NY To Shell Out Record $850M For New NFL Stadium

Politico reports:

A new $1.4 billion stadium for the Buffalo Bills will receive a record public subsidy of $850 million between state and county funding, Gov. Kathy Hochul announced Monday. The combined $850 million would set a record for the most public money ever spent on an NFL stadium, topping the $750 million recently spent in Las Vegas.

Hochul said the deal, which commits the team to staying in New York for 30 years, would be worth it due to the $27 million a year in taxes the team will generate. “The cost of the stadium is paid back in the 22nd year because of the revenues we’re going to be driving,” she said.

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The team is owned by fracking billionaire Terry Pegula [photo]. According to Bloomberg News, his current net worth is over $7 billion.

New York taxpayers to shell out record $850M for new Buffalo Bills stadium https://t.co/HS9lZ23OyQ

— POLITICO Pro (@POLITICOPro) March 28, 2022