FirstEnergy and the Cleveland Browns today announced that we have reached an amicable decision to end the stadium naming rights agreement.  Terms and conditions of the agreement were not disclosed.

“Together with the Browns, we have worked to enrich our communities while increasing awareness of FirstEnergy as an energy leader. Since we signed this agreement ten years ago, our priorities have shifted as the company evolved from a competitive energy supplier to a fully regulated utility, and as a result, our corporate initiatives must also evolve,” said John Somerhalder, interim president and CEO. “Like the rest of northeast Ohio, we remain passionate Browns fans and will cheer them on in upcoming seasons. We also look forward to maintaining our deep relationships with civic, arts and other organizations to bring good energy to our communities.”

“We’ve had a great association with FirstEnergy for more than two decades, and we appreciate this partnership and what it has created for our team and the broader northeast Ohio community,” Dave Jenkins, Haslam Sport Group COO said. “We reached this amicable agreement that is consistent with the productive relationship we have always enjoyed, and we wish FirstEnergy success with their future initiatives. Our home stadium will return to its former name, Cleveland Browns Stadium.”

Ending this agreement will result in long-term, annual expense savings for the company. By prudently managing our expenses, we will maintain a healthy balance sheet that enables us to access capital for future investments in our transmission and distribution systems which benefit our customers.