Today at its public Board meeting, the Harris County - Houston Sports Authority Board of Directors voted to approve an extension of the Astros lease at Minute Maid Park through 2050. The home for the MLB Houston Astros since 2000, the original lease agreement was set to expire in March of 2030.
"The Sports Authority's Board of Directors has worked very hard to be a good landlord to the team, as well as to protect the community's investment and ensure that the stadium remains state-of-the-art," said Sports Authority Chairman J. Kent Friedman. "The venue has been a great addition to the downtown landscape for fans and players alike. The Sports Authority is proud to support our reigning World Champions, and this lease extension furthers the commitment to maintaining Minute Maid Park for many years to come."
The details of the lease extension include a rent increase in the amount of $1 million beginning this year for the remainder of the original lease (through 2030) and an additional $1 million increase for the 20-year extension (through 2050). The majority of these funds will be directed towards maintenance and capital repairs at Minute Maid Park.
"The Astros look forward to furthering our investment in downtown Houston and calling Minute Maid Park our home through 2050," said Astros Owner and Chairman Jim Crane. "We appreciate the commitment of the Harris County - Houston Sports Authority to keep the Astros in the heart of downtown, and we remain committed to making the fan experience at Minute Maid Park first class."
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