In Buffalo, New York, the billionaires are asking for handouts again.
The owners of the Buffalo Bills, Terry and Kim Pegula, have struck a deal with New York State officials that promises them $850 million in public funding toward the construction of a new stadium for the NFL team. Although it’s less than the $1 billion some had originally predicted the cost might be, this would be the largest taxpayer contribution ever for an NFL facility — and the estimate is still likely to be below what taxpayers will eventually fund, if the history of similar deals in other cities is any indication. The Pegulas are framing it as a commitment to the shared, communal betterment of our region — rather than the cash grab to further build their absurd fortune that it most certainly is.
According to Forbes’s estimates for 2022, the Pegulas have a net worth of $5.8 billion USD (up from $4.1 billion in 2016), much of it made in the oil and gas industry. They’re part of an elite group of the ultrawealthy who saw their collective fortunes increase by 40 percent over the last year alone. They bought the Buffalo Bills in 2014, after purchasing the NHL franchise Buffalo Sabres in 2011 and investing heavily in development projects around…
