SWEET DEAL

Billionaire Terry Pegula Gets $850 Million Subsidy for New Buffalo Bills Stadium

The Bills announced a deal to build a new $1.4 billion stadium, with $850 million coming from public funds.

In another sweet deal for a billionaire, the Buffalo Bills announced an agreement on Monday to build a $1.4 billion new stadium, with $850 million of those funds coming from New York State and Erie County. The deal includes a 30-year commitment from the team to stay in Buffalo. The Bills’ owner, oil and gas billionaire Terry Pegula, is worth $5.8 billion, according to Forbes. New York Gov. Kathy Hochul defended the arrangement in a statement, arguing that “the project will create 10,000 union jobs and New Yorkers can rest assured that their investment will be recouped by the economic activity the team generates.” New York will own the new stadium and will lease it to the Bills.