The Cleveland Indians are changing their name, but the team isn’t going anywhere.
The club agreed to a 15-year extension of its lease at Progressive Field, keeping the team in place through 2036. The deal includes two five-year options that could extend it to 2046.
As part of the $435 million deal, the team, city, county, and state will fund ballpark renovations.
Renovations to the 35,041-seat stadium could start in the next five years, according to team owner Paul Dolan.
- The team will pay $10 million each year of the lease, $4.5 million of which will go toward stadium upgrades and repairs.
- Cleveland and Cuyahoga County will collectively contribute $17 million annually from existing revenue.
- Ohio will chip in $2 million annually. Gov. Mike DeWine got involved with the lease negotiations to help ensure the team would stay in Cleveland.
The remaining step is for the lease to be approved by the Cleveland city council.
The original lease was set to end in 2023, fueling chatter that the team could relocate if it did not reach a new agreement.
The team will change its name to the Guardians at the end of the 2021 season.