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The Baltimore Ravens announced Wednesday that they have a new lease to continue playing their home games at M&T Bank Stadium through at least the end of the 2037 season. The lease was extended after a proposed agreement between the Ravens and the Maryland Stadium Authority received unanimous approval from the Maryland Board of Public Works.

According to the Baltimore Sun, the renewal of the Ravens' agreement with the Maryland Stadium Authority comes with the expectation that the team will soon begin requesting bonds to renovate M&T Bank Stadium.

Improvements to the stadium were mentioned in a press release by the Ravens, which stated that the team will work closely with the MSA so that the stadium "will be upgraded to remain a best-in-class facility in terms of safety, amenities and fan experience."

The Ravens also stated that the new agreement will provide the opportunity to expand the economic impact of games, as well as other year-round events the stadium hosts. In addition, the new agreement features two five-year options to extend the lease beyond 2037.

"We thank the Board of Public Works, and Governor (Larry) Hogan for supporting this agreement," read a statement by Ravens President Sashi Brown. "We are excited that M&T Bank stadium will be home to the Ravens for at least the next 15 seasons. We also look forward to working with MSA to make key investments to 'the Bank' that Ravens fans deserve. These improvements will allow the Ravens to continue delivering one of the NFL's best gameday experiences and to attract world class concerts and events to Baltimore and the capital region."

M&T Bank Stadium was first opened in 1998, two years after the Ravens arrived in Baltimore to bring NFL football back to the city over a decade after the sudden departure of the Baltimore Colts for Indianapolis. In addition to Ravens home games, the stadium has also hosted the Army-Navy game, Maryland state football championships, major soccer and lacrosse games, as well as music and entertainment events.