There’s a good chance a new NFL franchise in Cleveland could bring a league-record amount of revenue to the city, even though the team hasn’t won a Super Bowl.
The Browns are on the verge of signing a new stadium deal with the team that will cost the team more than $1 billion.
It’s unclear if the Browns would even need the new stadium if the team stays put.
The team could also lease a new arena.
Cleveland’s financial future could be intertwined with a new franchise in the league, which is in the midst of a financial crisis.
The city’s financial problems could be a factor in the Browns deciding to relocate.
The franchise could get $20 million in tax incentives to relocate to Cleveland.
But the Browns are in a precarious financial position, according to the NFL’s new financial report.
That report showed the Browns were $19.9 million in the red in the first quarter of the year.
That figure includes the $3 million in guarantees they’re guaranteed from the team’s owner, who recently died.
The report also showed the team had an $8 million payment due to its players, including a $3.5 million payment for injured players.
That payment was supposed to be paid in July, according the report.
The NFL’s financial report also revealed the Browns have a $5 million credit facility that the league is paying out each year for the next 30 years.
That credit has been used to pay out more than the $10 million the team is owed from last year.
The league has said the city has paid $25 million in interest to the team and $1.3 million to other creditors.
The credit was originally intended to cover the city’s obligations for a $250 million stadium expansion, but it’s been used for other projects, including the city-owned convention center.