Akron-based FirstEnergy Corp.’s stadium naming rights deal with the Browns is worth $6 million a year, sources told the Beacon Journal this afternoon.
The sources spoke on condition of anonymity because FirstEnergy and the Browns agreed the terms of the deal would remain private.
Chuck Jones, president of FirstEnergy Utilities, acknowledged in an interview Wednesday with the Beacon Journal that the contract is for 17 years and lasts for the remainder of the lease the Browns have with the city of Cleveland, which owns the stadium.
So the contract that changed the name of Cleveland Browns Stadium to FirstEnergy Stadium: Home of the Cleveland Browns is a 17-year, $102 million deal.
FirstEnergy Corp.’s headquarters are in Akron. It’s the parent company of FirstEnergy Utilities, which operates the regulated electricity distribution units of Ohio Edison, Cleveland Illuminating Co. and Toledo Edison, and of FirstEnergy Solutions, which offers electricity contracts.