Buffalo Bills strikes deal for $1.4 billion taxpayer-funded stadium

The negotiations also sparked skepticism as to whether the Bills would have ultimately given up on New York without a large government gr...

The negotiations also sparked skepticism as to whether the Bills would have ultimately given up on New York without a large government grant, although the owners never publicly threatened to uproot the team.

Pegula Sports and Entertainment is owned by Terry and Kim Pegula, a wealthy couple based in Western New York; Mr. Pegula, who made his fortune from fracking, has a net worth of $5.8 billion, according to Forbes.

The new outdoor stadium, which would be built across from the Bills’ current home in Orchard Park, a suburb of Buffalo, would hold just over 60,000 fans, about 10,000 fewer than the current site. But it would have a larger overall footprint and include around 60 box suites, a more lucrative revenue stream for teams.

A partial roof would cover around 80% of all seats, an attempt to protect fans from the region’s freezing wind and snowfall during the winter games. The new stadium could open as early as 2026 if construction begins within a year, according to team officials.

The NFL approved the $200 million construction loan at its annual meeting in Florida on Monday morning, shortly before Ms. Hochul’s announcement.

Local Erie County lawmakers must also approve the county’s share of funding, which will be raised in part through bonds, according to county executive Mark Poloncarz, who added that the bills would be responsible. of any cost overruns.

State Sen. Sean Ryan, a Buffalo Democrat who represents the district where the new stadium will be built, said he was pleased with the final deal.

“Sports stadium subsidies are a bitter pill,” he said. “No one is happy to do this, but it’s the best deal we could have expected under the circumstances.”

Ken Belson contributed reporting from Palm Beach, Florida.

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Newsrust - US Top News: Buffalo Bills strikes deal for $1.4 billion taxpayer-funded stadium
Buffalo Bills strikes deal for $1.4 billion taxpayer-funded stadium
Newsrust - US Top News
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