July 2, 2022

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Buffalo Bills Strike Stadium deal $1.4 billion in taxpayer funding

Buffalo Bills Strike Stadium deal $1.4 billion in taxpayer funding

Negotiations also raised doubts about whether the bills would eventually abandon New York without significant government support, although the owners have not publicly threatened to uproot the team.

Pegula Sports and Entertainment is owned by Terry and Kim Pegula, a wealthy couple living in western New York; According to Forbes magazine, the net worth of Pegola, who made his fortune through hydraulic fracturing, is $5.8 billion.

The new outdoor stadium, which will be built across the street from Beals’ current home in Orchard Park, a suburb of Buffalo, will seat just over 60,000 fans, about 10,000 fewer than the current venue. But it will have a larger footprint overall and will include about 60 square suites, which is a more profitable revenue stream for teams.

The partial roof will cover about 80 percent of all seats, in an effort to protect fans from the region’s freezing winds 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 a $200 million loan for construction during its annual meeting in Florida on Monday morning, shortly before Ms. Hochhol’s announcement.

Local Erie County legislators must also approve the county’s portion of the funding, which will be raised in part through bonds, according to Mark Polonkars, the county’s executive director, who added that the bills would be in trouble for any cost overruns.

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

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He said: “Supporting sports stadiums is a bitter pill.” “No one is happy doing this, but this is the best deal we can expect under the circumstances.”

Ken Bilson Reporting contributed from Palm Beach, Florida.