Next Monday, Buffalo Bills fans will experience an unusual “Monday Night Football” game day. Prior to the team’s matchup against the Jacksonville Jaguars, retail investors will have the opportunity to place orders for municipal bonds intended to finance the construction of the Bills’ new stadium. This stadium is expected to open in 2026, as detailed on the team’s website. This initiative offers Bills fans a unique chance to contribute directly to the development of the new facility in Orchard Park, near Buffalo.
The bonds will be sold by Erie County, the location of Buffalo, to cover half of the $250 million it pledged for the new stadium. Buffalo Bills fans will not be buying these bonds directly from the team. Erie County Comptroller Kevin Hardwick emphasized in a telephone interview that this retail period is novel and designed for the typical Bills fan, who has supported the current stadium, braved inclement weather, and endured years of ups and downs with the team. Hardwick believes these fans deserve the opportunity to assist in funding the county’s share of the stadium’s construction costs.
On Monday, retail investors will have a one-day period to place their orders before institutional investors can start on Tuesday. Investments in the double A-rated bonds must be made through a broker with a minimum investment of $5,000, according to the bond offering website. The interest rate for the bonds will be determined after the offering. Hardwick mentioned the county is considering a 25-year maturation period for the bonds, but that detail is subject to change before the offering begins on Monday.
The Buffalo Bills, ranked 30th on CNBC’s Official NFL Team Valuations at $5.35 billion, could see a significant increase in valuation through the completion of the new stadium and associated sponsorship opportunities.
It is common practice for local residents to contribute to the financing of National Football League teams in various ways. For example, the county where the Kansas City Chiefs play has a sales tax supporting the team, and taxpayer dollars are frequently used for funding new stadiums.
The state of New York and Erie County have agreed to cover $850 million of the $1.4 billion total cost of the new stadium, with the Buffalo Bills financing the remainder. The new stadium will be owned by the Erie County Stadium Corporation, and the Bills will pay rent for its use.
Currently, the Buffalo Bills hold a 2-0 record and are set to face the winless Jacksonville Jaguars on Monday night.
