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.
UPDATE:The National Football League’s joint stadium and finance committee voted Friday to recommend the league approve a maximum $200 million loan to Bills owners Kim and Terry Pegula, according to a league source. All league owners will vote Monday. Approval is considered a formality.
Team owners Kim and Terry Pegula can apply for a loan from the league to help cover construction costs, up to $150 million of which could be repaid by the league’s other 31 franchises.
“The bottom line on it is we have to get a new stadium in Buffalo,” Goodell, a Jamestown native, said. “The governor has recognized that. It has to be a public private partnership. … She has shown great leadership in bringing the parties together … but there’s a lot to negotiate here.”
The revenue-sharing program, along with the NFL’s salary capthat prevents mega-market cities from outspending their comparatively smaller competitors, make it possible for the Bills to play in Buffalo.
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.
