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New Orioles lease could include Camden Yards upgrades

New agreement could preserve Camden Yards' charm but allow for upgrades including more social spaces, a sportsbook and loge seatingGETTY IMAGES

As other MLB teams pursue new ballparks, the Maryland Stadium Authority said that it is “eager to strike a lease deal” keeping the Orioles in a “reimagined Camden Yards for the long term," according to Jeff Barker of the BALTIMORE SUN. The Orioles’ original lease with the state was “to expire” at the end of ‘21. The parties agreed last February to “extend the agreement” for two years through Dec. 31, 2023, with the club retaining the right to “exercise a one-time, five-year extension” by Feb. 1, 2023. The team said that it is “confident of reaching a new agreement that preserves the nearly 30-year-old stadium’s charm" but allows for upgrades that could "include more social spaces, a sportsbook and loge seating." Under its lease, the club rent’s is “based on percentages” of various revenues. The amount the team pays the authority has dipped the past few years because it has “received substantially less money from ticket sales, advertising and other sources” during the COVID-19 pandemic and because of its "losing record as it rebuilds." According to records, the stadium authority received $1.6M in rent from the team during the FY ending June 30. But overall, the state said it has “earned a $330 million return” on its investment in Camden Yards and M&T Bank Stadium, the 23-year-old home of the Ravens, whose lease is up in ‘27. The stadium authority said that is based on $1B in "team-related tax revenues" since the stadiums began operating, minus $670M in debt service on the bonds (BALTIMORE SUN, 1/8).

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