The Browns of the NFL are planning to relocate from their stadium in Cleveland to a dome in the suburbs.

• The Browns plan to relocate from their open-air stadium in Cleveland to a new domed stadium in Brook Park.
• On Wednesday night, the principal owners, Dee and Jimmy Haslam, informed the Cleveland mayor of their decision.
• If the Browns move to the proposed new stadium, Cleveland anticipates losing $30 million in economic activity annually.

The Cleveland Browns are leaving the shores of Lake Erie.

The Browns plan to relocate from their current open-air stadium in Cleveland to a new domed stadium in Brook Park, Ohio, as announced by Cleveland Mayor Justin Bibb and later confirmed by the Browns owners.

On Wednesday night, Jimmy and Dee Haslam, the owners of the Browns, informed Bibb of their decision to relocate the team. In a press release released on Thursday, Bibb criticized the Haslams' decision as being motivated solely by profit maximization rather than having a positive impact.

"Unfortunately, despite presenting the opportunity to reinvest in Cleveland, transform the stadium into a world-class facility, enhance the fan experience, and remain highly profitable, those options were not enough."

The Haslams stated that a domed stadium was crucial for year-round activity, but the economics of constructing a dome on land near the lake in Cleveland did not make sense.

Recently, the revenue generated by non-football events at stadiums has received more attention. In 2023, an NFL stadium made $4 million in revenue per show during Taylor Swift's Eras Tour, as reported by CNBC.

The Brook Park dome will not rely on taxpayer funds, according to the statement.

The private investment of over $2 billion, combined with public investment, will result in a significant economic development project that will generate revenue to pay off the public bond debt service, according to Dee and Jimmy Haslam in a statement. They also emphasized their commitment to improving the city of Cleveland.

The departure of the Browns will result in a $30 million annual economic impact on Cleveland, as stated in the mayor's release. However, the city is willing to resume negotiations if the Brook Park venue does not pan out, said Bibb.

The Haslam Sports Group had been considering a $2.4 billion dome in Brook Park instead of renovating or building a new stadium in Cleveland.

The Browns' current stadium, constructed in 1999, is approximately 16.1 miles away from Brook Park.

The Browns are valued at $6.02 billion, according to CNBC's Official 2024 NFL Team Valuations. They recently reached a naming rights agreement with Huntington National Bank for their current stadium.