WHAT DO YOU THINK? 🏈 The proposed $1.4 billion new home for the BuffaloBills comes with a record $850 million tab for NY taxpayers -
Gov. Kathy Hochul completed seven months of negotiations by announcing an agreement preserving the Bills presence in her hometown, while also calling it a deal that “made sense” in the return on public investment.New York will commit $600 million in funds in a deal reached in time for Hochul to include it in the state budget, which by law must be approved by Friday.
The entirety of the agreement is not complete. The parties have yet to negotiate terms of a 30-year lease which would include a non-relocation clause with the Bills facing a penalty should they default on the deal. The taxpayer commitment also does not include annual operating subsidies the state will commit to game-day related and other expenses.
Sochie Nnaemeka, director of the New York Working Families Party, criticized the agreement by saying it further “enriched wealthy investors.” The family that owns the team, the Pegulas, are estimated by Forbes to have a net worth of over $5 billion. They made their fortune in the natural gas industry and hydraulic fracturing by selling their Marcellus Shale natural gas drilling rights for $4.7 billion to Royal Dutch Shell in 2010. They purchased the Bills for a then NFL-record $1.4 billion in 2014 following the death of team founder and Hall of Fame owner Ralph Wilson.
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