New York State, Erie County and the Bills agreed on a 10-year lease to keep the Bills in Buffalo for the near future.
According to The Buffalo News, the Bills would have to pay a $400 million relocation penalty if they leave during the time of the lease. However, if they leave in the seventh year, they can pull out with a penalty of only $29 million.
Per the report, $130 million will be spent on renovations to Ralph Wilson Stadium, of which the Bills will contribute $35 million.
“I’m proud to make this investment. … You can feel Buffalo and Western New York coming back,” New York governor Andrew Cuomo said during Friday’s press conference.
“This is another shining example of Mr. (Ralph) Wilson’s belief that this franchise can succeed long term in this region,” Bills CEO Russ Brandon said.
Erie County executive Mark Poloncarz said new stadium possibilities would be explored.