The Buffalo Bills’ journey toward a new $1.4 billion stadium inched closer to reality in a matter of minutes on Monday. 

New York and Erie County officials reached a 30-year deal with the Bills calling for $850 million in public financing for the 62,000-seat, open-air stadium slated to open for the 2026 season. Around the same time, league owners unanimously approved a $200 million loan for construction costs of the project at the NFL’s owners meetings — which Bills owners Terry and Kim Pegula are required to at least match. 

Pegula Sports executive vice president Ron Raccuia described the negotiations with state and local government officials as “stressful,” but added that he “never considered them contentious.”

The new stadium will be located next to the current one in Orchard Park. 

• Raccuia said personal seat licenses “will be part of all season tickets” at the new stadium. 
• The state will contribute $600 million in funding, with the county chipping in $250 million. The Bills are on the hook for any cost overruns.
• Highmark, the healthcare company and title sponsor of the Bills’ current stadium, has the right of first refusal on naming rights.

Not 100% Done

The deal comes days ahead of the state’s Friday budget deadline. The project has the backing of Gov. Kathy Hochul, but state lawmakers will have to approve the subsidy.

“We still have some work to do,” Raccuia said. “They have a vote, and we respect that.”

Chelsea FC is virtually guaranteed to be sold to an American sports team owner.

The bidding process for the Premier League club is down to four groups, with final bids required by April 11. 

• Boston Celtics co-owner Stephen Pagliuca is a finalist. Pagliuca is also the majority shareholder of Serie A club Atalanta and co-chairman of Bain Capital.
• Los Angeles Dodgers and Lakers co-owner Todd Boehly made the shortlist.
• Joining him are Philadelphia 76ers and New Jersey Devils co-owners Josh Harris and David Blitzer with British businessman and former Liverpool chairman Sir Martin Broughton.
• Chicago Cubs owner Thomas Ricketts remains in the running. Ricketts met with club supporters to address revelations that his father expressed Islamophobic sentiments.

Bidders have been asked to pledge at least $1.3 billion of additional investments, including renovations to the team’s Stamford Bridge stadium. Bids could reach at least $3.9 billion.

Transfer Tax

Chelsea’s liminal status is affecting its ability to make personnel moves. The team is controlled under a license issued by the U.K. government after it sanctioned previous owner Roman Abramovich and seized the club.

The sanctions seem to have prevented the acquisition of Chicago Fire goalkeeper Gabriel Slonina on a reported $6.6 million transfer deal. Chelsea is unable to negotiate new contracts with its current players.

Abramovich, who has been involved in negotiations between Russia and Ukraine, showed signs of being poisoned, as did Ukranian negotiators, according to reports from Monday. All those affected are believed to be safe.

MLB has agreed to a deal with Capital One reportedly worth $125 million over five years, according to CNBC. 

The agreement with MLB marks Capital One’s second sports-related investment in 2022. Last week, the bank holding company launched Capital One Entertainment, a platform that allows cardholders to secure admission to sporting events, theatrical performances, and concerts.

MLB’s sponsorship deal with Capital One is expansive in both its reach and in benefits for the bank’s cardholders. 

• Capital One is allowed to use MLB and its 30 teams in ad campaigns.
• The bank will be the presenting sponsor of the World Series.
• Capital One will offer cardholders benefits at MLB events, including the All-Star Game.
• The deal also includes sponsored events at the minor league and Little League levels. 

Capital One follows Bank of America as MLB’s bank promotion rights holder. BOA had held the rights since 2015 and paid more than $10 million in the 2021 season as part of its agreement with the league, according to sponsorship consultancy firm IEG. 

Deep Pockets

MLB’s deal with Capital One comes at a time when the league’s franchises are worth more than ever.

Last week, Forbes unveiled its 2022 list of most valuable MLB franchises, and the average value of MLB teams reached a record $2.07 billion, a 9% increase year-over-year, behind the expansion of the postseason and ad placement on uniforms — a new revenue stream for 2022.