Why are the Buffalo Bills asking for $1.5 billion to build a new stadium in Orchard Park?
The Buffalo Bills want a new stadium and they want the public to pay for it. While the NFL franchise is worth up to $2.15 billion, the team wants local taxpayers to foot the bill for a swanky new stadium.
According to a report by Tom Precious from the Buffalo News, Buffalo Bills owners Pegula Sports and Entertainment have made a $1.5 billion proposal for a new Bills stadium and renovation costs for the Buffalo Sabres downtown arena.
Asking the people of Buffalo to pay for 100% of the bill is unprecedented in major league sports in America. The article in the Buffalo News indicates that this plan will likely not get off the ground.
Could the Bills leave Buffalo?
Precious wrote:
“The team has made no overt threats, sources say, to leave Buffalo if it doesn’t get the full funding request, but it has made clear to government negotiators that there are other cities elsewhere that desire an NFL franchise and would pay handsomely for it.”
It may, however, only be a matter of time before reports emerge that Bills owners Kim and Terry Pegula are threatening to move the team.
This is typically a key move for team owners when asking for public money. If local authorities deny them their request, they begin looking for other major cities that will bow to their demands.
The Raiders are the most recent example of a team leaving the city due to a lack of public funding for a new stadium. Oakland refused to foot the bill but Las Vegas welcomed the franchise with open arms, which led to the Raiders packing their bags in a hurry.
Why do the Bills need a new stadium?
The current Buffalo Bills stadium opened way back in 1973 after then-team owner Ralph Wilson threatened to move the team to Seattle or Tampa Bay.
It has been renovated several times over the years, most recently in 2012, but is one of the oldest stadiums in the NFL.
On March 30, 2021, Highmark Blue Cross Blue Shield of Western New York was announced as the naming rights holder for the stadium.
“We are proud to welcome Highmark to the Buffalo Bills family and we are thrilled to partner with them on a new naming rights deal for our stadium,” Kim Pegula, Bills president and co-owner, said in a statement.
The current Bills stadium lease expires in 2023, which doesn't leave much time for the city and team owners to come to an agreement over a new stadium.