Bills' Stadium Cost Rises Due To Nearly $300M Overruns
The Buffalo Bills are a few months into the construction of their new stadium, but they may have hit a financial roadblock.
According to the Associated Press, the construction has incurred nearly $300 million in overruns. These overruns would bring the total cost of the stadium to around $1.7 billion. Notably, the agreement states that the Bills are responsible for any additional costs from the initial $1.4 billion agreement in March 2022.
The AP notes that "increased labor and material costs" were responsible for the overruns. One source said that one item cost $75 million more than expected, while another cited a delay in sending out bids as a reason for the increased costs.
Additionally, The Athletic previously referenced someone familiar with the situation as saying the final price tag could be as high as $1.9 billion. Bills COO John Roth disputed these claims, noting how the construction is still in its very early stages.
"We don't know enough yet to confirm this," Roth told the AP.
The Bills were initially set to contribute $550 million to construction costs. With the overruns, though, their contributions could reach or exceed the $850 million contributed by taxpayers. The Bills are funding their portion of the construction through an NFL loan, so added costs could present a challenge.
Furthermore, Bills owners Terry and Kim Pegula also own the Buffalo Sabres of the NHL. KeyBank Arena, the Sabres' home venue, has not received upgrades since opening in 1996, but the Pegulas are expected to propose such upgrades soon. If they end up owing more for the Bills' stadium, then the Sabres will surely feel the impact as well.
The Bills' new venue, which will be called Highmark Stadium just like the current one, is set to open in 2026.
You can follow Jonathan Alfano on Twitter at @JonAlfano_News
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