BALTIMORE — The Ravens are staying put in Baltimore for the long haul.
On Wednesday the Maryland Board of Public Works approved a new lease between the team and Stadium Authority that keeps the Ravens at their current location for the next 15 years.
Although the current lease wasn't set to expire until December 31 of 2027, the Stadium Authority anticipates having to issue bonds in the near future for improvements and renovations prompting both sides to negotiate the new agreement.
Like the current lease, the Ravens will pay no rent and only be responsible for operations and maintenance costs.
In return the Ravens are required to play all home games at the stadium, with limited exceptions, and to also remain in Baltimore throughout the remainder of the contract, or else be subject to legal remedies including but not limited to the recovery of liquidated damages.
The Ravens are also entitled to keep all revenue from the use and operation of the stadium, including special events such as concerts and soccer games.
Of the 10 percent admissions and amusement tax imposed by the State, the Stadium Authority collects 80 percent with Baltimore City getting 20 percent. If the tax were to increase over the course of the lease, the Ravens would receive a credit towards operations and maintenance.
After the deal expires, the Ravens have the option to re-up for two additional five-year terms.
"This is an exciting day for the City of Baltimore and the State of Maryland as the Ravens are truly a world-class organization and a source of great pride for Marylanders,” said Governor Larry Hogan. “With the ratification of this historic agreement, we are securing the franchise’s presence in Baltimore for decades to come, and advancing critical infrastructure upgrades for M&T Bank Stadium."
