How NFL money to help fund a new Bills stadium - Update NYS & and Erie County agree to pay nearly $1 billion. Owners meeting $200 M Vote

[PetermansRedemption]

I still don’t understand PSL’s. From a pure optics point, wouldn’t it just be better to increase the cost of the season tickets? And then you can say “look; we never charged any PSLs that the other greedy teams have been doing.”

[SlimShady'sSpaceForce]

1 hour ago, WotAGuy said:

I think the actual number is about half that; away games are income earned in other states and those states get that income tax. 

paying taxes for every state. 
 

hmmm. Do the Giants and Jets pay NY or NJ state taxes?

 

FLA, TX and Tenny had no state tax 

 

[SlimShady'sSpaceForce]

https://buffalonews.com/news/local/nfl-owners-to-vote-on-funding-for-proposed-stadium-deal-for-buffalo-bills/article_3a506820-ab9e-11ec-8967-0be81fe5993c.html
 

Quote

On Friday afternoon, members of the National Football League’s stadium and finance committees – which include representatives from 16 of the 32 teams – are expected to vote to recommend the league approve a maximum $200 million loan to Bills owners Kim and Terry Pegula to help build a $1.4 billion stadium in Orchard Park.

 

Quote

Up to $150 million of the loan is forgivable, repaid through the visiting teams' share of Bills ticket revenue over 25 years, and is contingent on both public financing and the Pegulas contributing at least $200 million of their own equity to the project, according to the terms of the league's "G-4" loan program

 

[JakeFrommStateFarm]

On 3/12/2022 at 7:23 AM, SlimShady'sSpaceForce said:

https://nypost.com/2022/03/11/buffalo-bills-billionaire-owner-set-to-get-1b-in-public-funds-for-new-stadium/
 

 

Gov. Kathy Hochul — a Buffalo native — is expected to announce in the next several days a deal in which New York State and Erie County agree to pay nearly $1 billion toward a new $1.4 billion stadium that will be located next to the current one, sources close to the situation told The Post.

I saw this caption under the picture of Pegula.

 

"Fracking billionaire Terry Pegula, who owns the Bills, has a fortune estimated at more than $7 billion. He’s threatened to pull the team from Buffalo unless he gets public funds to help build a new stadium."

 

The 1 billion will be a significant tax hike to the citizens of NYS and Erie County in addition to the cost of PSLs and season tickets.

[BarleyNY]

On 3/12/2022 at 9:28 AM, PetermansRedemption said:

I still don’t understand PSL’s. From a pure optics point, wouldn’t it just be better to increase the cost of the season tickets? And then you can say “look; we never charged any PSLs that the other greedy teams have been doing.”

The optics are for people who do not want public money spent on stadiums and who do not attend games.  It’s money that comes straight from people who go to games/buy tickets.  There is also a sneakier angle.  It is an additional revenue stream for owners if the team gets bad for long enough for people to turn their PSLs back in to the team because there is no market for them.  The team can then resell them when the market picks back up and keep that money. 

[HOUSE]

Just build the freaking thing and get it over with.

 

Geeeeez

[thenorthremembers]

1 hour ago, JakeFrommStateFarm said:

I saw this caption under the picture of Pegula.

 

"Fracking billionaire Terry Pegula, who owns the Bills, has a fortune estimated at more than $7 billion. He’s threatened to pull the team from Buffalo unless he gets public funds to help build a new stadium."

 

The 1 billion will be a significant tax hike to the citizens of NYS and Erie County in addition to the cost of PSLs and season tickets.

Its been discussed here.  Pegula never threatened anything.   It was a "report" that the team may move to Austin if they didnt get the Stadium. It was and continues to be total conjecture.

 

Plus the caption is a total hack job.

[Tanoros]

On 3/6/2022 at 10:19 AM, BarleyNY said:

Sorry.  Missed that.  Good catch.  Still seems nebulous though - “could be”.  It’s often difficult to get hard numbers regarding stadium financing.  I’m just trying to work through it.  No word on who eats cost overruns either. 

I’n this day and age, cost overruns are almost a guarantee too. I work in large construction infrastructure business (west coast), but we can’t seem to get a project to cost it’s original projection. Hopefully it’s easier for a large stadium, with less extra costs. 

[H2o]

6 minutes ago, Tanoros said:

I’n this day and age, cost overruns are almost a guarantee too. I work in large construction infrastructure business (west coast), but we can’t seem to get a project to cost it’s original projection. Hopefully it’s easier for a large stadium, with less extra costs. 

In this day and age, with the cost of materials and how they constantly fluctuate, it basically impossible to come in under or at projected cost. I see it all the time as well from the project management side at our chemical plant. 

[SlimShady'sSpaceForce]

1 hour ago, HOUSE said:

Just build the freaking thing and get it over with.

 

Geeeeez

how much are you donating to the cause?

[YoloinOhio]

 

 

I couldn’t find a current stadium update thread 

[YoloinOhio]

 

[TheyCallMeAndy]

So NFL pays 200m, taxpayers pay the rest?

[Warcodered]

1 minute ago, TheyCallMeAndy said:

So NFL pays 200m, taxpayers pay the rest?

It's a loan so they actually get a lot of it back though not all I believe.

[Over 29 years of fanhood]

2 minutes ago, TheyCallMeAndy said:

So NFL pays 200m, taxpayers pay the rest?

I see the word ‘loan’ 

[BuffaloRebound]

Article says Pegulas have to match the $200m from the NFL so it’s at least $400m in non-taxpayer funds.  

[PonyBoy]

It amazes me that the Bills can potentially pay one player like Allen $250M, Mahomes may get $500M, but the entire NFL can only provide a $200M "loan" for a team in their league to build a stadium that they will suck billions from for the next 40+ years. Just crazy!

[SlimShady'sSpaceForce]

 

 

[Warcodered]

12 minutes ago, PonyBoy said:

It amazes me that the Bills can potentially pay one player like Allen $250M, Mahomes may get $500M, but the entire NFL can only provide a $200M "loan" for a team in their league to build a stadium that they will suck billions from for the next 40+ years. Just crazy!

It's essentially a payment Cities/States pay to keep a team in their area, if they weren't willing to pay that for them being in their local area then it wouldn't happen.

[Heitz]

12 hours ago, BarleyNY said:

The optics are for people who do not want public money spent on stadiums and who do not attend games.  It’s money that comes straight from people who go to games/buy tickets.  There is also a sneakier angle.  It is an additional revenue stream for owners if the team gets bad for long enough for people to turn their PSLs back in to the team because there is no market for them.  The team can then resell them when the market picks back up and keep that money. 

Has this ever happened - PSLs holding so little value one turns them into the team?  
 

I’ve seen some hand wringing about the potential Bears moves (PSLs are only for Soldier Field, not a new stadium), but hadn’t read much into the value hold…

 

IDK, but seems like an investment I’m willing to speculate on, especially in a fresh new Stadium.

 

Just wait until Hammer stars selling parking NFTs that guarantees you parking for life right next to the new stadium 🤣🙌