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The projected cost of the Buffalo Bills’ new stadium has ballooned to what team officials on Friday told The Associated Press is “north of $2.1 billion,” with owners Terry and Kim Pegula responsible for picking up the more than $560 million in overruns.
Bills president Pete Guelli said he was not surprised by the amount, given how the numbers have been tracking up since construction began 16 months ago. And he said the projected total represents the commitment the Pegulas have to the community because they are sticking to their vision for the facility without cutting corners to reduce costs.
“To sum that up, the Pegulas will not deviate from building a best-in-class stadium in Buffalo,” Guelli said.
Taxpayers are committing a combined $850 million to the project — $600 million from the state and $250 million from the county. At the time of the deal reached two years ago, that represented more than half the cost of construction, but now, taxpayers will be responsible for about 40%. The Bills are responsible for any overruns beyond $1.54 billion.
Talk about socialism for the rich!! I am glad the billionaire pegula is using is own money to finish the stadium for his team. I love the bills but they aren’t economically viable for this type of development. Most of the city is still in squalor! Taxpayers paying for entertainment stadiums for a billionaire owner in a wildly successful football sports league is peak fiat!
While the county hospital looks like a dumpster and falling apart.
But hey at least buffalo has the bills!
I'm surprised we haven't seen states coordinate to prohibit these kinds of public expenditures. The teams would just pay for their own stadiums if states weren't in a race to the bottom throwing taxpayer money at them.
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I agree!! It’s just nobody wants to pay for anything. I am not sure what Terry Pegula does with the profit he makes from the NFL. But socializing capital expenditures like stadiums is just ridiculous
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Oh boy. Might as well have gone all out and put a roof on it. They should have just copied the Vikings stadium. That place is a gem.
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Hahaha Terry didn’t want to go bankrupt going with a roof
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