Browns-themed debit and credit cards. This integration of Huntington’s financial services could be a core part of how the bank profits from the deal, ensuring it earns a return not just through marketing exposure but through the stadium's financial infrastructure.


Why Mayor Bibb May Have Skipped the Press Conference

If Huntington’s naming rights deal is closely tied to financing a new stadium in Brook Park, it may explain why Cleveland Mayor Justin Bibb did not attend the press conference announcing the agreement. Bibb has consistently emphasized the importance of keeping the Browns at the downtown lakefront stadium, and he recently proposed a $461 million renovation plan to maintain the team’s presence there. The possibility that Huntington is helping finance a move to Brook Park could have conflicted with Bibb’s efforts to keep the Browns in Cleveland’s downtown core. His absence from the press event might reflect his focus on securing a future for the team within the city limits, rather than supporting a potential relocation​.


How Huntington Might Recoup Its Investment

If Huntington is providing financing for the Browns’ future stadium, the bank could profit in several ways. Interest on loans for stadium construction or renovation would generate substantial income for the bank over time. Additionally, by handling credit card processing for all transactions within the stadium, Huntington could secure a steady stream of revenue from transaction fees. Offering exclusive, Browns-branded debit and credit cards would appeal to the fan base, generating additional fees and potentially attracting new customers. Huntington could also install ATMs and offer other financial services at the stadium, encouraging fans to open accounts to avoid fees.


These financial strategies would not only help Huntington recover its investment but also provide long-term revenue opportunities. By integrating its banking services into the stadium’s operations, the bank could create a self-sustaining financial ecosystem that ensures steady returns while maintaining a high-profile marketing presence.


The City's Stake and Implications

While Huntington’s naming rights deal primarily benefits the Browns organization, the City of Cleveland could see indirect economic benefits, particularly if the team remains downtown. The increased visibility and prestige of having a major corporate sponsor like Huntington attached to the stadium could attract more events, boosting foot traffic for nearby businesses such as restaurants, bars, and hotels. This economic activity could generate additional tax revenue for the city, helping to fund local services and infrastructure.


However, if the Browns move to Brook Park, Cleveland’s downtown could lose some of these economic benefits. Mayor Bibb has repeatedly stressed the potential negative impact of such a move, noting that losing the team could result in reduced tax revenue, job losses, and a less vibrant downtown. Bibb’s proposal to fund the stadium’s renovation relies on existing tax revenue from parking and admissions, rather than tapping into the city’s general budget, in an effort to protect public funds while maintaining the stadium’s viability​.


Pros and Cons for Clevelanders

For Cleveland residents, the Huntington deal presents both opportunities and challenges:


Pros:

  • The deal helps secure the Browns’ presence in Cleveland, at least in the short term, supporting local businesses and boosting downtown activity on game days.

  • Huntington’s involvement could attract more events to the stadium, increasing foot traffic and benefiting the local economy.

  • No new taxes or direct financial burden on residents has been introduced as part of this deal.


Cons:

  • If Huntington’s financing is tied to a new stadium in Brook Park, downtown Cleveland could lose the economic boost associated with Browns games, negatively affecting businesses that rely on game-day traffic.

  • The focus on stadium development could divert attention or resources from other critical civic issues, such as public transportation, education, or housing.

  • Uncertainty remains about the future of the Browns’ location, which could lead to delays in the city’s broader lakefront development plans.


The theories and ideas expressed in this article regarding Huntington Bank’s potential involvement in financing the Browns’ new stadium are speculative and reflect conversations that Cleveland 13 sports reporters and staff have had with various fans, executives, and sports insiders since the naming rights press conference. These discussions explore the possibility of deeper financial ties between the bank and the team beyond naming rights. As new details emerge, Cleveland 13 News will provide updates and more concrete information. Stay tuned for further developments.


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