Albany, NY, Dec 24, 2012 — The Buffalo Bills will likely be staying in New York for at least another seven years, now that state and team officials have worked out a new deal.
The ten year lease agreement, signed by Governor Cuomo, the Buffalo Bills owners, and Erie County, includes a commitment from the Bills to stay in Buffalo for at least the next seven years, or face a $400 million dollar penalty. The deal also includes $130 million in upgrades to the Ralph Wilson Stadium, with the team kicking in $35 million dollars, the state paying $54 million, and Erie County contributing $41 million.
Governor Cuomo, who had to attend the announcement via satellite from New York City due to poor weather, called it an "exciting agreement".
Cuomo pointed out that the stadium is now four decades old.
"Even if 40 is the new 30, it still requires some care and attention and renovation," Cuomo said.
The agreement also includes the formation of a committee to explore building a new sports stadium in Western New York.