Buffalo, NY

The Buffalo Bills agreed to a 10-year lease on Ralph Wilson Stadium with a hefty relocation penalty.

The franchise would have to pay a $400 million if they leave before the seventh year of the lease, whereafter they could pull out with only a $29 million penalty.

The penalty provision is meant to keep the Bills from delivering an economic and psychological blow to Western New York by shipping out to another city.

The agreement also stated that $130 million will be spent on renovating the stadium. Of that, the Bills will kick in $35 million, with the state and county sharing the remaining $95 million.

Officials, who spoke on condition of anonymity, said the deal would be announced at an 11 a.m. press conference at Ralph Wilson Stadium.

Gov. Andrew M. Cuomo was scheduled to attend but was unable to fly from Albany because of weather conditions. County Executive Mark Poloncarz and Buffalo Bills executives will be at the press conference and Cuomo will be on a satellite hookup, officials said.

Cuomo said that keeping the team in Buffalo was a top priority for his administration, and he personally became involved in the negotiations in recent months.

 

 

Copyright © 2012 iHaveNet.com