The negotiations additionally sparked skepticism about whether or not the Payments would have finally deserted New York with out a big authorities subsidy, although the house owners by no means publicly threatened to uproot the staff.
Pegula Sports activities and Leisure is owned by Terry and Kim Pegula, a rich couple primarily based in western New York; Mr. Pegula, who made his fortune by way of fracking, has a internet price of $5.8 billion, in keeping with Forbes.
The brand new open-air stadium, which might be constructed throughout the road from the Payments’ present house in Orchard Park, a Buffalo suburb, would maintain simply over 60,000 followers, about 10,000 fewer than the present venue. However it might have a bigger footprint general and embody about 60 field suites, a extra profitable income for groups.
A partial roof would cowl about 80 p.c of all seats, an try to guard followers from the area’s frigid wind and snowfalls throughout winter video games. The brand new stadium might open as early as 2026 if building begins inside a 12 months, in keeping with staff officers.
The N.F.L. accredited the $200 million mortgage for the development throughout its annual assembly in Florida on Monday morning, shortly earlier than Ms. Hochul’s announcement.
Native legislators in Erie County should additionally approve the county’s a part of the financing, which will probably be raised partly by way of bonds, in keeping with Mark Poloncarz, the county government, who added that the Payments could be on the hook for any price overruns.
State Senator Sean Ryan, a Democrat from Buffalo who represents the district the place the brand new stadium will probably be constructed, mentioned he was glad with the ultimate deal.
“Subsidies for sport stadiums are a bitter tablet,” he mentioned. “No person is glad about doing this, however that is the perfect deal we might count on below the circumstances.”
Ken Belson contributed reporting from Palm Seaside, Fla.