Ohio Gold Rush: Several Pro Teams Jockey for $400M in Funds

There is a gold rush, of sorts, involving nearly every pro sports team in Ohio for a $400 million pot of public money. 

State legislators last year approved a $1 billion measure to draw from Ohio’s unclaimed funds program for use toward stadium and arena construction and renovation, with $600 million of that earmarked for the Browns’ planned domed venue in suburban Brook Park, Ohio. What happens to the remainder has created a scrum among nearly two dozen teams spanning a series of different sports and levels of competition.

Get in Line

Applicants for the available funds include the NFL’s Bengals, MLB’s Guardians, NBA’s Cavaliers, NHL’s Blue Jackets, FC Cincinnati of MLS, and Minor League Baseball’s Columbus Clippers, Akron RubberDucks, Dayton Dragons, Mahoning Valley Scrappers, and Lake County Captains, among others. 

The individual financial asks are for as little as $100,000, in the case of the Captains and their home venue, Classic Auto Group Park, and as much as $234.2 million in the case of the Bengals, who are trying to supplement a previously approved $470 million renovation plan for Paycor Stadium. 

The other applications, meanwhile, look for help on planned improvements to major venues in the state, such as Progressive Field, Rocket Arena, Nationwide Arena, and TQL Stadium. 

Not Enough to Go Around

The collective requests far surpass the pool of available money, as they add up to nearly $689 million—72% more than the total funds—meaning there will be plenty of denials in the final decisions.

There are a series of additional requirements in the funding requests, including one that the state money can fund up to only 25% of an individual project’s total costs.

Legal Issues

Ohio’s Office of Budget and Management hasn’t begun its detailed review of these applications because there is still a pending lawsuit against the use of the unclaimed funds. 

A group of Democratic lawmakers sued Ohio last year, arguing the use of the money in this way is unconstitutional on both the state and federal levels. A Franklin County, Ohio, judge has temporarily blocked the use of the funds. The case, however, is still pending, and Ohio last week asked the judge to dismiss the claim and allow for the money to be released. 

The Browns, for their part, are proceeding on their stadium project toward a planned 2029 opening, and this week began mass excavation at the Brook Park site in advance of a formal groundbreaking on April 30.

The unclaimed funds are derived from sources such as utility deposits, uncashed cashier’s checks, and forgotten bank accounts, with Ohio currently holding nearly $5 billion of such money.

Some initial cuts have been made among the grant requests, though, mostly from smaller applicants not deemed eligible for the program.