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Billionaire Terry Pegula, the owner of the NFL’s Buffalo Bills and NHL’s Buffalo Sabres, isn’t in good standing with some New Yorkers after a recent video of his yacht anchored in Newport, Rhode Island, surfaced.
It’s normal for billionaires to be spotted with these massive vessels, but when New York state taxpayers are partially covering the cost of the Bills’ new $2.1 billion stadium in Buffalo, they’re taking exception to Pegula’s $100 million yacht named “Top Five II.”
Some members of the “Bills Mafia” were furious and made their opinions known on social media.
“The Pegulas are relaxing in Newport while we pay for the stadium? That’s a slap in the face,” one fan wrote in a Reddit thread.
Another Reddit user wrote: “Love the Bills, but this stadium deal is robbery. Pegulas pay nothing while we go broke.”
While some are furious, others are pointing fingers at state legislators instead.
THE NEXT BIG TAX THREAT IS COMING FROM YOUR STATE CAPITAL
“The city didn’t have to approve the deal. They did,” one X user said. “And he also put a damn good product on the field before building a new stadium. I’m not really standing with the billionaires here, but I’m just saying, the city approved it. Not Terry.”
New York taxpayers are combining for $600 million in this new Highmark Stadium construction, while Erie County taxpayers are adding $250 million to the pile.
This is the most taxpayer money that has ever been committed to build an NFL facility.
There have been many critics of the deal, especially considering Pegula has a reported net worth of $7 billion. While he is shelling out the lion’s share of the funds for the stadium, taxpayers feel that many millions could be used elsewhere, whether it be social services, education or another sector.
Adding to the frustration is the fact that the construction is $560 million over its original estimate.
New York Gov. Kathy Hochul, a die-hard Bills fan who is a native of Buffalo, said in January 2024 that it was “hard” to pass through legislation to get taxpayer money to help fund the stadium, but “we got it done.”
As for the 200-foot superyacht that Pegula owns, it was custom-built and delivered in 2021, and is valued between $75 and $100 million. From designer interiors, including Louis Vuitton and Gucci, the yacht offers a glass-sided spa pool, sauna, gym, cinema lounge and much more.
The yacht is reportedly available to charter at around $500,000 per week.
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