The funding for a brand new Buffalo Bills stadium is one step closer to secure. The New York State legislature has passed their 2022-2023 budget and inside of that massive $220 billion spending bill is $600 million for a new stadium in Orchard Park.
The State Senate passed the bill just before 5:00 AM on Saturday, April 9, eight days after the budget deadline on April 1. The Assembly took to the floor later in the day to debate and ultimately approve the spending plan.
If you’re so inclined, you can read the full language here:
There it is: $600 million in state funding for a new Buffalo Bills stadium, included in a budget bill introduced overnight.— Jon Campbell (@JonCampbellNY) April 9, 2022
The Senate approved it while you were sleeping. Assembly expected to pass it soon. pic.twitter.com/d9VjCtsQc4
The NFL Owners have agreed to a $200 million loan to help the Pegulas finance the stadium. That loan will be repaid through visiting team ticket revenue over the course of the lease.
Bills owners Kim & Terry Pegula will pay $350 million, but not really, as the ownership has already announced each season ticket holder will need to purchase Personal Seat Licenses (PSLs) that will make up a large chunk of that money.
The last domino that will need to fall into place now is in Erie County, where they need to approve the $250 million County Executive Mark Poloncarz committed to in negotiations. That’s expected to happen in the next few weeks.