ASSEMBLYMAN KIM SEEKS NEW DEAL FOR THE NFL's BUFFALO BILLS

 

As Governor Hochul pushes to hand over more than $1 billion of public money to the billionaire Pegulas family, Assemblyman Ron Kim and Senator Jabari Brisport have proposed new legislation that would require any professional sports team that received 51% or more in public funding for a new stadium give the public the ability to purchase 51% or more of the team. This legislation is based on a simple principle: if the public is spending money on a sports franchise, it is the public that should benefit. Accordingly, if more than half of a new stadium is financed with public support, then the public should have the opportunity to purchase more than half of the sports franchise. This will ensure that billionaire sports franchises cannot extort the public, and that the true stakeholders — the people of New York who support the team — benefit from any public expenditures. Assemblyman Ron Kim:“Governor Hochul has portrayed handing $1 billion of taxpayer money to the Buffalo Bills billionaire owners, the Pegulas, as a necessity for keeping the team in our state. If she is genuinely concerned about them leaving New York, our proposal ensures that the team stays in Buffalo. It would convert any use of taxpayer money by a team to an ownership stake for the public. If they try to take their money and leave, it would give the community and city a chance to keep the team." Senator Jabari Brisport: “We cannot keep giving away public funds to massive corporations and billionaires while getting little to nothing in return for New Yorkers. It is appalling that a billionaire is attempting to hold hostage a team that would be nothing without the fans who have uplifted it – and funded it – for generations. It’s time to stop catering to the rich and powerful at the expense of everyday New Yorkers.”