ORCHARD PARK, N.Y. — Take a trip around the world, and it’d be hard to find fans as dedicated as the ones you’d find outside Highmark Stadium on game day.
Erie County knows it and is hoping to take advantage of that to cut its bill toward the new Highmark Stadium in half.
On Monday, the sale began for Bills fans to put an order in for a municipal bond that will go toward financing the construction of the new Bills stadium set to open in 2026.
The county is responsible for footing $250 million of the $1.7 billion price tag for the new stadium and is hoping to raise half of those funds through these bonds.
Erie County made those bonds only available to retail investors like Bills fans Monday before opening it to institutional investors tomorrow like hedge funds and banks.
The bonds are $5,000 apiece, and the interest rate will be determined when the sale period ends on Oct. 8. They are tax-free, exempt from both state and federal taxes.
“They will not own the stadium, but they will have done an investment in the stadium to help us build it and also make some money off of it in the long run, which is pretty neat.”
But fans have mixed opinions on the opportunity.
“$5,000 is a lot of money to the average middle class American,” said Alex Joly, a Bills fan from Long Island. “I'm wondering, what are we getting back from that $5,000? How long is it going to take to get our investment back?”
“Diehard Bills fans, what do you think they're going to do?” another fan, Kevin Cheek, said. “I mean, some folks are going to really go bankrupt trying to do this.”
But others like Logan Munson are all in as long as it means holding a small stake in the Bills’ future home.
“Whatever supports the Bills, whatever that helps them advance in the future, the long term, like this stadium is going to be here for who knows how long, and I am here to support that,” he said.
Financial analysts are skeptical as well, like Anthony Ogorek with Ogorek Wealth Management.
“Most people have been advised never to take a cold call as investment advice,” he said. “Anytime you've got your county comptroller calling up, saying, ‘I’ve got a deal for you,’ you probably want to run the other way.”
He says Bills fans are better off putting their money in the lots, the concession stands or even on a new jersey.
“We're in the business of making money. That really isn't going to do it for you,” Ogorek said. “Holding a bond for 25 or 30 years is really a losing proposition for most people, and I’d just look the other way. Do something else with your money.”
For more information on how to buy these bonds, go to buybillsbonds.com.