Ohio allocates $1.7 billion from unclaimed residents' funds for stadium projects

CINCINNATI (WKRC) — Ohio's newly approved $60 billion budget includes a plan to fund sports stadium projects using the state's unclaimed funds.

The state currently holds nearly $5 billion in unclaimed funds, which belong to Ohio residents who have not claimed them for various reasons.

 
"Stadiums should not compete with mental health. Stadiums should not compete with education." said Governor Mike DeWine. "This fund will not only support major league sports facilities but also minor league facilities, cultural facilities, playhouses, and other concert venues," DeWine said.

The plan allocates $1.7 billion from unclaimed funds, with $600 million earmarked for a new stadium for the Cleveland Browns and $400 million for other projects that teams must apply for. The remaining $700 million is not yet designated for specific projects.

"I thought there were better ways to fund this," said State Senator Bill Blessing.

He advocated for increasing the tax on sports bets to generate revenue for the fund. He noted that teams would be required to repay the money provided by the state.

State Representative Dontavius Jarrells voiced opposition to the plan.

"If we're going to fund buildings with this money, there are a lot of other things I know that we could be funding. Mental health supports, housing," said Jarrells.

Former State Representative Jeff Crossman plans to challenge the move legally, citing due process concerns.

"There's been no notice to individual Ohioans that might have property in that account. That's a due process problem," Crossman said.

He argued that the Ohio Supreme Court has been clear that private property cannot be taken by the state without a public purpose and proper notice.

Senator Blessing noted that there is a 10-year grace period for individuals to claim their unclaimed funds before they are transferred to the state.

If you would like to see if you have any unclaimed funds, click here.