BUFFALO, N.Y. (WKBW) — Friday, as NFL team owners get ready to meet in Palm Beach, the AP’s John Wawrow reports NFL finance and stadium committee members have approved a loan to help the Pegulas build a new state-of-the-art home for the Bills in Orchard Park.
The AP reports the item has been added to the agenda for full NFL owner approval during the start of Monday’s meetings.
The loan, known around the league as a G4 loan, gives NFL owners the ability to finance the private portion of stadium construction development up to $200 million.
“This is standard procedure for a new stadium deal,” said NFL expert Marc Ganis, Co-Founder and President of Sportscorp. LTD. “The NFL is taking the first step to have its ownership approve certain terms and conditions.”
Ganis says the NFL’s G4 loan program has been very successful throughout the league and is paid back through gate receipts or ticket sales. He says this next step is a way the NFL can stay organized and on track ahead of a timeline of announcements expected from the state and county regarding how much you the taxpayer will be chipping in.
It’s expected the Buffalo Bills stadium deal will be included in the Governor’s 2023 budget, which is due April 1.
“We’re not negotiating in public,” said Governor Kathy Hochul during a news conference this week. “All will be told at the right time.”