It looks like the Bills will be playing football in Buffalo for another three decades under a new deal with some eye-popping figures. Local taxpayers will shell out $850 million toward construction of a new stadium, which Politico reports is a record sum of public money for an NFL arena. The previous record is the $750 million spent in Vegas. Of that total, $600 million will come from New York state and $250 million from Erie County, reports the Buffalo News. In return, owners Terry and Kim Pegula agreed to keep the team in Buffalo for 30 years—and to reimburse the money if that promise falls through.
New York Gov. Kathy Hochul put a positive spin on the totals, saying $850 million is "far less than anyone anticipated." The News notes that speculation of a $1 billion tab had been in play. "The cost of the stadium is paid back in the 22nd year because of the revenues we’re going to be driving," said the governor. The Pegulas—oil and gas tycoon Terry Pegula has a net worth of $5.8 billion, per ESPN—will contribute $350 million and the league will provide them with a $200 million loan, of which all but $50 million is forgivable. The NFL already has signed off on the deal, and the state and country legislatures must do so as well. (More Buffalo Bills stories.)
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