The owners of the Cincinnati Bengals, the Brown family, have built a multi-billion-dollar sports empire. Most of their earnings are through savvy financial manoeuvres and a taxpayer-funded stadium deal that dates back to 1996, which has landed them in headlines on several occasions. However, did you know how the billion-dollar empire turned the fortune for the Brown clan? It was earlier in February 2025 when the Cincinnati Bengals made headlines with their negotiations.
Hamilton County built the Bengals’ stadium and continues to maintain it, with debt not expected to be fully repaid until 2032. On the other hand, according to Forbes, the Bengals have earned more than USD 1 billion in operating profits since becoming tenants at Paycor Stadium in 2000. So, as the NFL 2025 charts favour the team once again, let’s take a look at how the sports team turned into a master stroke for the Browns.
Cincinnati Bengals’ billion-dollar profit turns into a multi-billion-dollar net worth for the Brown family
In the years before moving into the county-built stadium, the Cincinnati Bengals’ average annual income was just USD 3 million. However, the figures jumped to USD 26 million during their first decade at Paycor Stadium and by the end of the second decade they sat proud at an annual income of USD 51 million. Today, the average operating income has skyrocketed to USD 98 million annually, rebounding from pandemic-era losses.
However, these profits have not only been favourable for the Cincinnati Bengals but also for the Brown family, as they helped increase their ownership stake from 57 per cent in 1999 to a staggering 97 per cent in 2011. Along with it, the NFL franchise values rose 13-fold, driving the Bengals’ estimated value from USD 239 million in 1999 to approximately USD 4.1 billion to USD 5.25 billion in 2025. As for the Brown family, their stake is now worth nearly USD 4 billion.
A deal forged decades ago has now become the golden mine for the Browns
Much of the Cincinnati Bengals’ growth can be attributed to the 1996 agreement, in which Hamilton County voters approved a half-cent sales tax to fund the stadium for both the Bengals and the Cincinnati Reds. However, in 2000, the Browns moved to the Paul Brown Stadium, now known as Paycor Stadium, under a lease that became a national case study for favourable terms for an NFL franchise. According to a letter penned by Bengals’ Vice President, Troy Blackburn:
“The plan adopted 30 years ago has worked well — better than people could have hoped… The Bengals have been able to compete at the highest levels in the NFL.”
How did Dutch Knowlton’s shares in the Cincinnati Bengals become a thorn in the Brown family’s vision?
Another key moment in the rise of the Brown family came through their long and complex effort to acquire Austin ‘Dutch’ Knowlton’s shares. While a minority shareholder initially, he eventually acquired over 42.5 per cent of the team’s shares by the 1980s, giving him more power over the team and clashing with the Brown family’s vision to become the ruling power.
However, with strategic agreements and planning they eventually acquired all of Austin’s shares. The final purchase occurred in 2011 for approximately USD 173 million, completing the Browns’ 97 per cent stake and eliminating one of the last major non-family shareholders.
The Cincinnati Bengals are in another tense situation as Hamilton County’s lease reaches its end in 2026
The Cincinnati Bengals’ lease with Hamilton County is set to expire in 2026. However, the team will have the option to renew the deal five times for a period of two years without incurring rent, and the county will continue to cover all capital and operational costs. While they earlier offered to contribute 20 per cent of the proposed USD 600 million renovation, the team later withdrew from the same, citing alleged lease violations by the county. Administrator, Jeff Aluotto, reacted to the same in July 2024 and stated:
“The team has made it clear that it does not foresee itself investing any more than the USD 50-60 million it recently committed, combined with a similar amount from the league.”
Critics don’t want the public to pay for renovation when the owners themselves are billionaires
According to several reports, critics are no longer in favour of subsidising stadium improvements for billionaire owners. One of the most vocal is Blue Ash City Councilman, Jeff Capell, a longtime opponent of public sports subsidies. In his fiery counter for he stated:
“The Brown family are the biggest welfare recipient in Hamilton County. Every time we spend money on a taxable purchase in Hamilton County, we are transferring our wealth to make a billionaire family even wealthier. They need to make sure that the Bengals are making a significant contribution to their own home.”
On the other hand, another section of critics has argued that Bengals are now more engaged with the community and willing to invest in success. NKU sports economics professor, Joe Cobbs points to examples like Joe Burrow’s USD 275 million contract and the likely extensions for Ja’Marr Chase and Tee Higgins.
The rise of the Brown family is a story of control and legacy
The story of the Bengals is also a story of control. From the time the team founder, Paul Brown, demanded full operational power after a rocky departure from the Cleveland Browns in the 1960s, the team’s strategic transactions, side deals, and legal manoeuvring have been maintained and controlled by the Brown family while vastly increasing their wealth.
While some believe that Paul Brown only wanted to give his sons control over the Cincinnati Bengals, others have agreed that the team is what it is under the leadership of the Browns. What are your thoughts on the team and the rise of the Brown clan? Let us know.
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