The Buffalo Bills just got the most expensive new home in franchise history — and it opened just weeks ago. On June 23, 2026, a ribbon-cutting ceremony in Orchard Park, New York marked the completion of the brand-new Highmark Stadium, a $2.1–2.2 billion open-air facility that replaced the beloved old stadium that had served the Bills for over 50 years.
But who actually owns it? The answer involves New York State, a billionaire energy mogul, a landmark public-private deal, and the largest taxpayer contribution to an NFL stadium in American history.
What Is Highmark Stadium?
The new Highmark Stadium is the home of the Buffalo Bills of the National Football League (NFL), located in Orchard Park, New York — directly across Abbott Road from the old stadium it replaced.
It spans 1.6 million square feet across a 242-acre site, seats approximately 60,000–62,000 fans, and features a partial canopy roof that protects 65% of seats from the elements while leaving the playing field open to Buffalo’s famous winter weather.
Groundbreaking took place on June 5, 2023, and the stadium was completed in June 2026 — making it the NFL’s newest stadium as of the 2026 season. The first regular-season NFL game played at the new venue was on Thursday, September 17, 2026, when the Bills hosted the Detroit Lions on Thursday Night Football.
Who Owns Highmark Stadium in 2026?
The legal owner of Highmark Stadium is the State of New York — specifically through the Erie County Stadium Corporation, a public entity.
Ownership of the new Highmark Stadium officially transferred from Erie County to New York State via the Erie County Stadium Corporation on August 4, 2026, following its substantial completion in June 2026. This marks the first time since 1973 that Erie County has not owned the stadium that the Buffalo Bills call home.
State ownership does not mean the government runs the stadium day-to-day. The Buffalo Bills — owned by billionaire couple Terry and Kim Pegula — operate the stadium under a 30-year lease with a buyout option after 15 years.
New York State also contributes $280 million over the 30-year lease period for maintenance and $6 million per year for capital improvements. In practical terms: New York State owns the building, and the Pegulas run everything inside it.
Ownership and Key Stakeholders Table
| Party | Role | Contribution / Stake | Key Detail |
|---|---|---|---|
| New York State | Legal Owner of Highmark Stadium | $600 million in construction funding | Owns the stadium via Erie County Stadium Corporation since August 4, 2026 |
| Erie County | Former Owner / Co-Funder | $250 million in construction funding | Transferred ownership to New York State in August 2026; no longer owns the venue |
| Terry & Kim Pegula (Pegula Sports & Entertainment) | Buffalo Bills Owners & Stadium Operators | $350 million+ in construction; absorbed all overruns above $1.54B threshold | Operate stadium under a 30-year lease; net worth ~$9.3 billion (Forbes) |
| NFL (G-4 Loan Program) | Financial Partner | $200 million | Standard NFL infrastructure loan program for new stadium construction |
| Buffalo Bills Fans (PSLs) | Fan Investment | ~$263 million via Personal Seat Licenses | Season ticket holders paid $700–$50,000+ per seat in one-time license fees |
| Highmark Blue Cross Blue Shield of Western New York | Naming Rights Partner | Undisclosed naming rights fee | Pittsburgh-based health insurance company; holds naming rights to both old and new stadium |
| New York Governor Kathy Hochul | State Signatory | Government representative | Co-signed the landmark 2022 public-private stadium deal |
The Origin Story: 50 Years in One Stadium, Then a New Era
The Buffalo Bills played at the original Highmark Stadium — formerly known as Ralph Wilson Stadium — from 1973 all the way through the 2025 season. That is over five decades in the same building, making the Bills one of the last NFL teams to move into a brand-new facility.
In 2021, the Bills submitted formal plans to New York State and Erie County for a new stadium in Orchard Park. On March 28, 2022, a deal was officially struck between New York State, Erie County, and the Pegulas. The original projected cost was $1.4 billion — a figure that ballooned significantly as construction costs rose globally.
By mid-2025, the guaranteed maximum price had settled at $2.2 billion, with Terry and Kim Pegula absorbing all costs above the $1.54 billion threshold.
Ceremonial groundbreaking took place on June 5, 2023, and 5 million man-hours of labor later, the ribbon was cut on June 23, 2026.
The $2.1 Billion Price Tag: Who Paid What?
The final cost of Highmark Stadium came to just over $2.1–2.2 billion — the largest construction project in Western New York history, and one of the most expensive stadium builds in NFL history.
Here is exactly how the money broke down. New York State contributed $600 million and Erie County contributed $250 million — a combined $850 million in public taxpayer funding, which is the largest public subsidy ever committed to an NFL facility in American history.
The Bills covered $350 million directly, the NFL contributed $200 million via its G-4 loan program, and Bills fans invested approximately $263 million through Personal Seat Licenses (PSLs).
When construction costs surged above original estimates, Terry and Kim Pegula personally absorbed all overruns, covering additional hundreds of millions beyond their original commitment.
Erie County Executive Mark Poloncarz noted that the county’s total contribution amounted to approximately 12 percent of the final project cost — less than feared when cost overruns became public in late 2024.
Who Are Terry and Kim Pegula?
While New York State legally owns Highmark Stadium, it is Terry and Kim Pegula who built it, funded it, and operate it as the franchise owners of the Buffalo Bills.
Terry Pegula is the founder of East Resources Inc., a natural gas exploration and production company he started in 1983 and sold to Royal Dutch Shell for $4.7 billion in 2010.
That sale transformed him into one of the wealthiest people in Pennsylvania almost overnight. He purchased the Buffalo Bills in 2014 for $1.4 billion — then the highest price ever paid for an NFL franchise — outbidding competition that included Donald Trump.
His estimated net worth, according to Forbes, is $9.3 billion. Kim Pegula co-owns both the Bills and the NHL’s Buffalo Sabres alongside her husband and is actively involved in both franchises.
At the ribbon-cutting ceremony, Terry Pegula said: “Highmark has been a true partnership — a partnership between government, private business, the NFL and our fans, the Bills Mafia.”
The Naming Rights: Why Is It Called Highmark?
The name “Highmark Stadium” comes from a naming rights deal with Highmark Blue Cross Blue Shield of Western New York — a regional division of Highmark, one of the largest health insurance companies in America, headquartered in Pittsburgh, Pennsylvania.
Highmark first purchased naming rights to the old Bills stadium in 2021, and the Bills chose to keep the same name for the new venue to preserve continuity and brand recognition.
Terry Pegula explained at the groundbreaking: “We felt like that was important to the authenticity of the franchise in the community. Organizations and teams lose some of that value of the importance of a naming rights partner when it changes a lot.”
What Makes the New Stadium Special?
The new Highmark Stadium is not just a replacement for an old building — it is a genuinely different kind of venue. Its partial canopy roof covers 65% of seats, protecting fans from Buffalo’s legendary harsh weather while keeping the playing field open.
That decision was deliberate: Buffalo’s reputation for cold, snowy, wind-swept football games is part of the team’s identity — and the Bills did not want to lose that.
The stadium sits on a 242-acre site and covers 1.6 million square feet, making it one of the largest footprints in the NFL. The names of the construction workers who built the stadium — thousands of tradespeople who collectively logged 5 million man-hours — are engraved on the front of the building at Terry Pegula’s personal direction.
Frequently Asked Questions (FAQs)
Q1. Who owns Highmark Stadium in 2026?
New York State legally owns Highmark Stadium via the Erie County Stadium Corporation, following an ownership transfer completed on August 4, 2026.
Q2. Do the Buffalo Bills own Highmark Stadium?
No. The Bills, owned by Terry and Kim Pegula, operate the stadium under a 30-year lease but do not own the building — New York State does.
Q3. How much did the new Highmark Stadium cost?
The new Highmark Stadium cost approximately $2.1–2.2 billion in total — making it one of the most expensive NFL stadium builds in history.
Q4. How was Highmark Stadium funded?
Funding came from New York State ($600M), Erie County ($250M), the Buffalo Bills / Pegulas ($350M+), the NFL ($200M), and Bills fans via PSLs (~$263M).
Q5. When did the new Highmark Stadium open?
The ribbon-cutting ceremony was held on June 23, 2026, with the first regular-season NFL game played on September 17, 2026 against the Detroit Lions.
Q6. Why is it called Highmark Stadium?
Highmark Blue Cross Blue Shield of Western New York, a Pittsburgh-based health insurer, holds the naming rights — a deal first signed in 2021 and carried over to the new venue.
Q7. Who are Terry and Kim Pegula?
Terry Pegula is a natural gas billionaire with an estimated net worth of $9.3 billion who bought the Bills in 2014 for $1.4 billion. Kim Pegula co-owns the Bills and the NHL’s Buffalo Sabres.
Q8. How many seats does the new Highmark Stadium have?
The new Highmark Stadium holds approximately 60,000–62,000 fans — fewer than the old stadium’s 71,608 capacity, but with a covered roof protecting 65% of seats.
Highmark Stadium is legally owned by the State of New York through the Erie County Stadium Corporation, following an official transfer of ownership on August 4, 2026.
It was built through a landmark public-private partnership that cost a final total of approximately $2.1–2.2 billion — with $850 million in combined taxpayer funding from New York State ($600M) and Erie County ($250M), $350 million from Buffalo Bills owners Terry and Kim Pegula, $200 million from the NFL, and approximately $263 million from fans through Personal Seat Licenses.
The Pegula family operates the stadium under a 30-year lease. The stadium opened with a ribbon-cutting ceremony on June 23, 2026, hosted its first public event on August 8, 2026, and debuted for regular-season NFL action on September 17, 2026 — making it the NFL’s newest and most expensive stadium in operation today.
