CLEVELAND (AP) — The Browns are moving out of their lake house.

The team formally announced plans Thursday to leave its 25-year-old stadium on the shores of Lake Erie when its lease expires in 2028 and move to a domed facility in suburban Brook Park, despite the city’s efforts to keep it in Cleveland .

Cleveland Mayor Justin Bibb met Wednesday with owners Jimmy and Dee Haslam, who told him they were moving forward with their intention to build the $2.4 billion investment and entertainment complex 12 miles south of downtown .

The Haslams explored several possible locations and considered renovating their current home before deciding that moving was their best option.

They made the announcement amid a four-game losing streak and a 1-5 record heading into Sunday’s home game against Cincinnati.

“We understand that this is a complex process with additional questions to be answered, and we will continue to communicate openly as our process evolves,” the Haslams said in a statement. “We recognize that our season on the field has not had the start we all had hoped for and we are working hard to improve every week to make our fans proud.”

“At the same time, it is vital that we continue to commit to the best long-term and sustainable solution for our stadium and provide our fans with the world-class dome experience they deserve. We are confident that the Brook Park project will significantly benefit the Northeast Ohio region for generations to come.”

The financing of the project remains unclear. The Browns are seeking a public-private partnership and have proposed bonds to cover the public share.

Last month, the city proposed funding $461 million — sharing the cost with the Browns — to modernize the current stadium and redevelop the surrounding Lake Erie property.

“We have learned through our extensive work that renovating our current stadium simply will not solve many operational issues and would be a short-term approach,” the Haslams said. “With more time to reflect, we also realized that without a dome, we will not attract the type of large-scale events and year-round activities that would justify the scale of this public-private partnership.

“The transformative economic opportunities that a dome offers far exceed the opportunities that a renovated stadium hosting approximately 10 events per year could provide.”

Bibb expressed disappointment that the two sides were unable to reach an agreement.

“As mayor, I will always put the needs of residents and businesses first,” Bibb said in a statement. “Haslem Sports Group may want a roof over their heads, but my responsibility is to make sure the residents of Cleveland have a roof over their heads.”

Bibb added that balancing those priorities “requires care and precision” and that the city must “be practical with our many needs and limited resources.”

The Browns have only been in their stadium since 1999, when they returned as an expansion team after owner Art Modell moved the franchise to Baltimore four years earlier following a dispute with city officials.

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AP Sports Writer Mark Long contributed to this report.

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