Bills reach deal for new stadium, with a record amount of taxpayer money funding it
The Buffalo Bills set a record, and it greatly benefits the team's owners.
The Bills will have the most public money set toward the construction of a new stadium. According to the Buffalo News, the Bills will get a new $1.4 billion stadium.
The stadium itself is the first big part of the story. The second one is that the state of New York and Erie County is contributing $850 million to the construction costs. The most an NFL team has been given in public tax money for a new stadium was the Las Vegas Raiders, who got $750 million in tax money to help build Allegiant Stadium, a big factor in the Raiders moving from Oakland.
The Bills aren't going anywhere for a long time. A new stadium ensures that.
Bills get their stadium
The announcement about the new stadium came as the NFL is having its owners meetings in Florida. The Bills, who have been trying to get a new stadium to replace the one in Orchard Park, put out a statement.
A statement from Terry and Kim Pegula on the new Bills stadium project. pic.twitter.com/eOy970NM7T
— Buffalo Bills (@BuffaloBills) March 28, 2022
The agreement has a 30-year lease that Gov. Kathy Hochul told the Buffalo News was “ironclad.” Erie County legislators could take up to 30 days to approve the deal, the Buffalo News said.
The staggering amount of public money going to the project “is far less than anyone had anticipated,” Hochul told the Buffalo News. The Buffalo News said there had been speculation taxpayers might need to give $1 billion to the project. The state of New York will give $600 million and Erie County will give $250 million to the project for Bills owners Terry and Kim Pegula. The NFL is also giving the Pegulas a $200 million loan. The Buffalo News said the Pegulas will put $350 million toward the stadium, but a portion of that will come from 50,000 personal seat licenses to all season-ticket holders that will cost $1,000 each.
Fox Business speculated in 2020 that the Pegulas' net worth was $5.1 billion.
The stadium, expected to be finished by 2026, will be across Abbott Road from the current Highmark Stadium the Bills call home, the Buffalo News said. It will be an open-air stadium.
The Bills won't be going anywhere for a while. Taxpayers are the main reason for that.
