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A new deal has been reached between the Maryland Stadium Authority (MSA) and the NFL’s Baltimore Ravens to cover costs for upcoming improvements at M&T Bank Stadium.
The stadium is set for a series of upgrades throughout 2025 and 2026 as part of an ongoing renovation project, with $434m (£344m/€417m) in state funds having been originally outlined. Several factors, including increased construction costs, design modifications, and changes to project schedules, mean that an extra $55m is required.
The Ravens will therefore make a $20m financial commitment with no expectation of reimbursement from the MSA, and $35m of team funds with the possibility of reimbursement from bonds MSA expects to issue in 2026. A memorandum between the two parties has been approved by the Maryland Board of Public Works.
The bond financing was structured so that the funding needed to complete upgrade projects would not be available until midway through 2026, which would have delayed certain renovations until the 2027 season.
The Ravens said the agreement will not increase the state’s overall contribution beyond the $600m that was already approved by the legislature. The agreement is part of the financing from original funds that came with the Ravens’ new lease deal, signed in January 2023, that will keep the team at M&T Bank Stadium until at least the 2037 season.
Upgrade projects planned for the stadium in 2025 and 2026 include improvements to the North Plaza, upper concourse, new clubs and suites, hospitality areas, and audio/visual advancements throughout the facility.
A new retail store will also open on the northeast side of the stadium, as well as a retail store on the west side of the venue. The east structure will have a second-floor hospitality area above the retail store, while a new hospitality village will be built in the northeast plaza.
Concourses on the upper level of M&T Bank Stadium will expand in multiple areas on the north and south side, providing fans in ‘The Perch’ with additional covered and heated open-air space.
The three-year renovation project was first announced in December 2023, with the Ravens seeking to retain M&T Bank Stadium’s status as one of the best fan experiences in the NFL. The first upgrades were unveiled in August, and in October the Ravens announced details of three new club memberships opening to fans.
Rich Tamayo, senior vice-president of stadium operations and guest experience at the Ravens, said: “We’re excited because these funds help us continue to deliver the best gameday experience to every fan coming to M&T Bank Stadium for years to come.”
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