Buffalo Bills fans have long been known for their passion and patience for a franchise that has never won a Super Bowl. Now they are getting the chance to show their support for their NFL team by buying bonds to build a new stadium.
Beginning with the Bills' upcoming home game against the Jacksonville Jaguars on "Monday Night Football", fans will have the chance to purchase municipal bonds to help finance the team's new stadium, which is due to open in 2026. Erie County is selling bonds to fund half of its $250 million share of the $850 million project.
The one-day period allows Bills' fans to get involved on an individual basis before larger investors are permitted to buy the bonds beginning Tuesday. Erie County (N.Y.) officials wanted to give fans the opportunity of ownership in the team and stadium, which is being constructed in Orchard Park.
"I wanted to make sure that ... the average Buffalo Bills fans who have paid for the current stadium, and have attended the games and gotten frostbite and had their hearts broken for years," Erie County Comptroller Kevin Hardwick told CNBC. "They ought to have a chance to help us pay for our share of the construction cost of the new stadium."
Of course, the bond-buying opportunity might not be for the "average" Bills fan. The AA-rated bonds must be purchased through a licensed broker, and the minimum purchase is $5,000, according to Erie County's website. The maturation date of the bonds are tentatively set for 25 years but that is subject to change.
Despite their lack of success on the field, becoming a national punch line after losing four consecutive Super Bowls in the early 1990s, the Bills have endeared themselves to the people of Upstate New York. Still, the franchise ranks 30th out of 32 teams with a market value of $5.35 million, according to CNBC's Official NFL Teams Evaluations list.
However, a new stadium and all the revenue opportunities that come with it (including naming rights, advertising, luxury suites, etc.) could vault the small-market team up the rankings. Long-suffering Bills fans are divided over the bond option, but all hope it also vaults them up the NFL standings.
"The people of Buffalo love the Bills, right?" Bills fan Drew Ludwig asked the Marketplace. "And you can't really make business decisions when it's love."
