Terry and Kim Pegula, the owners of the Buffalo Bills, are prepared to contribute towards the cost of a proposed new $1.4bn NFL American football stadium, according to a representative.
Pegula Sports and Entertainment senior vice-president Ron Raccuia told The Associated Press that speculation that the Pegulas were looking for taxpayers to foot the bill for the development were wide of the mark.
“When it comes to the future new home of the Bills, (the Pegulas) have always known that, like virtually all NFL stadiums, this will ultimately be some form of a public/private partnership,” Raccuia said.
The Bills’ current lease at Highmark Stadium will expire in July 2023, and the franchise opened talks with state and county officials on the team’s future stadium two months ago.
The split between public and private funding for the project is yet to be determined, but discussions are likely to resume when Kathy Hochul succeeds Andrew Cuomo as New York’s Governor in the coming days.
It emerged last week that the franchise plans to build a new home over the road from the team’s Highmark Stadium, having decided that renovating the existing venue would not be cost-effective.
The state and county in 2013 committed $227m towards Highmark Stadium renovations and annual capital and game-day expenses. Further repairs are needed, which in 2014 were projected at $540m, a figure that will be significantly higher today.
The Pegulas acquired the franchise in 2014 for a then-record $1.4bn.