Ravens’ New Lease Will Keep Them in Baltimore Until 2037

The Baltimore Ravens won’t be going anywhere anytime soon — at least not for the next 15 seasons.

Maryland’s Board of Public Works has voted unanimously to keep the Ravens at M&T Bank Stadium through 2037. 

The Ravens — the 19th-most-valuable NFL franchise at $3.9 billion, per Forbes — had been seeking a long-term extension at the stadium with the facility’s landlord, the Maryland Stadium Authority.

• The Ravens’ current lease was set to expire in 2027. 
• There are two five-year options to extend included in the lease.
• The team cannot relocate and must play all home games at the stadium.
• The facility underwent renovations in 2019 that cost roughly $120 million.
• The MSA is also the landlord of Oriole Park at Camden Yards, home of MLB’s Baltimore Orioles.

Under the new lease agreement, the Ravens will not pay rent at M&T Bank Stadium but will be responsible for operational and maintenance costs for the facility.

Future Upgrades 

In April 2022, the Ravens gained approval from the Maryland state legislature for $600 million in bonding capacity for future upgrades at M&T Bank Stadium. 

The legislature also approved $600 million for the Orioles and $200 million for minor-league baseball stadiums in the area. The capital allocated toward the projects is contingent on new leases.