Bills seek $650 million debt waiver as stadium costs rise to $2.2 billion

The Buffalo Bills are requesting a waiver from the NFL to exceed its debt limit and borrow an additional $650 million to cover rising construction costs for their new Highmark Stadium, which has seen its estimated cost increase to $2.2 billion—up $100 million from previous estimates. Initially projected at $1.4 billion, the costs have ballooned, prompting the team to seek financial leniency from NFL owners during their upcoming meeting from March 30 to April 2. The Bills currently carry about $365 million in debt and are expected to contribute $1.35 billion toward the stadium after factoring in public funding and personal seat license sales. The team's owner, Terry Pegula, has faced unexpected financial pressures due to these overruns, though experts believe he will secure favorable financing terms given the strong cash flow of NFL teams. Precedents exist for such waivers, as seen with past stadium projects like Atlanta's Mercedes-Benz Stadium and SoFi Stadium in Los Angeles. The financial landscape surrounding the Bills' stadium project highlights the ongoing challenges of funding large-scale sports facilities, where estimated costs frequently exceed initial projections.