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Cleveland Guardians sign lease agreement through 2036

January 27, 2022 GMT
FILE - A sign with the new name of Cleveland's baseball team, Guardians, is displayed in Cleveland, Nov. 19, 2021. Guardians officials say the team has reached an agreement to extend its lease at its downtown ballpark through at least 2036. Team officials on Thursday, Jan. 27, 2022, said financing has been secured for improvements at Progressive Field. (AP Photo/Ken Blaze, File)
FILE - A sign with the new name of Cleveland's baseball team, Guardians, is displayed in Cleveland, Nov. 19, 2021. Guardians officials say the team has reached an agreement to extend its lease at its downtown ballpark through at least 2036. Team officials on Thursday, Jan. 27, 2022, said financing has been secured for improvements at Progressive Field. (AP Photo/Ken Blaze, File)
FILE - A sign with the new name of Cleveland's baseball team, Guardians, is displayed in Cleveland, Nov. 19, 2021. Guardians officials say the team has reached an agreement to extend its lease at its downtown ballpark through at least 2036. Team officials on Thursday, Jan. 27, 2022, said financing has been secured for improvements at Progressive Field. (AP Photo/Ken Blaze, File)

CLEVELAND (AP) — The Cleveland Guardians have reached an agreement to extend their lease at its downtown ballpark through at least 2036 while making improvements to the facility, team owner and CEO Paul Dolan announced Thursday.

Team officials said they’ve obtained financing to renovate Progressive Field, a ballpark that opened for play in 1994. The cost of the improvements has been estimated at just over $200 million. Renovation work is expected to begin after the 2022 season.

“We are confident that this agreement will create a more compelling fan experience and keep this facility modern and relevant for many more years to come,” Dolan said in a statement.

The Cleveland City and Cuyahoga County councils previously approved the agreement. The city and county will contribute a total of $17 million, Ohio $2 million and the team $10 million a year to pay for the improvements and costs such as repairs, maintenance, operations and property taxes.

The agreement could be extended another 10 years to 2046, team officials said.