Bills Making, Spending Plenty of Cash Ahead of New Stadium Opening

The Bills have brought in a lot of extra cash recently.

Ownership, led by CEO and president Terry Pegula, received roughly $1 billion in December when the team sold minority stakes totaling about 20% of the franchise at a $5 billion valuation to new investors, including private equity firm Arctos Partners.

And with a new Highmark Stadium opening in 2026, the Bills have also sold at least $129 million in personal seat licenses for the venue, according to The Buffalo News. 

But the Bills are going to spend a lot of money, too.

The cost of building their new stadium was originally projected to be $1.4 billion, with $850 million in public funding. By the end of 2024, that forecasted total had already surpassed $2.1 billion. Now, the Bills are seeking an exception to NFL debt limits to borrow $650 million with the stadium projected to cost at least $2.2 billion, according to Sports Business Journal. Buffalo had previously planned to borrow $200 million as part of the league’s G-4 stadium financing program.

Additionally, the Bills said in a statement Thursday to The Buffalo News that the team is “closely monitoring” land development around the new Highmark Stadium, which could include more commercial and residential projects.

On-Field Costs Rising, Too

The Bills will be on the hook for another high-profile expense soon. 

Josh Allen’s six-year, $258 million contract extension runs through 2028, but with the 2024 NFL MVP’s $43 million annual average salary ranking 14th among quarterbacks, a raise is likely in store (all figures via Spotrac).

When NFL teams give players guaranteed money in contracts, the franchise has to put those funds in escrow. So any additional guaranteed funds that Allen may secure in the coming years will be more immediate cash Buffalo ownership has to account for. Cowboys quarterback Dak Prescott currently has the highest annual salary at $60 million per year.