Top Maryland state officials approved a new lease for the Ravens on Wednesday that will keep the football team playing at the state-owned M&T Bank Stadium in Baltimore for the next 15 to 25 years.
The Board of Public Works voted unanimously to approve the lease. The Ravens will pay no rent, but must pay for ongoing operations and maintenance at the stadium, which amounted to $11 million in 2022, according to state officials.
The current agreement was set to expire in 2027, but the Ravens and the Maryland Stadium Authority spent several months in negotiations on a new lease. Both sides had leverage and compromises were made, said Tom Kelso, chairman of the stadium authority, though he did not provide details.
The new lease is for 15 years, with two options for five-year extensions.
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