The deadline is quickly approaching.
In May, the Cincinnati Bengals agreed with Hamilton County on a memorandum of understanding ahead of the June 30th deadline to work out a new lease for Paycor Stadium. That seemed to be a positive sign for the two sides to come to an agreement, until things changed.
Tom Gabelman, the attorney who has represented Hamilton County for nearly 30 years, was replaced after a May 15th vote. He has played a role in all of the deals for the stadium since it opened and now that he has been replaced, it seems to change things in the Bengals’ eyes.
Aaron Herzig is an attorney for Taft Stettinius & Hollister, who negotiates the stadium leases for the Bengals, called Gabelman being replaced “a real step backward” in negotiations for the team and county to come to terms for a long-term lease agreement.
Herzig also said the move “seemed inconsistent” with the memorandum of understanding. In other words, when the Bengals agreed to it, they had no idea that Gabelman would be replaced. As we all know, the Bengals value relationships they are familiar with.
There is a two-year option on the lease that the Bengals can execute at any time, but both sides appeared more motivated to get a deal in place that covered more years. Things seemed to be progressing well, but this could become a real issue.
Both sides have until June 30th to reach an agreement, and something that seemed to be going smoothly has hit a major bump in the road.
The Bengals will likely stay in Cincinnati for years to come, but you don’t love to hear about snags in deals that involve billions of dollars.
