Buffalo Bills agree to a new $271 million lease deal for Ralph Wilson Stadium – NFL News
Buffalo Bills have reached an agreement with the county and state authorities to stay at Ralph Wilson for the next decade. Bills CEO Russ Brandon made the announcement on Friday, December 21, 2012.
Brandon declared that the team has got a 10-year lease deal worth $271 million with the official and the memorandum of understanding was signed between the two sides in the early hours of Friday. Brandon said:
"This is a monumental day for us. The Buffalo Bills are right here in western New York, where we're going to be for many decades to come."
The deal includes $130 million put aside to upgrade the stadium which was inaugurated in 1973.
The agreement also enforces the franchise to put aside certain amount of funds for the planning of future venue and stadium for the team. Brandon further added:
"We're going to look at the potential of a new stadium in the next decade or so, and see if it makes sense for our community."
On the other hand, the deal also made it clear that if Bills decide to leave Ralph Wilson Stadium before the year 2020, the team will have to pay a hefty amount of $400 million.
However, the team can buy out the last three years of the contract by paying the amount worth $28 million.
There has been a great deal of uncertainty as to where Bills will head whenever the era under the ownership of Ralph Wilson ends.
Wilson, 94, has been ill for many months and has not made any public appearance since August this year. He has reiterated that he wants his family to sell the franchise after his death, meaning that the new owner might want to change the location of the
team.
However, with the deal done for the next decade it is highly unlikely that anyone would make such decision in near future.
The new agreement also binds Bills to play one preseason and one regular season game in Toronto, Canada.
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