The Bills pulled off yet another public-funded stadium scam

0
29

In the end, the deal wasn’t as bad as western New York taxpayers might have expected. Rather than be on the hook for $1.1 billion to build the Buffalo Bills a new stadium, they’ll only owe $850 million.

That means the public is slated to fund roughly 60 percent of a stadium whose primary benefit will be to an owner whose net worth is estimated at $5.8 billion. Terry Pegula’s overall contribution to the project will be an estimated $550 million — $150 million of which comes via forgivable loans from the NFL itself. His team won’t be responsible for nearly $13 million annually in upkeep costs, either; that falls on the state of New York.

The proposal was unanimously approved by NFL owners because, yeah, why wouldn’t it be, it’s a sweet deal. It anchors the Bills in Buffalo — or, more accurately, Orchard Park since building a stadium downtown would have cost an estimated $350 million more in land acquisition — into…

Read full article at ftw.usatoday.com