The Bills have moved a step closer to securing private financing for construction on a new $1.4 billion stadium in Orchard Park.
The NFL’s joint stadium and finance committee voted Friday to recommend owners approve a loan up to $200 million to Bills owners Kim and Terry Pegula, the Buffalo News reports.
Owners will vote on the proposal Monday at the league’s annual owners’ meeting in Palm Beach, Florida, and the measure must receive the approval of 24 of the 32 owners. It is considered a formality.
A maximum of $150 million of the loan is repaid through the visiting teams’ share of Bills ticket revenue over 25 years. The league’s G-4 loan program is contingent on both public financing and the Pegulas contributing at least $200 million of their own equity in the project.
The agreement among New York State, Erie County and the Bills is not yet signed. Gov. Kathhy Hochul previously has said the stadium deal will be done by April 1, in time for the state’s annual budget.