The Buffalo Bills have gained league approval for a $650m (£502.3m/€601.8m) debt waiver to assist their financing of New Highmark Stadium, while the Tampa Bay Buccaneers have confirmed they are assessing a potential major renovation of Raymond James Stadium.
The Bills were last month reported to be seeking an exception to NFL debt limits as New Highmark Stadium costs continue to climb, with this now being approved during this week’s league meetings.
In November, it was revealed that the Bills’ new stadium was set to cost more than $2.1bn, significantly more than what was budgeted by the NFL team when construction commenced. 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 in November confirmed that the cost would be “north of $2.1bn”.
The Terry Pegula ownership group 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 G-4 loan programme, and the Bills were due to provide the remaining $550m of the initial $1.4bn project.
With the stadium price tag now sitting at $2.2bn, the Bills have received unanimous backing for a $650m debt waiver. This is required for the franchise to exceed the NFL’s limit of $700m for team operating debt.
Sports Business Journal said the $650m debt waiver is the third largest approved by owners, behind the $850m for Atlanta Falcons’ Mercedes-Benz Stadium in 2014 and $2.25bn for the Los Angeles Rams’ SoFi Stadium in 2018.
Commenting on the approval, Buffalo Bills chief operating officer, Pete Guelli, told the Buffalo News: “This has been in the works since I came back (to the Bills last year), and it likely pre-dated me. We knew we were going to approach the league about the debt waiver, and we’re thrilled the (NFL) finance committee and stadium committee voted to grant it.”
The Bills are due to stage a ‘topping off’ ceremony on Friday and Guelli has maintained that with New Highmark Stadium now 50% complete it is still planned to open in June or July 2026. “The stadium is going to open on time,” Guelli said.
“Whatever it takes to get the stadium done on time, we’ll do. It’s amazing how they worked through a tough winter. They got through it, and they’ve kept us on pace.”
Asked if the price tag is likely to rise again before opening, Guelli said: “I hope not, but you can’t guarantee it. Ever since I came in (last spring), the numbers have been in that ballpark.
“We know the deal we’ve signed up for, and Terry could not be more committed to it, and our goal is to make sure the stadium turns out exactly how we planned it. It needs to be a world-class, state-of-the-art facility that can house the Bills long-term.”
Guelli stated the Bills are hoping to host three or four events at New Highmark Stadium before the team’s first preseason game in August 2026. “Ideally, in a perfect world – events of different scales,” he added.
“The stadium needs to be ready (for the Bills), and it needs to be tested. Right now, we’re trying to determine what the right event is to open with. We would like to do something dramatic and larger-scale, because we know we’ll have 60,000 fans in there, at some point, and we want to make sure everything from a football perspective works the way we anticipate it working.”
Bucs speak out on Raymond James future
In January, Tampa Sports Authority (TSA), operator of Raymond James Stadium, was reported to have commissioned a report on the venue’s maintenance costs over the next two decades, as stakeholders consider the long-term future of the home of the Buccaneers.
Raymond James Stadium opened in 1998 and with the Buccaneers’ lease due to expire in 2028 the team has been quiet on plans for the stadium’s future. However, Buccaneers co-owner, Joel Glazer, told the Tampa Bay Times: “It’s something you’re always looking at because the fan experience is so important in the NFL, in all sports.
“So we’re constantly looking at the stadium, constantly looking at how we can improve it. We did stuff about six years ago, but now it’s six years later and there’s been a lot of new stadiums built, a lot of different renovations done. Some advances.
“So we’re currently looking at all those types of things and evaluating it. There will be a time and a place but we will always want to improve the stadium and keep it up to the highest standards.”
Responding to claims Hillsborough County officials haven’t received much communication on the Buccaneers’ stadium intentions, Glazer added: “I’ve heard people say there’s been no communication. That’s actually not very accurate.
“You know, we’re going through a phase right now where we’re assessing the stadium, what might be needed. I know they’re assessing the stadium and what might be needed. Once both of us are done with our assessments, then we come together and work through things.”
The last major infrastructure project at Raymond James Stadium came as the Buccaneers expanded capacity to cater to what it claims was “unprecedented demand” for 2022 season passes.
The Buccaneers introduced an additional seating area named The Krewe’s Nest, located in the south end zone at Raymond James Stadium. The additional 3,600 seats increased the stadium’s capacity to nearly 70,000 for one of the most anticipated seasons in Buccaneers history.
This came as legendary quarterback Tom Brady played his final NFL season, with his retirement seeing the Krewe’s Nest removed for the 2023 campaign.
