The Buffalo Bills were granted an exemption to the NFL’s debt limit in a Monday vote at the NFL owners meetings in Palm Beach, Fla.
The current NFL debt limit is $700 million. The team requested the waiver as the cost of its new Highmark Stadium, set to open in 2026, has ballooned past $2 billion from the original estimate of $1.4 billion.
In addition, the Bills and Tennessee Titans, who are also building a stadium, were approved for an additional $50 million via the NFL’s stadium funding mechanism.
The two clubs were originally approved for $200 million apiece via the league’s G-4 program, where funds are repaid via the premium seating revenue that would normally be shared with the other teams. In December 2025, the NFL’s new G-5 program was approved and will bump each team’s borrowings to $250 million.
The state of New York and Erie County are contributing $850 million toward the Bills’ project, including “Bills bonds” from the county. The Pegula family, which owns the Bills, was originally expected to pay $550 million, including the G-4 funds. Yet, ownership is responsible for any cost overruns on the building, and the non-public tab is now $1.35 billion. The team projected it could raise $225 million selling personal seat licenses.
Debt waivers on NFL stadium projects have become common, as the NFL cemented its spot as the world’s richest sports league. The league previously approved debt waivers of $850 million for the Atlanta Falcons’ Mercedes-Benz Stadium and $2.25 billion for the Los Angeles Rams’ SoFi Stadium.
In October 2023, the NFL raised the debt limit existing owners can have against a team from $600 million to $700 million. Last year, owners approved a $200 million bump to the acquisition debt limit to $700 million. The move allowed new buyers to borrow up to $1.4 billion, including the $700 million in financing available to all owners.
The Bills’ new stadium will be the first NFL venue opened since 2020 when SoFi and Allegiant Stadium in Las Vegas both made their debut. It potentially marks the start of a building boom in the NFL, with the Tennessee Titans’ new home set to open in 2027, and teams in Chicago, Cleveland and Washington, D.C., exploring new stadiums.
In December, the Pegulas sold a 20.6% stake in the team, including 10% to Arctos Partners and the remaining stake to a consortium of investors. The sale netted the family roughly $1 billion.
