Flying Squirrels baseball team signed 30-year lease to remain in Richmond, Virginia

Richmond Flying SquirrelsPhoto byFacebook Screenshot

WRIC 8 News reported that the Richmond Flying Squirrels signed an agreement with the Richmond Economic Development Authority (EDA) to remain in the city for at least the next 30 years.

Flying Squirrels agreement

As construction begins on a new ballpark for the Richmond Flying Squirrels, the baseball team has agreed to pay $3.2 million per year in rent for the next ten years. After that, the rent will drop to $1.3 million and increase by 3% annually until year 30.

The minor league baseball team is responsible for operating and managing the stadium during games. If the team is to terminate its lease early for any reason, it would have to let the EDA know within 90 days and find someone else to take their spot or pay the rent.

Richmond Flying SquirrelsPhoto byFacebook Screenshot

Reaction to the agreement

Richmond Chief Administrative Officer Lincoln Saunders said:

“The fact that the lease is now signed and executed shows that the Squirrels are committed — that they’re making the long-term commitment to Richmond, just as Richmond is committed to them."

Saunders said the city is in a tight time crunch to finish the stadium in time for the 2026 baseball season, the deadline to meet Major League Baseball’s facility standards and avoid the Flying Squirrels moving away. Still, he said that they’re on track.