{"id":2380913,"date":"2024-12-17T10:56:59","date_gmt":"2024-12-17T15:56:59","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-gov-hochul-ripped-for-egregious-nfl-deal-that-will-hamstring-taxpayers\/"},"modified":"2024-12-17T11:00:09","modified_gmt":"2024-12-17T16:00:09","slug":"dem-gov-hochul-ripped-for-egregious-nfl-deal-that-will-hamstring-taxpayers","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/dem-gov-hochul-ripped-for-egregious-nfl-deal-that-will-hamstring-taxpayers\/","title":{"rendered":"Dem Gov. Hochul Ripped for \u2018Egregious\u2019 NFL Deal That Will Hamstring Taxpayers"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdem-gov-hochul-ripped-for-egregious-nfl-deal-that-will-hamstring-taxpayers%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2380913&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>The article discusses\u2063 a controversial stadium deal for \u200bthe Buffalo Bills football\u2064 team, overseen by \u200cNew York \u200bGovernor\u200b Kathy Hochul. Faced with\u2064 threats from\u2062 team owner \u200cTerry Pegula to relocate the Bills, the state agreed to \u200da important investment: $600 million \u200cin \u2062state funds towards a $2.1 \u200cbillion new stadium, \u2064with \u2062an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-grants-250m-in-additional-assistance-to-ukraine\/\" title=\"Biden administration provides Ukraine with 0M extra aid\">additional\u200c 0 million<\/a> from Erie County.Critics argue this move represents a poor return \u2064on \u2064taxpayer \u2062investment, comparing it unfavorably with recent\u2062 NFL stadiums built\u2064 without public \u200bfunding. the\u2062 new stadium&#8217;s valuation\u200c has reportedly increased the Bills&#8217; worth by about $2 billion, benefiting Pegula, who sold a minority stake in the team for a hefty profit. Experts describe the deal as excessively generous to the billionaire owners, leaving local citizens with little tangible\u200b benefit. The\u200c deal&#8217;s implications raise questions about the sustainability\u200b of publicly funded sports infrastructure and its economic effects, especially as Hochul looks\u200c toward her reelection \u2062campaign in 2026.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<section> \t\t\t\t<script>console.log(\"ad slot (AC1)\")<\/script><script>console.log(\"ad slot (IC1)\")<\/script><script>console.log(\"ad slot (IC2)\")<\/script><script>console.log(\"ad slot (IC3)\")<\/script><script>console.log(\"ad slot (IC4)\")<\/script><script>console.log(\"ad slot (REP_0)\")<\/script><\/p>\n<p>Welcome to the Democrat version of capitalism, Albany-style.<\/p>\n<p>A few years back, the Buffalo Bills threatened to leave New York state unless a new stadium deal was approved, as NFL teams are wont to.<\/p>\n<p>Aside from the Green Bay Packers, a team that is municipally owned and boasts the <a href=\"https:\/\/jokermag.com\/smallest-market-teams-nfl\/#:~:text=The%20Green%20Bay%20Packers%20are,alone%20only%20contains%20107%2C015%20people.\" target=\"_blank\" rel=\"noopener\">smallest NFL market<\/a>, which makes that threat kind of a real possibility &mdash; despite the fact they have an ardent fanbase locally and are the unofficial NFL team of Eastern Canada, where NFL expansion plans have always met with resistance by <a href=\"https:\/\/www.westernjournal.com\/trump-makes-trudeau-humiliating-offer-just-take-canada-get-governor\/\" target=\"_blank\" rel=\"noopener\">Canuck politicians<\/a> looking to protect the unwatchable Canadian Football League.<\/p>\n<p>Nevertheless, despite the ever-present relocation blackmail of moving to Los Angeles stymied by not one but <em>two<\/em> <a href=\"https:\/\/amzn.to\/3YuVZYV\">teams finally making good<\/a> on that offer, and no other cities bigger than Buffalo with stadiums up to NFL standards at the moment, Democrat Gov. Kathy Hochul signed an agreement that put $600 million in state funding toward a new $2.1 billion stadium for the Bills, with an additional $250 million coming from Erie County itself, after owner Terry Pegula threatened that he might take the team to Austin, Texas and build a stadium with private funding.<\/p>\n<p>According to the <a href=\"https:\/\/nypost.com\/2024\/12\/16\/business\/gov-hochul-slammed-over-tax-funded-buffalo-stadium-after-bills-owner-pockets-billions\/\" target=\"_blank\" rel=\"noopener\">New York Post<\/a>, despite the fact that the facility is still a little under two years away from opening, the deal has inflated the value of the Bills by a staggering $2 billion.<\/p>\n<p> <script type=\"text\/javascript\"> \t\t\tif ( getCookie( \"ff_subbed\" ) ) { \t\t\t\tdocument.getElementById(\"stnvideo\").remove() \t\t\t} \t\t<\/script> <\/p>\n<p>The Monday Post report noted that &ldquo;the NFL team&rsquo;s billionaire owners sold a minority stake for a massive profit&rdquo; after the team&rsquo;s valuation spiked thanks to the stadium deal. So, how much of that money will the state see?<\/p>\n<p>According to &ldquo;critics of the so-called Buffalo boondoggle&rdquo; that the Post talked to, &ldquo;the state will not get any significant return on its investment.&rdquo;<\/p>\n<p>&ldquo;This was an egregious deal. There is no other way around it,&rdquo; said Dr. Mark Rosentraub, director of the Center for Sports Venues at the University of Michigan.<\/p>\n<p>Yes, there really is such a thing. And, according to the director of the Center for Sports Venues, since this sports venue is built right next to the old one, there&rsquo;s no actual benefit taking place for the <a href=\"https:\/\/www.westernjournal.com\/watch-buffalo-celebrates-nations-first-black-veterans-day-eyebrow-raising-flag-spotted-eagle-eyed-viewers\/\" target=\"_blank\" rel=\"noopener\">citizens of the city<\/a>.<\/p>\n<p>&ldquo;Had this facility been built in Downtown Buffalo it might have stimulated the economy,&rdquo; he said. &ldquo;But they are just replicating what they had in the same place.&rdquo;<\/p>\n<p>And keep in mind, as Rosentraub noted, as long as local and state government made a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/george-floyd-family-pushes-congressional-police-reform-at-white-house\/\" title=\"George Floyd Family Pushes Congressional Police Reform At White House\">good-faith effort<\/a> to keep the team in Buffalo, options for relocation were legally slim.<\/p>\n<p>Considering that the last two NFL stadiums to be constructed were built without public funding (SoFi Stadium in Los Angeles, home to the Chargers and Rams, and Allegiant Stadium in Las Vegas, home to the <a href=\"https:\/\/www.westernjournal.com\/going-raiders-pr-team-makes-strange-move-player-gets-asked-trump-celebration\/\" target=\"_blank\" rel=\"noopener\">Raiders<\/a>), this would have included simply lending Pegula the money instead of offering the billionaire almost a billion in handouts.<\/p>\n<p>Pegula proceeded to sell 10 percent of the team to Arctos Partners and another 10 percent to a group led by NBA Hall-of-Famer Vince Carter after the NFL allowed private equity firms to invest up to 10 percent in franchises.<\/p>\n<p>This netted him $5.8 billion.<\/p>\n<p>As per the Post: &ldquo;The Bills were worth $3.4 billion when Hochul agreed to the deal, according to Forbes.&rdquo;<\/p>\n<p>&ldquo;Since then, the value of NFL teams has exploded. The average franchise is now worth $6.49 billion, and no team is valued at less than $5.25 billion, according to CNBC&rsquo;s Official 2024 NFL Team Valuations.&rdquo;<\/p>\n<p>Not that Rosentraub <a href=\"https:\/\/www.westernjournal.com\/9-11-museum-forced-close-pandemic-annihilates-funds-meanwhile-ny-state-gives-600m-nfl-team\/\" target=\"_blank\" rel=\"noopener\">blames the owner<\/a>: &ldquo;Pegula negotiated the best deal for his business,&rdquo; he said. &ldquo;The fault lies with the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-best-interests-of-children-have-often-come-dead-last-watch-mcconnell-tear-into-teachers-unions\/\" title=\"\u2018The Best Interests Of Children Have Often Come Dead Last\u2019: Watch McConnell Tear Into Teachers\u2019 Unions\">public sector<\/a>, not the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/a-short-history-of-how-anthony-fauci-has-kept-failing-up-since-1984\/\" title=\"A Short History Of How Anthony Fauci Has Kept Failing Up Since 1984\">private sector<\/a>.&rdquo;<\/p>\n<p>The public sector &mdash; or rather, the most conspicuous player in it &mdash; defended the deal.<\/p>\n<p>&ldquo;In 2013, the State agreed to a deal where nearly 75 percent of the Bills&rsquo; stadium renovation was funded by the taxpayers &mdash; today, this new stadium is being constructed with less than 30 percent in State funding, a figure that is substantially below other recent NFL stadium projects,&rdquo; a spokesperson for Gov. Hochul said in a statement.<\/p>\n<p>They also claimed that the stadium project would inject $2.1 billion into the economy; that figure is highly dubious when you consider how much economic stimulation that politicians attribute to additional economic activity and expensive <a href=\"https:\/\/www.ekathimerini.com\/opinion\/33511\/digging-holes\/\" target=\"_blank\" rel=\"noopener\">Keynesian ditch-digging<\/a>&nbsp;<em>actually<\/em> materializes. (Spoiler alert: <a href=\"https:\/\/www.cato.org\/commentary\/sports-are-great-stadium-subsidies-stink\" target=\"_blank\" rel=\"noopener\">Not a whole lot<\/a>.)<\/p>\n<p>Indeed, the best thing that can be said for Gov. Hochul&rsquo;s deal is that at least the Bills were threatening to move. The Tennessee Titans (<em>n&eacute;e<\/em> the Houston Oilers before they left Texas for a better stadium deal) just got <a href=\"https:\/\/reason.com\/2023\/04\/26\/stadium-subsidy-stupidity-hits-new-record\/\" target=\"_blank\" rel=\"noopener\">handed<\/a>&nbsp;<em>more<\/em> money than New York gave the Bills by the city of Nashville last year for <em>another<\/em> stadium, and they weren&rsquo;t even threatening to <em>go anywhere!<\/em><\/p>\n<p>Hochul <a href=\"https:\/\/spectrumlocalnews.com\/nys\/central-ny\/politics\/2024\/07\/02\/hochul-says-she-s-running-for-another-term-as-governor-in-2026\" target=\"_blank\" rel=\"noopener\">announced<\/a> in July that she intends to seek another term in 2026. Let&rsquo;s hope voters remember how capitalism, Albany-style worked out for them in regards to her Highmark Stadium boondoggle.<\/p>\n<div style=\"position: relative;\">\n<div class=\"ff-fancy-header-container\"> \t\t\t \t<\/div>\n<div class=\"entry-submit-correction inner-content\">\n<div class=\"correction-form\">\n<form style=\"display: none;\">\n<div class=\"sc-name-field\"> \t\t\t\t\t\t<label>* Name<\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"name\" required> \t\t\t\t\t<\/div>\n<div class=\"sc--field\"> \t\t\t\t\t\t<label>* <\/label> \t\t\t\t\t\t<br \/> \t\t\t\t\t\t<input type=\"text\" name=\"\" required> \t\t\t\t\t<\/div>\n<p> \t\t\t\t\t<label>* Message<\/label> \t\t\t\t\t<br \/> \t\t\t\t\t<textarea name=\"message\" required><\/textarea> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"required-message\" style=\"display: none; padding-bottom: 15px;\">* All fields are required.<\/div>\n<p> \t\t\t\t\t<input type=\"submit\" value=\"Submit\" onclick=\"event.preventDefault(); firefly_sc();\"> \t\t\t\t\t \t\t\t\t\t<\/p>\n<div class=\"firefly-sc-confirm\" style=\"display: none;\">Success!<\/div>\n<\/p><\/form>\n<\/p><\/div>\n<\/p><\/div>\n<p> \t\t<script> \t\t\tfunction firefly_sc() { \t\t\t\tif( typeof window.captchaPublicKey==typeof undefined ){ \t\t\t\t\tconsole.error('window.captchaPublicKey is not defined'); \t\t\t\t} \t\t\t\tgrecaptcha.execute( window.captchaPublicKey, { action: 'submit_correction' } ).then( function( token ) { \t\t\t\t\tvar opts={ \t\t\t\t\t\taction:    'firefly_sc_submit', \t\t\t\t\t\tname:      document.querySelector( '.entry-submit-correction [name=\"name\"]' ).value, \t\t\t\t\t\t:     document.querySelector( '.entry-submit-correction [name=\"\"]' ).value, \t\t\t\t\t\tmessage:   document.querySelector( '.entry-submit-correction [name=\"message\"]' ).value, \t\t\t\t\t\tpost_id:   firefly_post_id, \t\t\t\t\t\tcap_token: token \t\t\t\t\t}  \t\t\t\t\tvar inputs=[ 'name', '', 'message' ];  \t\t\t\t\tfor( var i=0; i <inputs.length; i++ ) if( ! 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A few years ago, the Buffalo Bills threatened to relocate from New York unless a new stadium deal was secured, a common tactic among NFL teams. The Green Bay Packers are an exception as they are publicly owned and represent the smallest market in the NFL, making their relocation threat more credible despite their strong local fanbase and status as the unofficial team of Eastern Canada, where NFL expansion has faced pushback from politicians protecting the Canadian Football League. Despite ongoing threats of relocation to Los Angeles\u2014complicated by two teams actually moving there\u2014and no larger cities than Buffalo currently having suitable stadiums, Democratic Governor Kathy Hochul approved a $600 million state funding agreement for a new $2.1 billion stadium for the Bills. This came after owner Terry Pegula hinted at moving the team to Austin, Texas with privately funded facilities. According to reports, even before opening in under two years, this deal has increased the Bills&#8217; value by an astonishing $2 billion.<\/p>\n<p>The Monday Post highlighted that &#8220;the NFL team&#8217;s billionaire owners sold a minority stake for significant profit&#8221; following this valuation surge due to the stadium agreement. However, critics argue that &#8220;the state will not see any substantial return on its investment.&#8221; Dr. Mark Rosentraub from Michigan&#8217;s Center for Sports Venues called it &#8220;an egregious deal,&#8221; noting that building next to the old facility offers no real benefit for local residents: \u201cHad this facility been built in Downtown Buffalo it might have stimulated the economy,\u201d he stated.<\/p>\n<p>Rosentraub pointed out that since local and state governments made efforts to keep the team in Buffalo, options for relocation were limited legally. He suggested simply lending Pegula money instead of providing nearly a billion dollars in subsidies would have sufficed since recent NFL stadiums like SoFi Stadium and Allegiant Stadium were built without public funds.<\/p>\n<p>Pegula sold 10% stakes each to Arctos Partners and another group led by NBA Hall-of-Famer Vince Carter after private equity firms were allowed into franchises; this move earned him $5.8 billion.<\/p>\n<p>According to Forbes data cited by The Post: \u201cThe Bills were valued at $3.4 billion when Hochul agreed on this deal.\u201d Since then, average franchise values have skyrocketed; now worth around $6.49 billion with none below $5.25 billion according to CNBC\u2019s 2024 valuations.<\/p>\n<p>Rosentraub does not blame Pegula but rather points fingers at public sector mismanagement: \u201cPegula negotiated well; responsibility lies with public officials.\u201d A spokesperson defended Hochul&#8217;s decision stating that only 30% of funding comes from taxpayers compared with nearly 75% during previous renovations while claiming economic stimulation worth $2.1 billion\u2014a figure skeptics question given historical outcomes of such projects.<\/p>\n<p>Ultimately though beneficially motivated by potential relocation threats\u2014unlike Nashville\u2019s recent handout exceeding New York\u2019s contribution without similar pressures\u2014Hochul must face voters again in 2026 amid concerns over her handling of taxpayer resources regarding Highmark Stadium<\/p>\n","protected":false},"author":1,"featured_media":2380914,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/BILLLLLLLLLLLLLS.jpg","fifu_image_alt":"","footnotes":""},"categories":[33651],"tags":[8433,46967,5894,8956],"class_list":["post-2380913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-western-journal","tag-hochul","tag-nfldeal","tag-politics","tag-taxpayers"],"fifu_image_url":"https:\/\/www.westernjournal.com\/wp-content\/uploads\/2024\/12\/BILLLLLLLLLLLLLS.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2380913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2380913"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2380913\/revisions"}],"predecessor-version":[{"id":2380917,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2380913\/revisions\/2380917"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2380914"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2380913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2380913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2380913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}