Ohio Senate Proposes $600M Loan for Browns’ New Stadium

COLUMBUS, Ohio — The Ohio Senate is proposing to borrow $600 million from unclaimed funds to finance a new stadium for the Cleveland Browns. This plan is part of the Senate Finance Committee’s budget proposal for 2026-27 and aims to utilize money that has been dormant in state accounts for over a decade.

The unclaimed funds stem from inactive bank accounts, uncashed checks, and other forms of forgotten money, amounting to approximately $3.7 billion currently held by the state. According to Senate representatives, these funds will be repaid through taxes generated by the projected multi-billion-dollar stadium project in Brook Park over the next 25 years.

Senate Finance Committee Chairman Jerry Cirino, R-Kirtland, emphasized that the proposal takes advantage of idle funds to create jobs. He explained that this funding would be part of a larger $1.7 billion allocation for sports and cultural projects, with the Browns receiving a loan for the stadium as a “performance grant.”

Cirino reassured that local residents could still claim their unclaimed funds, despite the Senate’s plan. The State of Ohio, through the Department of Commerce, has been attempting to return unclaimed funds to their rightful owners.

In 2023, Ohioans conducted more than 4.3 million searches for unclaimed funds, leading to over $139 million being returned. The average claim is roughly $4,000. Residents can search for unclaimed funds using the state’s Division of Unclaimed Funds website, where step-by-step guidance is provided.

Ohio’s Governor Mike DeWine had previously suggested raising taxes on sports betting to help fund the stadium, which has been met with mixed responses. Now, the Senate’s latest proposal has sparked debate among state leaders.

However, Cuyahoga County Executive Chris Ronayne has raised concerns about the use of state funds to support a private enterprise. He criticized the proposal as morally bankrupt and accused state leaders of compromising taxpayers’ interests. “This is robbing your family’s money to pay for a billionaire’s stadium,” Ronayne argued during a press conference.

As the Ohio Senate deliberates on its budget proposal, it prepares for an impending deadline to secure funding for the Browns’ new stadium and mixed-use development. The outcome will be pivotal for the future of sports funding in the state and for the Cleveland area.