The Buffalo Bills NFL American football team will look to sell personal seat licenses to raise funds for a new stadium.
It was reported recently that the Bills are targeting a new stadium with seating capacity of around 60,000, some 12,000 less than the team’s current home, Highmark Stadium. The Associated Press, citing a person with direct knowledge of documents presented to state and county officials, said the $1.4bn (£1.034bn/€1.2bn) project includes a timeline with a completion date set for no later than 2027, based on how quickly a deal can be struck.
It had previously been confirmed that Terry and Kim Pegula, the owners of the Bills, were prepared to contribute towards the cost of a proposed new stadium. Pegula Sports and Entertainment (PSE) senior vice president Ron Raccuia said speculation that the Pegulas were looking for taxpayers to foot the bill for the development was wide of the mark.
Talks on how costs will be split between the team and taxpayers will continue, with the state and county expected to be asked to cover more than 50% of the project. It has now been revealed that PSLs will be sold to fund the project.
“We will definitely have PSLs as part of a new stadium,” Raccuia told Buffalo News. “Every new stadium that’s opened since 2009 has utilised PSLs.”
PSLs give holders the right to purchase season tickets for their own seat at a stadium. Kim Pegula had previously acknowledged that fans did not want PSLs but Raccuia said that the Bills’ PSLs would “most likely” be the lowest of any new stadium built since 2009.
“And that’s a function of the market and us being committed to making sure that we don’t price our fans out of the marketplace. We will be very cognisant of that with PSLs.”
PSL prices will reportedly start at $1,000 and include an obligation to annually purchase season tickets.
The Bills’ current lease at Highmark Stadium expires in July 2023 and would be extended until the new venue is opened, should the project be given the green light by the state of New York and Erie County.
The Bills had been canvassing opinions from supporters on whether it should build a new home or renovate the existing facility. NFL commissioner Roger Goodell has previously suggested that the Bills need a new stadium in order to remain competitive, reiterating this stance last month, and the team has been working with strategic management consulting firm CAA Icon to assess the potential for a new venue.
