NFL teams are in a stadium building frenzy. From the Chicago Bears,[1] Cleveland Browns,[2] Jacksonville Jaguars, and Tennessee Titans,[3] franchises across the league are capitalizing on a stadium construction boom. But while this excitement has led to the construction of many modern stadiums, it has also led to skyrocketing costs. Few teams have experienced this more than the Buffalo Bills.
Under the stadium construction agreement for the Bills’ new stadium, New York State and Erie County committed $850 million, while the team committed $550 million.[4] Any cost overruns would be covered by the team. With construction well underway, there have been significant cost overruns. The total estimated cost for the new stadium is now past $2 billion. This leaves the team responsible for more than $1.35 billion dollars. Through all of this, the team has remained committed to its original timeline and open date: July 2026.[5] An on-time opening would permit the team to compete to host the 2028 or 2029 NFL Draft, or other sporting events, such as the NHL Winter Classic.[6] Each of these additional events would generate valuable revenue that could offset these growing expenses.
To also offset this growing cost, the team plans to raise $225 million through the sale of personal seat licenses (PSLs).[7] A PSL grants someone the right to buy season tickets and is a common financing tool for new stadiums. For the Bills’ new stadium, the lowest PSL license currently starts at $2,500.[8] The team has indicated, however, that prices may come down as availability to PSLs and season tickets expands. However, as costs continue to increase, the team will continue to need to bridge the gap created by the cost overruns.
Another financial lifeline came from the NFL itself. At a recent NFL owners’ meeting, the Bills were granted a debt limit waiver.[9] The NFL debt limit is $700 million and allows owners easy access to financing. A debt limit waiver has become more common for stadium construction, as cost overruns have also become more common. The Buffalo Bills are just the most recent team to benefit from the NFL’s economic and financial prowess.[10] The Atlanta Falcons and the Los Angeles Rams, for example, received waivers of $850 million and $2.25 billion, respectively, for Mercedes-Benz and Sofi Stadiums.[11] The Bills’ debt waiver of $650 million, along with the recent sale of a minority stake in the team, is aimed at bridging the ever-growing financing gap for the new stadium.
The vote to approve the Bills’ debt waiver was unanimous.[12] This vote, coupled with the increased frequency in debt waivers, perhaps signals a willingness by the NFL to invest more heavily in league infrastructure, such as stadiums. Amidst growing cost uncertainties, questions still loom. How long can the NFL sustain this stadium building boom? At what point will municipalities or fans reject the financial burden? For now, however, despite the cost overruns, the construction of the new Bills’ stadium is pressing forward.
[1] See Timothy Allaire, Do You Have to Win to Get a New Stadium?, UB Law Sports & Entertainment Forum (Feb. 14, 2025), https://ublawsportsforum.com/2025/02/14/do-you-have-to-win-to-get-a-new-stadium/.
[2] See Timothy Allaire, Will the Courts Decide Where the Browns Play Football, UB Law Sports & Entertainment Forum (Feb. 26, 2025), https://ublawsportsforum.com/2025/02/26/will-the-courts-decide-where-the-browns-play-football/.
[3] See David A. Lieb, Plans Abounding for New Sports Stadiums Across the US, Carrying Hefty Public Costs, Associated Press (Dec. 23, 2023), https://apnews.com/article/sports-stadiums-public-funding-nfl-mlb-a81d825286530bb95f227efc99f2e9d3.
[4] Kurt Badenhausen, NFL Approves Buffalo Bills’ Debt Waiver for New $2.2 Billion Stadium, Sportico (Mar. 31, 2025), https://www.sportico.com/leagues/football/2025/nfl-approves-buffalo-bills-debt-waiver-stadium-1234845545/.
[5] Ronnie Eastham, Still Over One Year from Opening, Bills’ New Stadium Costs Continue to Rise, Sports Illustrated (Apr. 1, 2025), https://www.si.com/nfl/bills/news/highmark-stadium-still-over-one-year-from-opening-costs-continue-to-rise.
[6] See Ronnie Eastham, Bils Executive Talks New Stadium PSLs and Potential Costs, Sports Illustrated (Apr. 2, 2025), https://www.si.com/nfl/bills/news/highmark-stadium-team-executive-talks-psls-potential-costs.
[7] See Badenhausen supra, note 4.
[8] See Matt Bove, New Construction Cost, PSL Prices and Highmark Stadium Updates from Buffalo Bills Top Executive, WKBW (Mar. 30, 2025), https://www.wkbw.com/sports/buffalo-bills/new-construction-cost-psl-prices-highmark-stadium-updates-from-buffalo-bills-top-executive.
[9] Badenhausen supra, note 4.
[10] See id.
[11] Id.
[12] See Ben Fischer, Bills Receive Debt Waiver, Titans Add League Debt, Sports Business Journal (Mar. 31, 2025), https://www.sportsbusinessjournal.com/Articles/2025/03/31/bills-get-debt-waiver-approved-titans-get-additional-league-debt/.
Photo Credit – https://www.bldup.com/posts/upper-deck-starts-to-take-shape-at-bills-new-stadium-site
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