The Maryland Board of Public Works has approved a memorandum between the Maryland Stadium Authority (MSA) and Ravens to cover costs to keep the M&T Bank Stadium improvement projects moving for 2025 and 2026.
Several factors, including increased construction costs, design modifications, and changes to the project schedules (moving up the desired completion date of some projects), have resulted in needing $55 million in funds beyond the original $434 million in state funds for the project.
To bridge the gap, the Ravens will make a $20 million financial commitment with no expectation of reimbursement from the MSA, and $35 million of team funds with the possibility of reimbursement from bonds MSA expects to issue in 2026.
The bond financing was structured such that the funding needed to complete projects would not be available until midway through 2026, which would have delayed certain renovations until the 2027 season. In other words, it's moving the cash flow forward to keep the projects on track despite additional costs.
The agreement will not increase the state's overall contribution beyond the $600 million that was already approved by the legislature. It's part of the financing from original funds that came with the Jan. 2023 renewal of the Ravens' lease, which will keep them in M&T Bank Stadium through at least the 2037 season.
The 2025 and 2026 projects include large improvements to the North Plaza, upper concourse, new clubs and suites, hospitality areas, and dynamic audio/visual advancements throughout the stadium. These improvements will make what is already the best gameday atmosphere in the NFL even better.
"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," said Senior Vice President of Stadium Operations and Guest Experience Rich Tamayo.
There will be a new retail store that will be open year-round on the northeast side of the stadium, as well as a west retail store open on gamedays. The east structure will have a second-floor hospitality area above the retail store. There will also be a new hospitality village in the northeast plaza.
Ultimately, the revitalized North Plaza will feature two large structures flanking the gates. The west structure will include an open-air tailgate and concert venue with two levels of viewing, a main stage, and indoor sports bar on the main level that will become the stadium's premier pregame destination.
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" additional covered and heated open-air space to enjoy unique food offerings with sweeping views of the Baltimore skyline, while cutting down on lines.
