The Baltimore Ravens will call M&T Bank Stadium home for at least 15 more years after signing a new lease agreement.
After the Maryland Stadium Authority Board of Directors’ unanimously approved the proposed new stadium lease agreement, it was then presented to the Maryland Board of Public Works and received unanimous approval as well.
The new lease will allow the team to remain at M&T Bank Stadium through the end of the 2037 NFL season, plus two five-year extension options.
“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,” Gov. Larry Hogan said in a statement. “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.”
M&T Bank Stadium, which opened in 1998, will celebrate its 25th anniversary this year.
The team’s current lease was not scheduled to end until 2027 but the organization wished to come to terms with a new agreement ahead of schedule.
This lease extension will support the city’s redevelopment and renovations efforts of the stadium, which were approved by the National Football League in December.
The Maryland Stadium Authority plans to continue working with the Baltimore Ravens organization in improving the safety, amenities, and fan experience at M&T Bank Stadium.
Stadium authority officials said in a news release that they recognize the “opportunity to redevelop M&T Bank Stadium to further elevate Maryland as a sports and entertainment destination and create economic development opportunities for years to come.”
Meanwhile, the Orioles will decide this year whether to sign a new lease, with their current lease set to expire at the end of the 2023 season.
