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The Buffalo Bills’ new stadium is now set to cost more than $2.1bn (£1.7bn/€2bn), significantly more than what was budgeted by the NFL team when construction commenced in June last year.
New Highmark Stadium is scheduled to open in 2026. It will have a capacity of around 63,000 and will replace the current Highmark Stadium, which seats 71,000 fans.
Highmark Blue Cross Blue Shield of Western New York acquired naming rights to the new venue in June 2023 as an official groundbreaking ceremony was held for the project. At the time, the stadium was projected to cost $1.54bn, which itself was an increase on the initial $1.4bn that was budgeted.
Just three months into construction, it was reported that the project was almost $300m over budget due to increased labour and material costs. Bills officials have now confirmed to the Associated Press that the cost will be “north of $2.1bn”.
Team owners Terry and Kim Pegula will cover the additional costs, as has previously been agreed. New York State has committed $600m towards the project, with Erie County providing $250m.
The NFL, through its G4 loan programme, and the Bills were due to provide the remaining $550m of the initial $1.4bn project, but the Pegulas will now also be covering the additional overruns.
Discussing the Pegulas’ commitment to the project, Bills president Pete Guelli told the Associated Press: “To sum that up, the Pegulas will not deviate from building a best-in-class stadium in Buffalo.
“It’s going to be an exceptional fan experience, and an incredible place to play. I think we’re very proud that we can build a facility like this in Buffalo and have it available to our fans. We need this project to be a success for the team on and off the field, and it will be.”
The stadium is still on schedule despite the cost hike, according to Guelli. The team’s vice-president of stadium development, John Polka, said that the cost of material construction has increased due to inflation.
He said: “We could have stopped at some point and said, let’s cut back. And that was not the case at all. In some cases, we’ve actually gone back in recent months and said, ‘Hey, we’ve got an idea or something that we think will enhance the fan experience or give us a better competitive advantage.’”
The open-air stadium is being built on a 242-acre site and is set to be the biggest project ever built in Western New York. Once the venue is complete, the current Highmark Stadium is set to be demolished and redeveloped as a parking lot.
In August, the Bills unveiled additional renderings of the new stadium, focusing on the hospitality offerings at the venue. The renderings showcased the Founders Club, East Club and Field Club.
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