The Maryland Board of Public Works has authorized an agreement between the Maryland Stadium Authority (MSA) and the Ravens to cover the expenses required to continue the M&T Bank Stadium improvement projects for 2025 and 2026.
Due to various factors such as rising construction costs, design changes, and adjustments to the project timelines (including advancing the desired completion date for some projects), an additional $55 million in funding is needed beyond the initial $434 million in state funding.
To address this, the Ravens will contribute $20 million without expecting reimbursement from the MSA, and will provide $35 million in team funds, with the possibility of reimbursement through bonds the MSA plans to issue in 2026.
The bond financing was structured so that the necessary funds to complete the projects wouldn’t be available until mid-2026, potentially delaying certain renovations until the 2027 season. Essentially, the funding is being expedited to keep the projects on schedule despite the increased costs.
The agreement will not raise the state’s total contribution beyond the $600 million previously approved by the legislature. It is part of the financing from the original funds tied to the Ravens’ lease renewal in January 2023, which ensures the team remains at M&T Bank Stadium until at least the 2037 season.
The 2025 and 2026 projects will include significant upgrades to the North Plaza, upper concourse, new clubs and suites, hospitality areas, and enhanced audio/visual features throughout the stadium. These improvements aim to further elevate what is already considered the best gameday atmosphere in the NFL.
“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.
A new retail store will open year-round on the northeast side of the stadium, with an additional retail store on the west side that will be open on gamedays. The east structure will feature a second-floor hospitality area above the retail store, along with a new hospitality village in the northeast plaza.
The revamped North Plaza will include two large structures on either side of the gates. The west structure will have an open-air tailgate and concert venue with two levels for viewing, a main stage, and an indoor sports bar on the main level, which will become the stadium’s top pregame destination.
Concourses on the upper level of M&T Bank Stadium will expand in several areas on both the north and south sides, offering fans in “The Perch” additional covered and heated outdoor space. This will allow them to enjoy unique food options with panoramic views of the Baltimore skyline while helping reduce lines.
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