Three months since construction began on their new stadium, the Buffalo Bills are already facing a potential cash crunch with the latest projections having the team on the hook for as much as $300 million in cost overruns, according to multiple reports yesterday.
What was initially estimated to cost $1.4 billion in March 2022 and increased to $1.54 billion months later, is now projected to have jumped to $1.65 billion and approaching $1.7 billion, the reports said.
The rising price tag is notable because the Bills are contractually required to cover any overruns beyond the then-agreed to cost of $1.4 billion as part of the tentative deal the team reached with the state and Erie County 16 months ago. The Bills agreed to cover the cost overruns in exchange for having full control over the stadium’s design and construction.
The rising projections come as the Pegulas, who also own Bills and the NHL’s Buffalo Sabres, are expected to soon approach the city to discuss long-needed renovations to the team’s downtown arena, KeyBank Center, which has not had a major upgrade since it opened in 1996.