Last Friday, Gov. Cuomo announced that the state and Erie County have reached an agreement with the Buffalo Bills on a stadium lease that will keep the team playing football in Erie County for the next 10 years. The Bills’ current lease to play at the county-owned facility runs through July 31, 2013.
Under the agreement, $130 million will be invested in upgrades to Ralph Wilson Stadium, with $35 million coming from the team and the remaining $95 million split by the state and county.
The Bills would face a $400 million penalty if the team relocates during the first six years of the lease. After the seventh year, the penalty for relocating would be $29 million.
Read the memorandum of understanding here.