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Saturday, June 22, 2024

Baltimore Teams Receive $1.2B In Public Funding

Tommy Gilligan-USA TODAY Sports

Camden Yards Sports Complex, which contains the stadiums for the Baltimore Orioles and Baltimore Ravens — announced that the Maryland State legislature has passed an initiative committing $1.2 billion to its stadiums.

The Orioles play at Oriole Park at Camden Yards and the Ravens’ home is M&T Bank Stadium.

The entirety of the dollar amount will be funded through the public in what is reportedly the second-largest public commitment to an MLB team. The funding trails only Yankee Stadium’s construction in 2009.

The money will be split equally between the Orioles and Ravens.

“These public funds are just a portion of the more than 10 billion dollars in economic tourism impact generated by the Orioles during the past three decades at Camden Yards,” Orioles’ chairman and CEO John Angelos said.

  • Camden Yards cost around $110 million to build and is celebrating its 30th anniversary this year.
  • The venue has produced close to 2,500 live professional events, attracting roughly 75 million visitors to the area.

Baseball Stays In Baltimore

There was reportedly talk last year that the Orioles could leave the site, but the Maryland Stadium Authority believes that the funding will assist in keeping the teams beyond their current leases — the Orioles in 2023 and the Ravens in 2028.

The Orioles were valued at $1.375 billion by Forbes in March, with the Ravens landing a $3.4 billion valuation in August.

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