Pegulas New Bills Stadium Proposal a Public and Private Partnership

[Brawndo]

https://buffalonews.com/news/state-and-regional/buffalo-bills-want-a-new-stadium-and-for-taxpayers-to-foot-the-bill/article_dc794aea-f14a-11eb-a5ae-17fdaa70c27c.html?utm_source=The%20Buffalo%20News%20App&utm_medium=referral&utm_campaign=News%20Alerts 

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Edited August 14, 2021 by Brawndo

[LabattBlue]

7 minutes ago, Brawndo said:

https://buffalonews.com/news/state-and-regional/buffalo-bills-want-a-new-stadium-and-for-taxpayers-to-foot-the-bill/article_dc794aea-f14a-11eb-a5ae-17fdaa70c27c.html?utm_source=The%20Buffalo%20News%20App&utm_medium=referral&utm_campaign=News%20Alerts 

 

The caveat is the Pegulas Initial Ask is for NYS and Erie to pay for the entire 1.5 Billion Dollar Proposal. 
This negotiation should be interesting. 

Response from Cuomo and Poloncarz.... 😂😂😂.
 

 Then...🖕🖕🖕.

 

 

[Brawndo]

The obligatory we aren’t planning to move however

The team has made no overt threats, sources say, to leave Buffalo if it doesn’t get the full funding request, but it has made clear to government negotiators that there are other cities elsewhere that desire an NFL franchise and would pay handsomely for it.

[Huckleberry]

13 minutes ago, Brawndo said:

The obligatory we aren’t planning to move however

The team has made no overt threats, sources say, to leave Buffalo if it doesn’t get the full funding request, but it has made clear to government negotiators that there are other cities elsewhere that desire an NFL franchise and would pay handsomely for it.

Well that is the thing, they need leverage and its the only one they got.

[LabattBlue]

How about a 50/50 split for starters with negotiations, then moving towards the Pegula’s paying more. 

Edited August 1, 2021 by LabattBlue

[thewookie1]

20 minutes ago, Brawndo said:

The obligatory we aren’t planning to move however

The team has made no overt threats, sources say, to leave Buffalo if it doesn’t get the full funding request, but it has made clear to government negotiators that there are other cities elsewhere that desire an NFL franchise and would pay handsomely for it.

One thing is that the Bills aren’t allowed to be moved due to their purchase agreement.

 

[That Aud Smell]

I know it’s an opening request, but sheesh.

Also: It seems like huge news that their new stadium plans are to build in OP.

[LabattBlue]

Here is another question...when do the taxpayers(me), get to see what I’m buying for 1.5B?

[Hoss]

11 minutes ago, That Aud Smell said:

I know it’s an opening request, but sheesh.

Also: It seems like huge news that their new stadium plans are to build in OP.

Yea the OP news came out a few months ago and was a major talk around town

[JKB1646]

I have not been to Rich Stadium, The Ralph or whatever it’s called now in over ten years. I know it had some renovations done to it a few years back but is it really falling apart? Have sight lines gone to hell? Is all the road salt eating away at the concrete which is undermining the integrity of the structure? Do they not sell expensive beer there? Is there no parking? Did they get rid of the suites? What’s the problem with it.? In all actuality when buildings get old and paid for like Holiday Twin Rinks or a rental duplex or a forty year old factory that has the mortgage paid off then they become money makers. So really what’s the issue with it? 

[PromoTheRobot]

37 minutes ago, thewookie1 said:

One thing is that the Bills aren’t allowed to be moved due to their purchase agreement.

 

Which expires in 2023.

[thewookie1]

2 minutes ago, PromoTheRobot said:

Which expires in 2023.

The lease to the stadium yes, I think the NMC is in perpetuity; at least in theory 

[PromoTheRobot]

Just now, JKB1646 said:

I have not been to Rich Stadium, The Ralph or whatever it’s called now in over ten years. I know it had some renovations done to it a few years back but is it really falling apart? Have sight lines gone to hell? Is all the road salt eating away at the concrete which is undermining the integrity of the structure? Do they not sell expensive beer there? Is there no parking? Did they get rid of the suites? What’s the problem with it.? In all actuality when buildings get old and paid for like Holiday Twin Rinks or a rental duplex or a forty year old factory that has the mortgage paid off then they become money makers. So really what’s the issue with it? 

Highmark Stadium as it's known as now is older than War Memorial stadium was in 1972 when it was replaced. It will be 50 when the lease expiries in 2023. And yes it's starting to fall apart. Those upper decks will not last forever. Of course we could wait until they collapse on their own.

There's no question it's time to replace it. In the end everyone will pay part of the bill. Including fans with PSLs. The NFL is an expensive club and one that would rather not have a team here if it were up to them. Same for the NHL to a lesser degree. Taxpayers have to decide if AHL hockey and college football/basketball is enough entertainment.

Oh by the way, it'll cost several hundred million to demolish the stadium too.  100% taxpayer funded, that will be 

[PromoTheRobot]

12 minutes ago, thewookie1 said:

The lease to the stadium yes, I think the NMC is in perpetuity; at least in theory 

That is not correct. What you are referring to is a $400MM penalty for moving the team before the lease expires in 2023. After that the team is free to leave. There is no such thing as a clause keeping the team here in perpetuity. Good luck even arguing that in court. Imagine your landlord saying you can never move even after your lease expiries?

Edited August 1, 2021 by PromoTheRobot

[Weave]

This won't end well.

[JKB1646]

it is important to consider that public financing is largely helping billionaires pay less for a service that they can afford. This dangerous precedent is an unnecessary privilege rather than a necessity. These sports teams are supported by successful owners who are capable of funding stadiums themselves. The owners will be compensated handsomely through the profits received through ticket sales, corporate advertising, and concessions over the next several decades. Public subsidies are an unfortunate power play used by these influential teams on local communities that are emotionally attached to sports teams, and a shift to making these projects private is going to be important moving forward.
 

quoted from a great article https://econreview.berkeley.edu/the-economics-of-sports-stadiums-does-public-financing-of-sports-stadiums-create-local-economic-growth-or-just-help-billionaires-improve-their-profit-margin/

[Huckleberry]

1.5 billion is a lot of money, even for a billionaire.  Do think the pegula's are looking for a 50/50 split or something like that.

[LGR4GM]

So a sports league that makes billions each year, has the billionaire owners of 1 of their teams ask for 1.5 billions in free money.  

Bread and circuses. 

[LGR4GM]

Before covid the NFL made 16 billion in profit. Yet the league isn't chipping in money and the 5 billion dollar owners aren't. Let's fund the stadium, we get 75% of the profit until the loan is paid off plus 25% extra and then we get 25% of the profit from that point forward. Giving billions to rich ppl is ***** dumb. Nys would be better off investing 1.5 billion in Buffalo's telecommunications infrastructure to attract businesses. 

Move the team. I'll watch college football instead. 

[PP Slapper]

This is one way to get everyone to STFU about Eichel 😀

[Hoss]

4 minutes ago, LGR4GM said:

Before covid the NFL made 16 billion in profit. Yet the league isn't chipping in money and the 5 billion dollar owners aren't. Let's fund the stadium, we get 75% of the profit until the loan is paid off plus 25% extra and then we get 25% of the profit from that point forward. Giving billions to rich ppl is ***** dumb. Nys would be better off investing 1.5 billion in Buffalo's telecommunications infrastructure to attract businesses. 

Move the team. I'll watch college football instead. 

Obama pondered an executive order to block public funding of sports stadiums. He should’ve put pen to paper.

[JohnC]

1 minute ago, LGR4GM said:

So a sports league that makes billions each year, has the billionaire owners of 1 of their teams ask for 1.5 billions in free money.  

Bread and circuses. 

The $1.5 B request is the starting off figure in a negotiation. The reality is that most stadiums get built with a large portion of the facility paid by the public. Even in cases where the respective owners pay for the facility there are substantial ancillary costs associated with infrastructure etc. where taxpayer money is used. Usually the public funds come from some new dedicated sources such as hotel, restaurant stadium event taxes taxes etc. that help to pay for the bonds. There is going to be some hard bargaining between the parties. Hopefully, something reasonable will be worked out. 

[thewookie1]

I’d rather help pay then lose either team; we are always stuck paying for primarily NYC stuff as it is. May as well get something from them.

That being said; I’d be more interested in a 3way split between the NFL, NYS and the Pegulas

[JohnC]

2 minutes ago, Hoss said:

Obama pondered an executive order to block public funding of sports stadiums. He should’ve put pen to paper.

That would have been a foolish approach to take because these decisions are state and local decisions and not federal decisions. 

[Huckleberry]

Now Toronto could probably offer something lol 😄