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How the Buffalo Bills owner Terry Pegula fleeced the Seneca Nationyoutu.be/Ilt3tNWVj30?si=79mggqxo5BTqvbRg
142 sats \ 1 comment \ @BlokchainB 25 Aug 2024 Stacker_Sports
Gotta love socialism for the rich! As a die hard bills fan I was not in support of this stadium deal. After watching this video I hate it even more! Terry should have taken this team to Austin TX instead the state spits in the face of the Seneca Nation for all of us to watch a game of entertainment. America’s priorities can really drive you insane at times.
Sad thing is I will still watch the team. But some point I’m going to start boycotting this madness.
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79 sats \ 0 replies \ @Bell_curve 27 Aug 2024
https://dailycaller.com/2024/08/26/buffalo-bills-cuts-deadline-nfl-deion-jones/
https://en.wikipedia.org/wiki/New_Highmark_Stadium
On March 28, 2022, it was announced that a deal had been reached between New York State, Erie County and the Bills for the 63,000 seat, $1.4 billion dollar stadium in Orchard Park. New York State will contribute $600 million in funding with Erie County contributing $250 million, the Bills contributing $350 million, and the National Football League via a G-4 loan $200 million. In addition the Bills signed a 30-year lease, with a buyout option after 15 years.[29] The stadium would be owned by New York State, a change from the current stadium which is owned by Erie County. Of that $600 million funding, $418 million will come from funds seized from the Seneca Nation of New York for funds overdue as part of the compact to operate the Seneca Niagara Casino, Seneca Allegany Casino and Seneca Buffalo Creek Casino.[30] The state will also contribute $100 million over a 15-year period for maintenance and $6 million per year over the course of the lease for capital improvements, both figures to be adjusted for inflation according to the Consumer Price Index.[30]
The stadium is estimated to cost $1.7 billion.[1] Under an agreement with the state of New York, taxpayers will pay $850 million of the construction cost (with $600 million coming from New York State and $250 million coming from Erie County). With the State of New York also paying for all maintenance and repair costs once the stadium opens. It is largest taxpayer contribution ever for a National Football League facility.[5] Economics professor Victor Matheson, who studies stadium subsidies, described the deal as "one of the worst stadium deals in recent memory."[6]
Pegula made his fortune in natural gas fracking?
https://www.post-journal.com/sports/local-sports/2022/03/public-cost-of-new-stadium-will-top-1b-over-lease/
More than $418 million of the state’s $600 million share will come from a delayed casino-related payment from the Seneca Nation, the governor said late Tuesday. Erie County will pay $250 million toward the project.
The payment from the Seneca Nation covers a share of revenue over five years from three of the tribe’s western New York casinos. The tribe stopped payments in 2017, saying its obligation to share revenue with the state and localities had expired.
The Seneca Nation Council ended the yearslong payment dispute with the state this week by authorizing the transfer of $565 million that had been held in escrow.
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