The Buffalo Bills are gearing up for the future after two disappointing playoff exits at the hands of the Kansas City Chiefs.
Before the 2021 season started, the team signed quarterback Josh Allen to a six-year, $258 million extension, making him the third-highest-paid quarterback in the NFL in terms of annual average value.
As the front office builds its roster, the state of New York and the Bills ownership have agreed to terms on a new stadium, as NFL Network reporter Cameron Wolfe shared.
Bills announce 30-year deal for new $1.4 billion stadium in Orchard Park.
The official groundbreaking scheduled for next spring and aiming for 2026 completion. 62,000 seats, open air, “built for Buffalo,” per Pegula Sports EVP Ron Raccuia. pic.twitter.com/1atuAZUrKQ
— Cameron Wolfe (@CameronWolfe) March 28, 2022
Wolfe quoted Pegula Sports Executive Vice President Ron Raccuia who announced that the Bills, Erie County, and New York state have agreed to a 30-year deal for a new stadium that will be worth $1.4 billion.
Raccuia added that the official groundbreaking will be scheduled for next spring and they aim to complete the stadium by 2026.
The new stadium will be built across the street from the current stadium and will have around 62,000 seats.
It will also retain its open-air design to maintain the team’s home-field advantage, especially during the winter months.
Beating The Deadline For A New Deal
As always with deals for a new stadium, the contention boils down to how much money the fans will be willing to shoulder through taxes.
Without agreeing on a proper budget delegation, the Bills and New York might not have had a new deal in place once their current lease on the existing stadium ends in August 2022.
New York Governor Kathy Hochul revealed that the $1.4 billion will be covered by public-private partnership.
Out of that amount, $850 million will be taken from public funds from taxpayers, $350 million will come from the Pegulas and $200 million will be from the NFL.
From the share of public funds, $600 million will come from the state budget while $250 million will be contributed by Erie County.NEXT: 3 Reasons Why Josh Allen Will Be MVP In 2022