In the wake of a massive cost increase in the construction of their new stadium, the Buffalo Bills apparently request an exemption from the NFL debt limit.
Big price increase in Buffalo! According to the Sports Business Journal, the cost of the Bills’ new stadium has increased from the planned $1.4 billion to $2.2 billion.
Since the NFL franchise agreed as part of the deal to cover any overruns in the planned budget, they are now responsible for raising $800 million.
In this context, the magazine reports that the Bills are seeking an exemption from the NFL debt limit so that a further $650 million can be raised.
The original plan had the team’s debt at $200 million. The franchise had contributed 275 million in cash, and 225 million is to be recouped through the sale of seat licenses. The state and district are contributing 850 million. The league’s debt limit is 700 million dollars.
With the additional costs, the Bills will apparently now incur a total of 1.3 billion.
In December, owner Terry Pegula sold 20.6 percent of the team, which is valued at around five billion, netting more than a billion.
The NFL team owners are expected to review the application at their annual meeting at the end of the month.
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